Constantly Rise of Electricity Price and Tendency to Increase Continuously

Implement advanced technology to manage municipal waste and convert into alternative fuel in order to minimize the use of fossil fuel and maximizing the benefit from the by-product of waste without disposing any residual

Petrol & Gas Station

TPIPP operates the total of 12 Petrol & Gas Stations

Waste with economic value can be reused

“Zero Waste Plan” aims to fully utilize all the resources used in the production process, thereby increasing the company’s operational efficiency while reducing any potential environmental impact

Mr. Prachai Leophairatana

Chairman of the Board
TPI Polene Power Public Company Limited

Dear Shareholders,

TPI Polene Power Public Company Limited is the largest Municipal Solid Waste (MSW) power plant operator in Thailand and in the ASEAN region and also the largest single-location municipal waste disposal facility in the world.

Throughout the past years, the Company is one of the leading organizations focusing on Sustainable Growth by integrating Sustainable Development Goals (SDGs) with its strategies to grow in a balanced way in all dimensions and giving importance to economic, environmental, and social dimensions (ESG) on the basis of good corporate governance in order to manage the business for the balanced benefit of all stakeholders.



 In 2022, the Company and its subsidiaries had total sales revenue of Baht 10,200 million-. The profit before finance cost, income tax, depreciation and amortization. and amortization (EBITDA) was 3,914 million baht, with a ratio of interest bearing debt (net) to EBITDA of only 3.49 times (Net IBD/EBITDA).

In 2022, the Company and its subsidiaries had a net profit of Baht 2,813 million, a decrease of 33 percent compared to a net profit of Baht 4,191 million in 2021 due to the additional price of electricity (Adder) of 2 of the 3 power plants were expired. However, Base tariff has been increased due to continuous increase of the fuel adjustment tariff (FT Charge) in 2022. Morover, the Company is in the process of renovating the power plants to use waste fuel instead of coal. The advantage of waste fuel is that it has lower cost and price volatility than coal fuel, which will benefit and reduce business risks for the Company.

TPI Polene Power and its debentures were upgraded rating to “A-” (Single A Minus), with a “stable” outlook.

With stable cash flow of the Company from the power purchase agreements with the Electricity Generating Authority of Thailand, the competitive advantage in fuel, and lower fuel costs from coal substitution projects, TPIPP's Stand-alone Credit Profile is rated at "a", which the Company’s credit rating as the organization and its debentures is capped not exceeding the rating on of TPI Polene Plc. (as its parent company) which was upgraded to “A-” (Single A Minus) from “BBB+” (Triple B Plus) with a “Stable” or “Stable” outlook rated by TRIS Rating Co., Ltd. on February 24, 2023


TPI Polene Group set a goal to reduce net greenhouse gas emissions by 39% from the base year (2020) by 2030 (B.E. 2573) and become NET ZERO by 2043 (B.E. 2586).

 The Company established a Net Zero Greenhouse Gas Emission business policy by focusing on research and development, applying new technologies and innovations in the production process continuously to reduce CO2 emissions, emphasis on using clean energy, and strengthening the efficiency of power generation to the highest level and safety, taking into account the environment to tackle climate change with a negative impacts on the environment. 

TPI Polene Group has set a goal of reducing net greenhouse gas emissions by 39% from the base year (2020) by the year 2030 (B.E.2573) and stepping into NET ZERO by 2043. (B.E.2586) by increasing the proportion of using 100% renewable energy produced from municipal solid waste (MSW) or other alternative fuels instead of fossils, fuel and coal in the Company's power generation process and in the cement production process of TPI Polene Public Company Limited, which is low carbon production to reduce global warming from greenhouse gases and PM2.5 dust with a negative impact on the climate. This is in line with Thailand's Net Zero GHG Emission and Carbon Neutrality Strategic Plan announced internationally at COP26 in Glasgow in 2021, stating that Thailand gives the highest priority to solving climate change problems and is ready to fully elevate the climate problem so that Thailand can reach the goal of carbon neutrality by 2050 (B.E. 2593) and a goal of net zero greenhouse gas emissions in 2065 (B.E. 2608). 

To become the country's largest municipal waste disposal facility

The Company is the country's largest municipal waste disposal facility in response to the government's intention to focus on solving the problem of overflowing garbage. The Company's waste disposal plant is also the world's largest single-location municipal waste disposal facility.

In 2021, the Company opened a second waste fuel plant (with a production capacity of 2,400 tons of waste fuel per day to be sold to TPI Polene's cement plant) and when combined with the waste fuel plant 1, it resulted in the Company being able to get rid of municipal waste in total approximately 15,000 tons per day or 5.5 million tons per year (a total waste fuel production capacity of 7,200 tons per day).

In 2022, the Company expanded the production capacity of the waste fuel plant. The third waste fuel plant was established and the waste fuel plant was expanded together with business partners to accommodate the amount of waste to be disposed of a total of 8,500 tons per day, which is expected to be completed in 2024 (to accommodate the total demand for waste fuel instead of coal in 2025 of the Company's power plants). This will result in the Company's installed capacity that can dispose of waste in a total of 23,500 tons per day (with a production capacity of approximately 11,750 tons of waste fuel per day).


Participate in the Disposal of Approximately 14,986 Tons of COVID-19 Infected Waste in 2022

In 2022, the Company has contributed to alleviate the suffering of society by disposal approximately 14,986 tons of waste infected with COVID-19 from public health facilities that need to be managed properly and efficiently during the COVID-19 epidemic in order not to affect the environment and public health.


The 220 MW coal-fired power plant is being converted to a waste-fuel power plant.

The Company aims to replace all 220 MW of coal-fired power plants with 100% renewable waste fuel, which is expected to be gradually completed during 2023-2025.

Moreover, during 2021-2022, the Company cooperated with the Ministry of Public Health and the Ministry of Industry to deal with the problem of infectious waste in the midst of the COVID-19 epidemic situation, which a waste disposal facility COVID-19-related waste sent to be eliminated at the plant with a certified management process which can solve such problems for the public sector very well and with high efficiency able to dispose of COVID-19-related waste in the amount of 3,892 tons and in 2022 in the amount of 14,986 tons, respectively, since the start of disposal in 2021. 


Stepping into a full green clean energy business

In 2022, the Company was selected to operate waste-to- fuel power plant projects in Songkhla Province (7.92 MW) and Nakhon Ratchasima Province (9.9 MW), with a total sales volume of 17.82 MW, with waste disposal and electricity distribution fees and the operational period is 20 years. The Energy Regulatory Commission announced the purchase of electricity from the Company in July 2022. Currently, the Company is in the process of preparing a power purchase agreement (PPA) with the Provincial Electricity Authority, expected to start the construction in early 2023 and scheduled to be completed around the end of 2024. 

In addition to energy from waste fuels, the Company also focuses on the growth in the clean, green energy business that is environmentally friendly, including solar energy and wind energy to produce electricity, which is in line with the country's energy management development plan. This will result in the Company becoming a completely clean & green power company. 

The Company also entered into an agreement for the construction of a 61.226 MW solar power plant in the factory area in Saraburi in order to sell more electricity to cement plants to increase the proportion of renewable energy for cement production, scheduled to be completed around 2024.

The Company has set its mission to grow steadily and sustainably in the green clean energy business by proposing renewable energy power plant projects where the government will prescribe the conditions for the private sector to participate in the selection process for power plant auction according to the country's Power Development Plan as announced by the Energy Regulatory Commission on Supply of Renewable Energy from Municipal Waste Fuels and Industrial Waste and Green Energy from Solar Energy and Wind Energy. 


Gathering power to help society, communities, and employees

In 2022, the Company contributed to alleviating the troubles for society, communities, and employees from the spread of the COVID-19 disease and other social assistance projects, with a total expense of approximately Baht 48.55 million, consisting of scholarships for students with good grades and good conduct but lack of funds. It also donated products from TPI Polene Group to be used to improve and repair school buildings in 20 schools across the country, helped flood victims and donated blankets to victims of winter in several provinces, donated construction materials to those who lack funds, co-hosted the Kathin Robe Offering Ceremony at many temples, as well as providing TPIPL drinking water for volunteer activities and beneficial activities, etc.


Sustainability Management

In 2022, the Board of Directors approved the use of sustainability issues as its materiality in all 3 areas, covering the environment, society, and economy, including good corporate governance to formulate a sustainability policy by placing importance on being a tool to drive the organization to achieve its vision of sustainable development in accordance with the direction and strategy of the business operations of TPI Polene Group. The sustainability issues approved by the Board of Directors have been referred to prepare the 2022 Sustainability Report in accordance with the Global Reporting Initiative (GRI) standards.


Sustainability Development Performance

  With its commitment and focus on creating sustainable growth, in 2022, the Company received awards and certifications from recognized organizations for its promotion of sustainable development and good corporate governance. For example, the Company was selected as one of the ESG100 securities companies with outstanding environmental, social, and governance (ESG) performance from the assessment of listed securities in 2022 by Thaipat Institute and certified by the ESG Credit 2022 project for green investment projects by Thaipat Institute. In addition, the Company was selected for the 2022 THSI (Thailand Sustainability Investment) from the Stock Exchange of Thailand and received the “Very Good” assessment result of the Corporate Governance Report of Thai Listed Companies (CGR) of 2022 by the Thai Institute of Directors (IOD).

On behalf of the Board of Directors of TPI Polene Power Public Company Limited, we would like to thank our shareholders, bondholders, financial institutions, the Company’s employees, and all groups of stakeholders who contribute to the support and trust the Company all along, resulting in the Company being successful in its business operations and growing continuously and steadily, creating a driving force for all executives and employees to strive together to dedicate their abilities to perform their duties honestly to achieve the goal of creating sustainable security for the organization, strengthening the economy for the nation, creating benefits for all shareholders and stakeholders as well as Thai society as a whole as a part of supporting Thai people to have to sustainably live in a better environment.


         Sincerely Yours,

  Mr. Prachai Leopairatana           


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