Electricity Generating : 11 November 2020 Management Discussion and Analysis Quarter 3 Ending 30 Sep 2020

Management Discussion and Analysis

For the Financial Result of Quarter 3 Year 2020

Ended September 30, 2020

Note: This Management Discussion and Analysis (MD&A) was made to disclose information and the vision of the management in order to assist investors to better understand the company's financial status and operation. It also supports the "Good Corporate Governance Project" of the Securities and Exchange Commission (SEC).

An English version of the MD&A has been prepared from the Thai version. In the event of a conflict or a difference in interpretation between the two languages, the Thai version shall prevail.

The objective of this MD&A is to present the information and the explanation of financial status and operating results as of the date hereof. However, the information provided in this MD&A may vary if any factors or situation are changed in the future; the investors are, therefore, required to have their own discretion regarding the usage of this information for any purpose. For further detail, please contact Investor Relations Division of the Electricity Generating Public Company Limited (EGCO) at Tel: [phone] or Email: [e-mail]

Management Discussion and Analysis

1. Significant events in the Third Quarter of 2020

1.1 The progress in construction projects

1. Project completion

• Gangdong Fuel Cell Project (Gangdong), a project of Paju Energy Services Co.,Ltd. (Paju ES) (EGCO holds a 49.00% ownership interest), located in Gangdong-gu,Seoul, South Korea with a capacity of 19.80 MW. Gangdong will sell electricity to Korea Electric Power Corporation (KEPCO), the sole off-takerof wholesale power generation in South Korea, through the Korea Power Exchange (KPX). Gangdong also sells thermal energy, and receive renewable credits in the form of Renewable Energy Certificates (REC) concerning its electricity generation output. Construction works of the project was complete and its operation started on October 1, 2020.

1. Projects under construction

• Yunlin Project (The project), a project of Yunlin Holding GmbH (Yunlin) (EGCO holds a 25% ownership interest), is an offshore wind farm power plant project which located in the Taiwan Strait approximately 8 km west of the coast of Yunlin Country in Taiwan. The project has entered into the Power Purchase Agreement (PPA) with Taiwan Power Company (Taipower) pursuant to a fixed 20-year feed-intariff PPA, for the sale of electricity by the project with the contracted capacity of 640 MW. The construction of the project has progressed 60.67% (The construction plan was 62.95%). The commercial operation date is scheduled in the third quarter of 2021.
• The extension of the petroleum pipeline system to the northeastern region project (The project) is a project of Thai Pipeline Network Company Limited (TPN) (EGCO holds a 44.60% ownership interest). The project connects the Thai Petroleum Pipeline Co., Ltd (Thappline) Terminal in Saraburi to TPN's owned terminal with storage capacity of 142 million liters in Khon Kaen, through a newly constructed 342.80 kilometers undergrounded pipeline which has an annual transport capacity of approximately 5,443 million liters. The capacity of the project shall potentially increase to 7,330 million liters in the future. The construction of the project has progressed 49.62% (The construction plan was 53.81%). The commercial operation date is scheduled in the fourth quarter of 2021.

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• NT1PC Project, a project of Nam Theun 1 Power Company Limited (EGCO holds a 25% ownership interest), is a hydro power plant project. The project is located on the Nam Kading River in Bolikhamxay Province of Lao PDR. The project has entered into the PPA with EGAT with the contracted capacity of 514 MW and Electricite Du Laos (EDL) with the contracted capacity of 130 MW for 27 years. The construction of the project has progressed 78.35% (The construction plan was 80.07%). The commercial operation date is scheduled in the second quarter of 2022.

1.2 Other events

• On September 16, 2020, EGCO, EGAT International Company Limited, and RATCH Group Public Company Limited entered into a joint development agreement of Quang Tri 1 thermal power plant project (Quang Tri 1) with the shareholding propotion of 30%, 40% and 30% respectively. Quang Tri 1 is the coal-fired power plant, located in Quang Tri Economic Zones, Hai Lang District, Quang Tri Province in the central region of the Socialist Republic of Vietnam, with the installed capacity of 1,320 MW (2 units with generating capacity of 660 MW each). The generated electricity will be sold to Vietnam Electricity (EVN) under the long-term PPA. Quang Tri 1 is currently under Green-Field development phase and under advanced negotiation process with the expected commercial operating date in 2025.
• On August 23, 2020, the 21-year PPA between Samutprakarn Cogeneration Co., Ltd. (SCC) and EGAT expired. SCC was a combined cycle power plant in Samutprakan Province of Gulf Electric Public Company Limited (GEC) (EGCO holds a 50% ownership interest), which had entered into the PPA with EGAT with the contracted capacity of 114.45 MW. SCC stopped its operation and electricity sales to EGAT on the same day.

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2. Business overview

EGCO Group have invested in the Power Producer (PP), Independent Power Producer (IPP),

Small Power Producer (SPP), Very Small Power Producer (VSPP), Coal Mining, Oil Transportation Service with pipeline transportation system (Oil Transportation Service), Operating and Maintenance (O&M), Management and Administrative Services (Management Services). Details of each plant are as follows:

1. Subsidiaries which can be categorized into 2 businesses: 1. Power Generation

1.1 Local power generation
Khanom Electricity Generating Co., Ltd. (KEGCO)	IPP
EGCO Cogeneration Co., Ltd. (EGCO Cogen)	SPP
Roi-Et Green Co., Ltd. (RG)	SPP
Banpong Utilities Co., Ltd. (BPU)	SPP
Klongluang Utilities Co., Ltd. (KLU)	SPP
Chaiyaphum Wind Farm Co., Ltd. (CWF)	SPP
SPP Two Co., Ltd. (SPP 2)	VSPP
SPP Three Co., Ltd. (SPP 3)	VSPP
SPP Four Co., Ltd. (SPP 4)	VSPP
SPP Five Co., Ltd. (SPP 5)	VSPP
Yanhee EGCO Holding Co., Ltd. (Yanhee EGCO)	Holding Co.
∙ Solarco Company Limited (Solarco)	VSPP
Theppana Wind Farm Co., Ltd. (TWF)	VSPP
EGCO Plus Co., Ltd. (EGCO Plus)	Holding Co.
1.2 Overseas Power Generation
Quezon Power (Philippines) Limited Co. (Quezon)	PP
Boco Rock Wind Farm Pty Ltd. (BRWF)	PP
2. Other businesses
2.1 Local Other Businesses
EGCO Engineering and Service Co., Ltd. (ESCO)	O&M
2.2 Overseas Other Businesses
O&M
Pearl Energy Philippines Operating Inc. (PEPOI)	Management
Quezon Management Service Inc. (QMS)	Services
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