Building a Bright Future
For over 146 years, B.Grimm has operated with compassion as our core principle, translating into our vision: Empowering the World Compassionately. We view ourselves not just as an energy provider, but as a catalyst for advancement, enhancing the welfare of communities and infrastructure both in Thailand and globally. Our steadfast dedication to sustainability drives our mission toward a cleaner future, where dependable energy solutions thrive alongside a flourishing environment.
Driving the Energy Transition
In 2024, B.Grimm Power made substantial strides in our clean energy transformation. Building on the strong foundation of 2023, we expanded our renewable energy portfolio to 28 percent of an operational capacity of 4,091 MW. This growth underscores our dedication to deliver sustainable and reliable energy solutions tailored to the evolving needs of our customers and the planet. Additionally, it enhances our resilience against gas price fluctuations and strengthens long-term energy security for our stakeholders.
Pioneering Innovation and Global Growth
Our pioneering spirit continues to drive our success across the region and beyond. In 2024, we reached several key milestones that strengthened our position as a leader in the evolving energy landscape.
One of our achievements was the reorganisation of our gas assets to improve service for industrial users and support national energy needs. This also enhanced our performance monitoring, optimised asset efficiency, secured funding options, and developed expertise for long-term value creation.
Our commitment to renewable energy remains strong, with key projects expanding our clean energy portfolio. In Korea, we invested in the 740 MW Nakwol 1 & 2 offshore wind project, the first large scale offshore wind project developer, while in Thailand, we launched an 80 MW solar project in Saraburi. Across the Middle East, we developed a 33.7 MW solar rooftop portfolio in the UAE, Saudi Arabia, and Bahrain. In the U.S., we invested in the 29.9 MW Malacha Hydropower plant, and in Italy, we expanded with the 73.3 MW Ortanova 2 solar plant. These projects highlight our dedication to advancing sustainable energy.
In LNG operations, 2024 marked a significant milestone with the successful importation of 198,000 tonnes (three cargoes), reinforcing our ability to secure reliable energy supplies and meet growing customer demand.
Our commitment to sustainability has been recognised both internationally and domestically. We were included in The Sustainability Yearbook by S&P Global for the fourth consecutive year, ranking among the top 5% of companies in the electric utilities industry. We also maintained our inclusion in the FTSE4Good Index Series for the fifth consecutive year and received a “BBB” rating in the MSCI ESG Ratings assessment. Domestically, we achieved the highest “AAA” rating in the SET ESG Ratings from the Stock Exchange of Thailand and received the 2024 Sustainability Disclosure Recognition Award from the Thaipat Institute. Furthermore, we were honored as The Best of ESG at the Future Trend Awards 2025, further underscoring our leadership in sustainable business practices.
Prioritising in People and Communities
In every region where we operate, we strive to become an integral part of society and be a local operator, ensuring that our initiatives and projects align with the needs and aspirations of the communities we serve. This local focus allows us to foster deeper connections and create shared value, reinforcing our dedication to empower individuals and communities. As we move forward, we remain grateful for the unwavering support of our people, partners, and the communities we serve.
In 2024, we reinforced our commitment to fostering employee growth and development through strategic initiatives such as the Leadership Development Program, created in collaboration with Chulalongkorn University and the National Institute of Development Administration (NIDA). We implemented upskilling programs to ensure our workforce is well-prepared to support our strategic objectives and expansion into new business areas, including renewable energy, sustainable fuels, and the application of innovation and AI. Recognising the importance of holistic well-being, we prioritised our employees’ mindfulness and wellness through comprehensive programs addressing their physical, mental, and spiritual needs.
Beyond our organisation, we have expanded community engagement in education, livelihoods, and environmental conservation. Initiatives such as The Little Scientists’ House, the Nursing Scholarship Program, and the Save the Tigers Project demonstrated our commitment to create shared value wherever we operated.
In arts and culture, we continued to support the Royal Bangkok Symphony Orchestra (RBSO) and have collaborated with the Tokyo Symphony Orchestra to strengthen Thailand’s classical music scene. We also launched the Lumpini Waltz Festival and restored the historic Entertainment Pavilion at Lumpini Park. Internationally, we supported the Seoul Philharmonic Orchestra’s Concert in the Park 2024 with over 4,000 spectators, making classical music more accessible.
In sports, we proudly sponsored the first Princess’s Cup Korea 2024 and supported Malaysia’s national paralympic team on their road to the Paris Paralympics, reinforcing our dedication to empower individuals and communities across borders.
A Roadmap for the Future
Building upon the successes of 2024, we are well-positioned for continued growth and innovation in the years to come. Our key priorities for 2025 and beyond include:
1. Expanding Renewables Our commitment to a sustainable energy future is reflected in our accelerated investments in solar, wind, energy storage, and dispatchable renewables. We are actively developing and operating projects in 15 countries worldwide, demonstrating our global reach and dedication.
2. Strengthening Power Generation, Grid Reliability and Stability We are strengthening our power generation capabilities and grid reliability while providing reliable electricity solutions to support the growing demand for industrial users and high-efficiency data centers. Our LNG business is expanding to supply our own power plants and explore market trading opportunities. Additionally, we are integrating Advanced Distribution Management System (ADMS) and Energy Management System (EMS) to enhance energy management and grid operations to improve efficiency and grid resilience.
3. Investing in Data Centres with Partners We are actively pursuing partnerships with data centre operators to develop energy solutions tailored to their needs. This strategic focus strengthens our role in supporting Thailand’s digital economy and positions us as a trusted partner in the rapidly growing data centre sector.
4. Driving Smart Energy Solutions and Preparation for Market Deregulation We are optimising energy use for industrial users and data centres while preparing for Third Party Access (TPA) to enhance energy trading opportunities. Our ERC sandbox at B.Grimm Power (Laem Chabang) 2 will pilot smart grid and energy trading solutions, paving the way for market deregulation. Additionally, we are developing a green energy trading platform to offer customers greater flexibility and sustainability
5. Fostering Sustainability We remain committed to minimise emissions, reduce waste, and engage in community and environmental initiatives to create lasting value.
We are confident that by pursuing these priorities and leveraging our core strengths, B.Grimm Power will continue to play a leading role in the global energy transition and create a bright future for all.
Our Commitment to Shareholders
We are profoundly grateful for the unwavering trust and support of our shareholders. Your confidence fuels our journey, and we remain committed to deliver sustained value while upholding the highest standards of corporate governance and sustainability. Together, we are building a legacy of excellence and compassion that will endure for generations to come.
Mr. Pakorn Thavisin
Chairman
Mr. Harald Link
President