Bangkok--15 May--Glow Energy Glow energy posted consolidated total revenues of Bt8,179mn, Earnings Before Interest Taxes Depreciation and Amortisation (“EBITDA”) of Bt1,941mn, and Normalised Net Profit (“NNP”, net profit before unrealised foreign exchange gains and losses) of Bt955mn, for the first quarter of 2008. The industrial sales continue to perform strongly, electricity sales to industrial customers increased by 5%, while steam sales rose nearly 8%. The results represent a drop year-on-year in EBITDA and NNP of -11% and -13% respectively. The key reasons for the decrease are a 9.5% appreciation of the Thai Baht against the US Dollar and a year-on-year reduction in the PEA tariff while fuel prices (in THB) increased slightly. The strengthening of the Thai Baht alone has impacted our NNP by over Bt100mn as most of our NNP is in USD. In December 2007, GHECO-One Co. Ltd, was selected as the preferred bidder for a 660 MW coal fired project under the new round of IPP program. GHECO-One is held 65% by Glow Group and 35% by Hemaraj Land and Development Plc. Total construction cost for the project is estimated at USD1,150mn. The company expects to receive EIA approval and be able to sign the PPA within H1 2008 and begin construction around the middle of this year with commercial operation starting at the end of 2011. Environmentally, the new IPP plant is expected to be one of the cleanest coal-fired power plants in the world. The SOx and NOx emissions would not only be significantly below the World Bank Guidelines and Thai regulations, but the plant will meet statutory limits required for coal-fired plants of even the most stringent international regulations such as the European Union’s. The project will also enter into a contractual commitment to contribute additional funds, estimated at Bt100mn per year, aiming to enhance the level of local community development. The fund will contribute to educational development, health care, career development, standard of living improvement, and social development for the communities surrounding the estates. The new coal-fired IPP will contribute to reduce dependency of the country’s energy supply on natural gas and offers electricity at an attractive price following an international competitive bidding. Glow’s cogeneration business will also grow significantly in order to meet the steam and electricity demand of the Thai petrochemical sector. The Company has already concluded negotiations of more than 200 MWe of sales to industrial customers and EGAT, and Glow is confident of signing another 100-200MWe within the next 6-12 months. To meet the new demand Glow plans to build additional cogeneration capacity up to 380 MW with scheduled Commercial Operation Date in Q3 2011. Total capex for such an expansion could be up to USD 500 million. The new project will supply reliable electricity and steam to enable the expansion of Thailand’s third petrochemical phase and will sell the output to 10-20 petrochemical companies. Glow will invest in emission reduction technologies to reduce the emission levels from its (existing) plants so that the total SOx and NOx emission levels (both actual and maximum) in Map Ta Phut will be lower than the current levels after the new IPP and cogeneration plants become operational. The net result should contribute to an improvement of the overall air quality in Map Ta Phut Mr. Suthiwong Kongsiri, Glow’s CFO added “The funding for the expansions will come from the Group’s operating cash flow and from a re-leveraging of Glow Energy’s balance sheet. As of March 31st 2008, Glow Energy’s net debt to equity ratio was at only 0.5x, substantially below the long term target of around 1.0x. We believe we can fund the new expansions whilst maintaining a sound financial capital structure and discipline.” In addition to funding the high growth, for the results of 2007, Glow will be able to pay total dividend that is 5% higher than the previous year. The shareholders have therefore approved to pay a final dividend of 1.054 THB/share which together with the interim dividend of 0.60 THB/share makes the total dividend for 2007 results at 1.654 THB per share or equivalent to 56% of 2007 normalized net profit”About Glow Energy Glow Energy is a member of the Glow Group who is a major energy player in Thailand. Glow Group combined installed capacities include 1,708 MW of electricity and 967 tons per hour of steam. Glow Group generates and supplies electricity to EGAT under Thailand's SPP (Small Power Producer) and IPP (Independent Power Producer) programs, as well as electricity, steam, industrial water and services to large industrial customers principally located in the Map Ta Phut area and nearby. SUEZ Energy International is Glow Energy’s major shareholder and is a business division of the SUEZ group, one of the largest international industrial and services groups in the world. For more information about SUEZ or SUEZ Energy International, please visit the companies’ websites at www.suez.com and www.suezenergyint.com. For more information about the Glow Group please go to www.glow.co.th For more information please contact Sirote Vichayabhai Glow Energy Plc. Tel. 0-2-670 1500 Email [email protected]