Dear Shareholders,
B.Grimm’s philosophy, “Doing Business with Compassion” is founded on our core values of positivity, partnership, professionalism and pioneering spirit. Our vision for B.Grimm Power is to empower the world compassionately. At the same time, we always have ambitious performance targets.
To empower the world as a Thai-based company, we must demonstrate the highest level of professionalism: securing licenses, developing solar, wind, hydro, and gas-fired power plants, completing them on time and within budget, and operating them at the highest possible efficiency.
This is what we have accomplished for the past 30 years. It has been built upon B.Grimm’s long history of infrastructure development dating back to the 19th century.
In recent years, gas prices have risen unfavorably since the start of the war in Ukraine in 2022, while Thailand has not developed new gas fields domestically or in neighboring countries. Gas prices then surged significantly. However, electricity prices in Thailand did not increase in parallel with gas prices, unlike the situation prior to 2022, when they moved together. As Thailand’s largest private supplier to industry, we were significantly affected, and our profits have remained flat over the past few years.
What has helped us overcome these domestic challenges has been our success abroad beyond expectations. We experience that a Thai company operating with true professionalism is always welcomed internationally because of the charming, flexible, and accommodating nature of the Thai people, combined with B.Grimm’s partnership model, in which we first seek to benefit the societies and partners with whom we work.
As a result, we have achieved remarkable success in securing and developing projects in Laos, Cambodia, Vietnam, the Philippines, South Korea, Japan, Malaysia, Australia, Italy, and the United States. Our new projects now enjoy credit ratings that are equal to or better than those limited solely to Thailand.
In Thailand, the situation is also improving as we renegotiate all our industrial supply contracts to be gas-linked. On top of this gas prices appear likely to remain more stable over the next few years. Most of our overseas projects are renewables and serve reliable customers at attractive prices. Data Centre customers, in particular, are comfortable with gas-linked electricity pricing. Abroad, nearly all our projects are renewable, except for one in Malaysia, where we have a full gas cost pass-through. All projects benefit from reliable customers and favorable pricing.
Another important success is the positive development of our LNG gas import business, which is expected to be fully profitable this year, as well as our venture into data centres in partnership with Digital Edge. Our first data centre, currently under construction, is already fully contracted at strong service prices.
Five years ago, I once again took on the role of President of B.Grimm Power, and I am very grateful to my mentor of many decades, Mr. Pakorn Thavisin, for assuming the position of Chairman, as well as to all other Board members for their wisdom and guidance.
As a management team, we revisited our strategy and placed strong emphasis on international expansion into countries with higher credit ratings than Thailand. We adjusted our approach to the evolving industrial landscape and are building both the LNG and data centre businesses into sizeable and profitable operations.
Towards the end of last year, we became confident that B.Grimm Power could continue to grow strongly under a new leadership structure of three Presidents working collaboratively as a team with rotating leadership. This model, once used successfully in West Germany when it was at its best, has proven highly effective at B.Grimm Power over the past five months.
Mr. Peradach Patanachan oversees Renewable Energy Business,
Mr. Nopadej Karnasuta oversees Thailand, Malaysia and Energy & Industrial Solutions Business, and
Ms. Siriwong Borvornboonrutai oversees global Finance and Accounting.
They jointly share responsibility for the company’s overall performance. All three are supported by excellent management teams, and B.Grimm as a whole maintains a strong succession plan.
Both the Board of Directors and management strive to serve as responsible stewards of B.Grimm Power, guided by integrity, accountability, and strong corporate governance principles. We operate with transparency, reinforcing external confidence, strengthening risk awareness, and enhancing our ability to identify new opportunities for value creation and business expansion. These foundations give us confidence as we look toward the future, regardless of how challenging the environment may be.
B.Grimm Power meaningfully integrates sustainability into our business operations. Wherever we operate, we seek to embody the spirit of B.Grimm by contributing meaningful benefits to society, fostering livable communities, and advancing sustainable growth through digital transformation. By seamlessly integrating people, processes, and technology, we strengthen our organizational agility and readiness to respond effectively to evolving market and environmental conditions over the long term. In addition to developing and operating power plants, we actively support social initiatives in education, healthcare, environmental conservation, culture, and sports in every country where we operate. Through these efforts, we reaffirm our commitment to sustainable and inclusive growth for all stakeholders.
Finally, please allow me to express my sincere appreciation to all our loyal shareholders, partners, associates and stakeholders of B.Grimm Power. I wish you continued health, happiness, and success in all your endeavors.
Mr. Harald Link
President