Electricity Generating Authority of Thailand (EGAT) is a fully state-owned company headquartered in Nonthaburi, Thailand. In 2020, its revenue was USD 16.3 billion and installed capacity was 16 GW. EGAT is newly added to the sample of Electric Utilities of 2021. The company relies on floating solar panels on its reservoirs for all of its low-carbon development. There is very little other evidence that engages in the low-carbon transition.
EGAT has no climate governance in place, no transition plan and no meaningful targets to drive change. The company does explicitly acknowledge that climate change is an issue and has plans to develop floating solar, yet little evidence exists regarding the feasibility of these plans. Besides, hardly any other evidence of engagement with the low-carbon transition exists.
EGAT aims to triple coal capacity and double gas by 2030. The accompanying increase in renewable generation is insignificant. EGAT’s emissions intensity will increase by the end of this decade as will its absolute emissions. The company should pursue alternatives to highly polluting lignite and increase its research and development (R&D) spending on integrating renewables onto the grid. Its plans for floating solar are innovative but too long term. EGAT risks reputational damage, loss of access to funding and stranded assets if it does not undertake a transition to low-carbon generation.
EGAT acknowledges the reality of climate change and this also features as a priority for stakeholders and the business. However, its actions are inconsistent with these beliefs. EGAT should engage in scenario planning to explore the impacts of climate change on the company and the wider Thai economy and society. Based on the findings of EGAT’s assessment, the company should develop a detailed transition plan and targets that are aligned with climate science.
EGAT receives a trend score of -. If the company were reassessed in the near future, its score would likely decrease. Without a transition plan, targets or any aspects of climate governance there is little evidence that EGAT’s emissions will reduce in future. Its plans for floating solar are promising but there has been little progress to date. EGAT is also planning on expanding fossil capacity.
EGAT has no plans or targets beyond installing 2.7 GW of floating solar by 2038. Currently this is at a pilot stage. Absolute emissions are still increasing and the company does not track the scope 3 emissions from the 67% of power it purchases from third parties.
EGAT’s risk and priorities matrix shows climate change as one of the most important issues to stakeholders and the business. However, EGAT remains wedded to fossil-fuel generation and is only taking tentative steps to grow its renewables capacity.
Just Transition Assessment
In this report, we present five key thematic findings showing how 180 companies can increase their ambition towards a transition to a low-carbon future that is just and equitable for the people and communities at risk of being affected by it.