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Business Value Chain Analysis

1. Managing the impacts towards stakeholders in value chain

The Group places strong emphasis on value creation and comprehensive impact management throughout its business value chain. This involves systematically analyzing both Primary Activities and Support Activities, which serve as critical mechanisms for driving renewable energy operations efficiently, transparently, and in alignment with long-term sustainable development objectives.

The Group’s value chain analysis extends beyond economic value creation. It serves as a strategic tool to identify, assess, and manage environmental, social, and governance (ESG) risks, impacts, and opportunities at every stage of business operations, from sourcing inputs, renewable power generation, and electricity distribution, to customer and supplier relationship management, service delivery, and stakeholder engagement. It also encompasses the vital role of support functions in strengthening organizational capability, operational efficiency, and long-term sustainability.

Furthermore, the Group conducts value chain analysis by categorizing operations according to power plant business types to appropriately reflect the specific operational characteristics of each business segment. This approach ensures comprehensive coverage of value creation processes, identification of material risks and impacts, and recognition of opportunities to enhance operational performance. At the same time, it enables systematic and transparent management of stakeholder impacts across the entire value chain, in alignment with the Group’s sustainability framework.

2. Value Chain Analysis Methodology

The Group has conducted a Value Chain Analysis to systematically understand its operational structure across the entire value chain, covering upstream, midstream, and downstream activities of its renewable power generation business, as well as shared support functions at the Group level. Defining this scope enables the Group to obtain a comprehensive view of its value creation processes while effectively managing potential impacts and risks at each stage of operations.

In undertaking the analysis, the Group categorizes its business value chain into Primary Activities and Support Activities to clearly reflect the roles and responsibilities of each function. Primary activities encompass raw material procurement, power generation, electricity supply, customer relationship management, and related services. Support activities include finance and accounting, procurement, human resource management, corporate governance (CG), enterprise risk management (ERM), occupational health and safety (OHS), information technology (IT) systems, investor relations (IR), internal audit and quality management systems, as well as community relations and environmental management. These support functions play a critical role in enhancing operational efficiency, governance, and overall organizational resilience.

Through this structured analysis, the Group identifies key Value Creation points, such as power generation efficiency, supply reliability, production technology, and raw material management. These factors directly influence competitiveness and contribute to building trust among customers and relevant authorities.

The Group also places strong emphasis on assessing environmental, social, and safety-related (ESG) risks and impacts across all value chain activities. Particular attention is given to issues related to raw material management, emissions control, transportation and storage of biomass or waste, and operations within community areas. Such assessments enable the Group to implement appropriate control, prevention, and mitigation measures.

Furthermore, the value chain analysis is closely linked to stakeholder identification at each stage, including local communities, customers, government agencies, suppliers, and employees. This approach helps the Group better understand stakeholder expectations, material issues, and appropriate engagement strategies, forming a solid foundation for transparent and responsible business operations.

The outcomes of the value chain analysis are applied to identify opportunities for operational improvement and development, including enhancing efficiency, reducing costs, minimizing environmental impacts, and elevating operational standards. This is achieved through the adoption of clean technologies and circular economy principles, as well as integrating these insights into the Group’s sustainability strategy, risk management framework, and investment planning across the short, medium, and long term in a systematic manner.

Summary of the Group’s Business Value Chains

1. Biomass Power Plant Business

Activity Category Inbound Logistics Operations Outbound Logistics Marketing & Sales Services Support Activities
Scope of Activities Biomass Feedstock Management and Inbound Logistics Biomass Power Generation Operations Electricity Distribution and Government Reporting Marketing, Contract Management, and Corporate Communications After-sales and stakeholder services Corporate support functions
Activity Details
  1. Project development and feasibility studies for biomass power plant establishment
  2. Land acquisition and infrastructure development to support investment and grid connection
  3. Preparation of Code of Practice (CoP) / Compliance documentation
  4. Construction of power plant and utility systems
  5. Obtaining licenses for power generation and electricity sales
  6. Power purchase agreement (PPA) management
  7. Securing project financing
  8. Selection of generation technology and pollution control systems
  9. Production capacity planning and transmission system preparation
  10. Procurement of biomass raw materials from domestic sources
  1. Raw material quality and moisture content control
  2. Electricity generation using biomass boiler technology
  3. Emission control system management
  4. Commercial Operation Date (COD) implementation
  5. Machinery maintenance and reliability management
  6. Environmental, occupational health and safety management
  7. Continuous improvement of energy and resource efficiency
  1. Electricity dispatch to the Provincial Electricity Authority (PEA) under the PPA
  2. Electricity metering system management
  3. Power supply in accordance with Feed-in Tariff (FiT) regulations
  4. Regulatory reporting to government authorities
  5. Maintenance of internal transmission systems within the power plant
  1. Management of commercial contracts and electricity sales conditions
  2. Enhancement of power quality and supply stability
  3. Corporate communication on clean energy positioning
  4. Building confidence among regulators, investors, and stakeholders
  1. Monitoring and evaluation of environmental impacts in accordance with the CoP
  2. Community relations management around the power plant
  3. Implementation of community development projects and CSR activities
  4. Grievance handling and stakeholder feedback management for continuous improvement
  1. Accounting and finance
  2. Procurement management
  3. Human resource management
  4. Corporate governance (CG)
  5. Enterprise risk management (ERM)
  6. Occupational health and safety (OHS)
  7. Information technology systems (IT)
  8. Investor relations (IR)
  9. Internal audit and quality management systems
  10. Community relations and environmental management

2. Municipal Solid Waste Power Plant Business

Activity Category Inbound Logistics Operations Outbound Logistics Marketing & Sales Services Support Activities
Scope of Activities Municipal Solid Waste Management and Inbound Logistics Waste-to-Energy Power Generation Operations Electricity Distribution and Regulatory Reporting Marketing, Contract Management, and Corporate Communication After-Sales Services andCommunity Relations Corporate Support Functions
Activity Details
  1. Project development and feasibility studies for municipal solid waste (MSW) power plant establishment
  2. Land acquisition and infrastructure development for plant facilities and waste storage areas
  3. Environmental Site Assessment (ESA) preparation
  4. Development of environmental compliance guidelines and Code of Practice (CoP)
  5. Construction of the power plant and related utility systems
  6. Obtaining licenses for power generation and electricity sales
  7. Management of Power Purchase Agreements (PPA) and contracts with local authorities
  8. Securing financing from financial institutions
  9. Selection of waste combustion technology and pollution control systems
  10. Production capacity planning, transmission system design, and grid connection
  11. Collection of municipal waste from municipalities or local administrative organizations under contractual arrangements
  12. Waste storage yard management with odor and wastewater control measures
  1. Waste quality and moisture content control prior to processing
  2. Commercial Operation Date (COD) implementation
  3. Electricity generation using incineration and boiler technology
  4. Emission control system management
  5. Management of odor, wastewater, and residual waste from the production process
  6. Environmental, occupational health, and safety management
  7. Maintenance of machinery and equipment to ensure continuous operational readiness
  1. Electricity dispatch to the Electricity Generating Authority of Thailand (EGAT) or the Provincial Electricity Authority (PEA) under the PPA
  2. Metering system monitoring and management
  3. Power supply in accordance with Feed-in Tariff (FiT) regulations
  4. Reporting of production and electricity sales data to government authorities
  5. Maintenance of internal transmission systems within the power plant
  1. Management of electricity sales contracts and compliance with commercial terms
  2. Enhancement of power quality and supply stability
  3. Corporate communication emphasizing governance and environmental responsibility y
  4. Building confidence among regulators, investors, and local communities
  5. Public communication and awareness-building regarding waste management practices
  1. Community and local administrative organization relationship management
  2. Implementation of community development and Corporate Social Responsibility (CSR) initiatives
  3. Grievance handling and stakeholder feedback management
  4. Power plant maintenance and overhaul (Maintenance & Overhaul)
  1. Accounting and finance
  2. Procurement management
  3. Human resource management
  4. Corporate governance (CG)
  5. Enterprise risk management (ERM)
  6. Occupational health and safety (OHS)
  7. Information technology (IT)
  8. Investor relations (IR)
  9. Internal audit and quality management systems
  10. Community relations and environmental management

3. Biogas Power Plant Management Business

Activity Category Inbound Logistics Operations Outbound Logistics Marketing & Sales Services Support Activities
Scope of Activities Raw Material Management and Inbound Logistics Biogas and Electricity Generation Operations Electricity Supply and Transmission Systems Marketing, Contract Management, and Corporate Communication After-Sales Services and Community Relations Corporate Support Functions
Activity Details
  1. Project development and feasibility studies for the establishment and management of biogas power plants
  2. Land acquisition and infrastructure development for wastewater treatment and biogas production systems
  3. Preparation of Environmental Safety Assessment (ESA) reports
  4. Development of environmental compliance guidelines and Code of Practice (CoP)
  5. Construction of power plants, treatment systems, and related utility infrastructure
  6. Obtaining licenses for power generation and electricity sales
  7. Management of Power Purchase Agreements (PPA) and related business contracts
  8. Securing financing from financial institutions
  9. Selection of anaerobic digestion technology and Gas Engine Generator systems
  10. Production capacity planning, transmission system design, and grid connection
  11. Procurement of organic feedstock from industrial sources, such as wastewater, palm oil residues, and other organic waste
  12. Quality control of feedstock to ensure suitability for biogas production
  1. Monitoring feedstock quality and optimal fermentation conditions
  2. Commercial Operation Date (COD) implementation
  3. Biogas production through anaerobic digestion to generate methane (CH4 )
  4. Biogas production and gas separation system control
  5. Electricity generation via Gas Engine Generator systems
  6. Management of digestate for utilization as bio-fertilizer
  7. Odor and pollution control management
  8. Environmental, occupational health, and safety management
  9. Maintenance of machinery and equipment to ensure continuous operational readiness
  1. Electricity dispatch to the Provincial Electricity Authority (PEA) under the PPA
  2. Monitoring and management of metering systems
  3. Power supply in accordance with Feed in Tariff (FiT) regulations
  4. Reporting production and electricity sales data to relevant government authorities
  5. Maintenance of internal transmission systems within the power plant
  1. Management of electricity sales contracts and compliance with commercial terms
  2. Enhancement of power quality and generation stability
  3. Corporate communication positioning the business as a clean energy and circular economy operator
  4. Building confidence among regulators, investors, and stakeholders
  1. Monitoring and evaluation of environmental impacts in accordance with the CoP
  2. Community relations management around the power plant
  3. Implementation of community development and Corporate Social Responsibility (CSR) initiatives
  4. Grievance handling and stakeholder feedback management for operational improvement
  1. Accounting and finance
  2. Procurement management
  3. Human resource management
  4. Corporate governance (CG)
  5. Enterprise risk management (ERM)
  6. Occupational health and safety (OHS)
  7. Information technology (IT)
  8. Investor relations (IR)
  9. Internal audit and quality management systems
  10. Community relations and environmental management