Business Overview

Towards the end of last year, we launched a new strategic vision for Banpu, dubbed ‘Energy Symphonics’, around four key pillars designed to align the group’s growth with these mega-trends:

1. Gas-Power CCUS
Upstream gas production, integrated with carbon capture, utilization and storage (CCUS), and investment in gas-fired power generation represents a winning formula for addressing the Energy Trilemma in the US. We have capitalized on this strategy by successfully listing our gas-to-power subsidiary, BKV Corporation, on the New York Stock Exchange in September last year.

2. Renewables+
To solve the intermittency and grid stability issues which will come from the tripling in renewables capacity targeted at COP28 by 2030 will require a parallel investment in battery energy storage systems (BESS) of even greater magnitude. With nearly 1GW of renewables capacity across Asia-Pacific, battery manufacturing, growing energy trading capabilities and a pipeline of BESS projects, this second pillar represents an exciting area for further growth and returns.

3. Next-Gen Mining
With the exacting power requirements of data centers and concerns about the reliability of renewables, Banpu’s legacy mining operations in Asia can play a role in addressing this issue. We will use smart solutions and AI to reduce emissions and enhance efficiency. We are also working on diversifying into strategic minerals, essential for new energy technologies.

4. Net Zero 2050
Banpu continues to take real steps towards achieving Net Zero group emissions by 2050 and interim milestones of reducing emissions by 20% and coal-related earnings to less than 50% of EBITDA by 2030.