CK Power Plc, one of the region’s largest renewable electricity producers, reported total revenue of 10.79 billion baht for 2024. The company’s EBITDA grew 8% year-on-year to 5.55 billion baht, reflecting strong cash flow stability despite climate challenges and rising interest rates. However, net profit attributable to equity holders declined 8% to 1.35 billion baht, mainly due to a lower share of profit from an associate company and higher finance costs linked to CKPower’s investment in the under-construction Luang Prabang Hydroelectric Power Project.
Thanawat Trivisvavet, CKPower Managing Director
A key factor in CKPower’s strong EBITDA performance was a 25.3% increase in electricity sales revenue from Nam Ngum 2 Power Co Ltd (NN2) compared to the previous year. This was driven by higher reservoir water levels at the start of 2024 and greater water inflow throughout the year due to La Niña, allowing NN2 to declare increased electricity generation and achieve its highest-ever net profit in 2024.
Looking ahead, CKPower expects its performance in the first half of 2025 to surpass that of 2024, as NN2’s reservoir water level remains higher than last year, enabling NN2 to declare approximately 5% higher power availability in January year-over-year. Likewise, the Xayaburi Hydroelectric Power Plant (XPCL) recorded increased inflow volumes in January 2025, resulting in electricity sales approximately 23% higher than in the same period last year.
CKPower is also advancing its solar power initiatives, with three projects supplying electricity to Bangkok Expressway and Metro Public Company Limited (BEM). The first phase (7 MW capacity) is 65% complete, with one project starting commercial operations in December 2024, and the remaining projects set for completion within Q2 2025. This marks a significant step in integrating renewable energy into Thailand’s mass rapid transit rail systems.
The company maintains a strong financial position, with a 1.86 liquidity ratio as of 31 December 2024, reflecting a 0.18 increase year-over-year. Its net interest-bearing debt-to-equity ratio remains low at 0.52, underscoring efficient liquidity management. The anticipated policy rate cuts by the US Federal Reserve and the Bank of Thailand, coupled with NN2’s 1.4 billion baht debenture redemption in 2024, are expected to ease financial costs and further strengthen CKPower’s capital structure. The company will continue to monitor interest rate movements and manage long-term debt strategically.
Managing Director Thanawat Trivisvavet reaffirmed CKPower’s commitment to expanding renewable energy development, enhancing energy security, and supporting Thailand’s transition to a low-carbon economy. The company’s sustainability-driven C-K-P strategy provides a structured framework for future growth:
C – Clean Electricity: Targeting 100% renewable electricity in operations and increasing renewable energy capacity to over 95% by 2043, while advancing toward Net Zero by 2050.K – Kind Neighbor: Committed to human rights protection, community development, and ensuring zero human rights violations, while improving local livelihoods through clean energy initiatives.P – Partnership for Life: Driving sustainable expansion through customer base growth, regional market expansion, and innovation in digital energy solutions to enhance efficiency.
CKPower’s sustainability initiatives have earned top ESG recognitions, including an AAA SET ESG Rating from the Stock Exchange of Thailand, inclusion in the ESG100 list by the Thaipat Institute, an Excellent CG Score from the Thai Institute of Directors (IOD), and the AREA Awards, which recognize responsible business practices in Asia. The company remains dedicated to achieving net-zero greenhouse gas emissions by 2050, implementing measurable actions to ensure a sustainable future.
