Business Model Resilience
Impact on Business (GRI3-3)
Challenges and Opportunities (GRI3-3)
In addition to the rising demand for energy and the fast-paced transition toward renewable sources, technological advances, regulatory changes, global conditions, and climate change pose great challenges to CKPower. These factors directly affect business operations and the long-term reliability of electricity generation. In this context, business resilience is a critical factor in sustaining operational performance and maintaining competitiveness.
A lack of resilience or the inability to effectively anticipate and manage risks may adversely affect operating performance, stakeholder confidence, and the Company’s long-term sustainability.
Conversely, systematic resilience management presents a significant opportunity to strengthen electricity generation reliability, enhance risk management efficiency, and enable timely adaptation to changing circumstances. This supports sustainable growth and long-term value creation.
In preparation for opportunities and risks, CKPower has implemented the following key initiatives:
- Developing new businesses and expanding into international markets
- Forging partnerships in renewable and alternative energy to enhance competitive potential
- Elevating strategic risk management in anticipation of industry changes
- Developing smart energy infrastructure to enhance the efficiency and safety of energy systems
CKPower also strives to advance decarbonization by improving production efficiency and continuously increasing investments in clean energy. In tandem, initiatives are undertaken to enhance the capabilities of its personnel and the organization in preparation for future changes in the energy industry.
Commitment (GRI3-3)
CKPower strives to drive its business on the basis of sustainable development, placing emphasis on social and environmental responsibility throughout the value chain, alongside strengthening business resilience to address changes, uncertainties, and risks arising from the energy transition and climate change. This includes expanding installed capacity and further developing renewable energy–related businesses.
The Company aims to maintain the reliability and continuity of electricity generation by applying appropriate technologies and innovation in parallel with strong corporate governance practices. These efforts enhance operational efficiency, mitigate adverse impacts from business volatility, and reinforce long-term resilience—key factors in strengthening confidence among shareholders, investors, and stakeholders across all sectors.
At the same time, CKPower leverages business resilience as a mechanism to create new opportunities through capability development of its personnel, fostering partnerships in renewable and clean energy businesses, expanding into international markets, and continuously aligning its investment strategy with energy transition and climate adaptation trends.
The Company is ready to move confidently into the future through the development of clean energy infrastructure and the enhancement of the Company's capabilities to adapt effectively. This commitment aims to generate positive impacts on the energy system, society, and the environment, while driving long-term sustainable growth.
Operational Guidelines (GRI3-3)
1) Business Model Resilience Management
CKPower implements business model resilience strategies in alignment with government policies, technological changes, and energy market trends, guided by the concept of “enhancing capabilities to address challenges and achieve sustainable growth.” Particular attention is paid to three major components:
In addition, CKPower focuses on pursuing new investment opportunities in Thailand and ASEAN in conjunction with digital technology and innovation implementation throughout the value chain to strengthen energy security and deliver equitable returns for shareholders and valued customers.
2) Business Resilience Strategies
The Company strives to expand its investments in clean energy production and distribution, aiming to achieve 95% of its installed capacity from renewable energy by 2043, expanding investments in eco-friendly renewable energy, and fostering partnerships in the region. In conjunction, the Company is exploring the potential of green hydrogen from renewable energy and clean energy technology, which form the foundation of future energy innovation.
CKPower also prioritizes personnel capability development and promotes learning and the adoption of innovations in operational systems to enhance efficiency and accommodate green hydrogen businesses in the future. In tandem, the Company advances its business on the basis of sustainable development and strives to continuously foster business resilience in anticipation of opportunities and risks in the energy sector.
Develop Action Plan |
Enhance Digital Technology |
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Collaborate with Partners |
Expand Opportunities in Renewable
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Build Market Strength |
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3) Business Resilience Action Plan
CKPower developed a business resilience action plan in 2022 as part of the Company’s key strategies, with a timeframe of five years (2022-2026), to achieve clear short-term and long-term outcomes in line with sustainable development goals (SDGs).
The action plan covers:
Digital technology and innovation implementation
Renewable energy business opportunity expansion
Operational resilience enhancement
- Digital technology and innovation implementation:
- Develop human capital to optimize energy production efficiency and organizational management.
- Utilize inflow forecasting systems to improve planning accuracy.
- Renewable energy business opportunity expansion:
- Invest in clean and alternative energy sources, such as solar and hydroelectric power.
- Expand the Renewable Energy Certificate (RECs) market to interested customers.
- Operational resilience enhancement:
- Improve processes to accommodate economic, social, and environmental changes.
- Create business opportunities from clean energy production for a sustainable world.
4) Personnel Development
CKPower is committed to expanding its investments in green energy producer businesses in Thailand and Southeast Asia. The Company adopts high-standard pollution reduction technology and actively develops the capabilities of personnel at all levels, promoting continuous learning, and encouraging the application of innovation to enhance operational efficiency.
The CKP Exploration Team comprises representatives from the Administrative Department, Business Development Department, Engineering Department, and Sustainability Management Department. This team, spearheaded by young engineers and executives, plays a crucial role in:
- Initiating new business approaches to accommodate future energy trends
- Researching and developing energy innovations to enhance the Company’s capabilities
- Exploring business opportunities and new approaches in power generation operations
- Determining the Company’s direction and strategies in line with industry and global trends
The CKP Exploration Team not only helps enhance the Company’s business resilience but also serves as a crucial mechanism in mitigating risks, particularly emerging risks, and preparing for future changes.
2025 Achievements, targets, and corporate key performance indicators (GRI3-3)
| Business Model Resilience | ||||||
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Business Model Resilience
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| Long-term Targets | ||||||
| Installed capacity from renewable energy by 2043 |
>95% |
Operation in a new country in ASEAN by 2025 |
≥1
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| New customers with the operations following action plans to complete the greater business model resilience by 2027 |
≥3
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| 2025 Targets | 2025 Achievements | |||||
| Installed capacity from renewable energy |
93% |
93% |
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| Installed capacity from clean energy |
≥3,402
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3,402
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| Expansion of renewable energy business. | Issuance of Green Bonds by Xayaburi Power Company Limited (XPCL) totaling |
3,000
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| Issuance of Green Bonds by CK Power Public Company Limited totaling |
5,000
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| Sold Renewable Energy Certificate (RECs) |
14,000
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| Commenced electricity sales from Solar Power by Bangkok Expressway and Metro Public Company Limited |
1
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| SDGs |      |
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Project highlights in 2025
1) Sale of 14,000 Renewable Energy Certificates (RECs) by Bangkhenchai Company Limited and registration of the Xayaburi Hydroelectric Power Plant under the I-REC system.
In 2025, CKPower expanded its opportunities in the Renewable Energy Certificate (RECs) business by selling 14,000 RECs from Bangkhenchai Company Limited to interested customers through Innopower Company Limited, enabling customers to use RECs as a mechanism to offset electricity consumption from conventional energy sources and support the achievement of their energy management and greenhouse gas emissions reduction targets in alignment with international standards.
In addition, the Xayaburi Hydroelectric Power Plant has completed registration under the I-REC system to enable participation in the international REC market. This enhances the credibility and traceability of its clean electricity generation data, supports stakeholders’ greenhouse gas reduction targets, and aligns with the Company’s sustainability strategy and long-term value creation objectives. By building upon the Company’s renewable energy generation business, the initiative strengthens its competitive capabilities and reinforces its leadership in clean energy within the power industry.
2) Progress of collaboration between CKPower and Bangkok Expressway and Metro Public Company Limited (BEM)
CKPower has partnered with Bangkok Expressway and Metro Public Company Limited (BEM) to implement solar-generated power for the MRT Blue Line and Purple Line operations, marking Thailand’s first-ever utilization of clean energy in the mass transit industry, which is one of the highest greenhouse gas-emitting sectors, to reduce environmental impact.
As for the solar power projects for the MRT system, CKPower is currently constructing three solar power plants at the Chaleom Ratchamongkon Rama 9 Train Depot, with a total installed capacity of 6.95 megawatts.
Progress in 2025:
- The Solar Carport for Admin Office at BEM Headquarter (Branch 2) has commenced commercial operation.
- The Solar Rooftop at Rama 9 Depot for Maintenance Building has achieved 95.10% completion. Construction has been completed and the project is currently awaiting regulatory approval for testing and commercial operation, expected in 2026.
- The Solar Farm Power Rama 9 Depot for Maintenance Building has completed construction and is pending approval for testing and commercial operation, expected in 2026.
This partnership marks a significant milestone for CKPower as a renewable energy leader in Southeast Asia as it drives systemic change, supports decarbonization efforts in a tangible way, and promotes low-carbon transportation for Thailand’s energy sustainability.
3) Xayaburi Power Company Limited (XPCL) Issued THB 4,000 Million in Green Debentures
Xayaburi Power Company Limited (XPCL) issued and offered Thai Baht-denominated Green Debentures totaling THB 4,000 million, comprising Debentures No. 1/2025 (unsecured and unsubordinated) and Guaranteed Green Debentures No. 2/2025. The debentures were offered to institutional investors and high-net-worth investors.
The proceeds will be used to repay debentures issued in 2022 that are due in July 2025 and to support preparedness for a sustainable energy transition. The issuance consists of two series:
- The THB 3 billion Green Debentures No: 1/2025 (BBB+/Stable by TRIS Rating), comprising
- Tranche 1 debentures with a tenor of 3 years and an interest rate of 4.85% per annum;
- Tranche 2 debentures with a tenor of 4 years and an interest rate of 5.00% per annum; and
- Tranche 3 debentures with a tenor of 5 years and an interest rate of 5.15% per annum.
- The THB 1 billion Guaranteed Green Debentures No: 2/2025 with a tenor of 5 years and an interest rate of [2.80%]. (AAA/Stable by TRIS Rating)
The debentures were issued and managed under the Company’s Green Bond Framework, which aligned with the Green Bond Principles 2021, Green Loan Principles 2021, and ASEAN Green Bond Standards 2018. The framework has been independently verified by DNV, a leading global assurance provider, serving as an independent external reviewer. The arrangers include Bangkok Bank, Krung Thai Bank, Siam Commercial Bank, Kiatnakin Phatra Securities, Krungthai XSpring Securities, and Asia Plus Securities.
4) CK Power Public Company Limited Issued THB 5,000 Million in Green Bonds
CKPower successfully issued and offered unsecured and unsubordinated Green Bonds, with a bondholders’ representative, in four tranches totaling THB 5,000 million. The offering was oversubscribed, reflecting strong investor confidence in the Company’s solid financial position, good corporate governance, and strategic direction toward the clean energy transition and sustainable development.
The proceeds from the bond issuance will primarily be used to invest in the Luang Prabang Hydroelectric Power Project (currently under construction), with the remaining portion allocated to repay promissory notes (P/N) related to the investment in the Xayaburi Hydroelectric Power Plant.
The bonds are issued in four tranches as follows:
- Tranche 1: THB 1 billion 3-year tenure with fixed interest rate of 3.15% per annum;
- Tranche 2: THB 1 billion 4-year tenure with fixed interest rate of 3.30% per annum;
- Tranche 3: THB 1 billion 5-year tenure with fixed interest rate of 3.45% per annum and
- Tranche 4: THB 2 billion 10-year tenure with fixed interest rate of 3.90% per annum and the issuer’s right to early redemption.
All tranches were rated “A-” with a Stable outlook by TRIS Rating, equivalent to the Company’s corporate credit rating. The bonds are classified as Green Bonds in alignment with the Green Bond Principles 2021, Green Loan Principles 2021, and Thailand Taxonomy 2023. The issuance has been independently reviewed and verified by DNV, a world-leading certification body, serving as the independent external reviewer. The offering was targeted at institutional investors (excluding individuals and/or high-net-worth investors).
Sustainability report 2025