The Energy Regulatory Commission (ERC) has endorsed the 139-billion-baht controversial takeover deal of Global Power Synergy Plc (GPSC) and Glow Energy Plc.
In October, the ERC blocked the deal, saying it breaches the 2007 Energy Industry Act's standards for a monopoly because the deal would let GPSC control the largest market share of private power purchase agreements at Map Ta Phut Industrial Estate in Rayong province.
The move followed a complaint filed by former finance minister Korn Chatikavanij, who raised concerns about the deal, contending it would give GPSC a monopoly on power purchase agreements in the crucial part of Thailand's eastern seaboard economic region.
The GPSC, a power-generating arm of PTT Plc, appealed the ERC decision and the regulator ruled in favour of the company yesterday.
ERC secretary-general Narupat Amornkosit said the board of commissioners approved in principle the deal under the condition the takeover has to take place after Glow Energy has sold its Glow SPP1 Co.
In addition, the ERC will set a condition for the deal aimed at protecting Glow's electricity purchasers to ensure transparency and fairness after the takeover.
