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| April 14, 2005 No.1056 | ||
| MHI Receives Order for GTCC Power Plant From New IPP in Thailand |
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| Tokyo, April 14, 2005 - Mitsubishi Heavy Industries, Ltd. (MHI) has received an order for construction of a 1,400 MW (megawatt) natural gas-fired gas turbine combined-cycle (GTCC) power generation plant from Ratchaburi Power Company Limited (RPCL), a newly established independent power producer (IPP) in Thailand. The new plant is to incorporate two 700 MW power generation units. The electricity generated will be sold to the Electricity Generating Authority of Thailand (EGAT) for a period of 25 years. Plans call for the No. 1 unit to start operation in March 2008, and the No. 2 unit in June 2008. | ||||||
RPCL is a special-purpose company (SPC) created specifically for this IPP Project. It was jointly established with Thai and foreign capital on a 50-50 equity basis. Hongkong Electric Holdings Limited (HEH) owns a 25% stake, and Japan's Chubu Electric Power Co., Inc. and Toyota Tsusho Corporation, a trading company, hold 15% and 10% stakes, respectively. The remaining 50% stake is owned by three Thai companies: Ratchaburi Electricity Generating Holding Public Company Limited (25%), a leading investment company in power generation; PTT Public Company Limited (15%), a provider of both oil and gas; and Saha-Union Public Company Limited (10%), the central body of one of the country's leading business groups. Impact from a domestic demand expansion policy and revitalized consumer spending enabled the Thai economy to record 6.9% growth in 2003, the highest rate since the economic crisis of the late 1990's, and equally high growth has been projected for 2004. Electricity and energy demand is therefore expected to keep expanding in coming years, and this project aims to respond to those needs. To partially finance the project cost, funding from Japan Bank for International Cooperation (JBIC) is under consideration. With GTCC type power generation, gas and steam turbines are used in combination to generate electricity in two stages, utilizing high-temperature exhaust gas from the gas turbine. This power plant configuration enables GTCC power plants to achieve higher thermal efficiency than non-GTCC plants such as conventional boiler steam turbine plants. Higher efficiency means that GTCC plants enable reduced fuel consumption relative to electricity output and emit less CO2, thus making them more environmentally friendly. MHI has already delivered numerous GTCC power plants and won high acclaim for its technologies and operational reliability from markets worldwide. Going forward, the company will further strengthen its marketing activities in the Southeast Asian market, where demand for electricity is particularly robust. # # #
About Mitsubishi Heavy Industries Mitsubishi Heavy Industries, Ltd. (MHI), headquartered in Tokyo, Japan, is one of the world's leading heavy machinery manufacturers, with consolidated sales of 2,373 billion yen in fiscal 2003 (year ended March 31, 2004). MHI's diverse lineup of products and services encompasses shipbuilding, steel structures, power plants, chemical plants, steel plants, environmental equipment, industrial and general machinery, aircraft, space rocketry and air-conditioning systems. For more information, please visit the MHI website (http://www.mhi.co.jp). PRESS CONTACT: Hideo Ikuno: h.ikuno@daiya-pr.co.jp Tel: +813-6716-5277, Fax: +813-6716-5929 Daiya PR (in charge of public relations for Mitsubishi Heavy Industries, Ltd.) |
