How Asia’s ‘first lady of coal’ says she’s working on a sustainable future

Published

4 years ago

June 7, 2021

admin

In this article

BANPU-TH

Coal is one of the world’s biggest polluters, with its transportation, storage and usage accounting for around 40% of the world’s greenhouse gas emissions, according to the United Nations.

One executive who says she wants to help reduce the Asia-Pacific region’s dependence on the fossil fuel is Somruedee Chaimongkol, chief executive of energy firm Banpu Public Company. The company has operated coal mines in Thailand for almost four decades.

Sometimes known as Asia’s “first lady of coal,” Chaimongkol became CEO of the company since 2015 and established what she called a “greener, smarter” business plan for the firm the following year.

“Since 2010, we talk about transformation. And since 2015, when I succeed my predecessor as CEO, we start to implement on the greener, smarter [plan]. For the past five years, we spent $2 billion and 90% of [that went on] … a greener investment, such as gas, such as renewable energy, and energy technology,” Chaimongkol told CNBC’s “Managing Asia: Sustainable Future.”

“[There are] a lot of mega trends happening — digitalization, decarbonization, decentralization — and that sped up Banpu to produce a new, greener, smarter strategy,” she added.

Founded in 1983, Thailand’s Ban Pu Coal Company Limited began its operations in the country’s northern Lamphun Province and listed on the Thai stock exchange six years later. In 1993, it took on its current trading name, and in the following years expanded into other parts of Southeast Asia and China.

Last year it established Banpu Next, which encompasses its energy technology businesses including electric vehicles, renewable energy plants and electric ferries.

Banpu’s 2020 annual report indicates that coal accounted for more than 95% of Banpu Public Company Ltd’s revenue in 2020, a figure more or less in line with 2019. The same annual report shows that including the company’s overseas subsidiaries, coal accounted for more than 80% of total revenue.

The company has been buying up natural gas assets in the United States for the last several years.

In March, the firm said it wants to make half of its earnings from “green” energy by 2025.

“We are adding more rapidly on the renewable generation in Japan, Vietnam and in China … And we have set up Banpu Energy Australia,” Chaimongkol said.

Electric vehicles

The company also wants to create an energy “ecosystem” within Banpu NEXT, covering everything from energy creation and storage, to distribution and building charging stations for EVs. Chaimongkol said the division can generate “significant” revenue by 2025.

“Under Banpu NEXT, currently the major revenue contribution is still from energy generation from solar farm and wind farm. Going forward, we will scale up on … [the] energy technology,” she explained.

One aspect of the new system is a tech platform that helps to manage fleets of electric three-wheel taxis known as tuk-tuks, as well as four-wheel vans. “What we are selling to our customer is selling the platform, selling the solution, managing … a fleet [and providing] … e-charging station[s],” Chaimongkol explained. In November, Banpu NEXT launched an electric powered ferry that will operate rides for tourists around the Thai island of Phuket, and in March it invested in Urban Mobility Tech Co (UMT), an EV ride-sharing company based in Bangkok.

A mini electric vehicle from Banpu Next in Bangkok on February 26, 2021.

Romeo Gacad | AFP | Getty Images

Will Banpu ever exit coal mining altogether? Not in the next five to 10 years, according to Chaimongkol, as there will still be a demand from customers for it. But the company won’t invest in new coal assets, she said, adding it will instead be pumping money into renewable energy and in doing so reducing the contribution of coal to the firm’s turnover.

Chaimongkol said future business plans would “embed” sustainable policies and gave the impression she’d like to move away from her “first lady of coal” nickname. “Right now, Banpu is transforming and … our direction is towards a greener, smarter [plan]. But if [we] talk about leading the company, I would say Banpu is an energy company,” she stated. Her leadership is about making sure managers of the firm’s four divisions — minerals, gas production, conventional coal-fired power and Banpu NEXT — can focus on the “greener” strategy, she added.

Banpu has been selected as a member of the Dow Jones Sustainability Indices benchmark for seven consecutive years, which Chaimongkol hopes will appeal to investors. Companies are chosen following an assessment of ESG (environmental, social and governance) criteria.

“I hope that investor[s] will see this strong … commitment [to] being a conscious company. I hope that it will reflect in the value of the company going forward,” she said.

Environment

Tesla Semi suffers more delays and ‘dramatic’ price increase

Published

2 hours ago

April 4, 2025

admin

Tesla Semi suffers more delays and 'dramatic' price increase

According to a Tesla Semi customer, the electric truck program is suffering more delays and a price increase that is described as “dramatic.”

Tesla Semi has seen many delays, more than any other vehicle program at Tesla.

It was initially unveiled in 2017, and CEO Elon Musk claimed that it would go into production in 2019.

In late 2022, Tesla held an event where it unveiled the “production version” of the Tesla Semi and delivered the first few units to a “customer-partner”: PepsiCo.

Advertisement – scroll for more content

Tesla Semi PepsiCo truck u/Tutrifor — Tesla Semi Image credit: u/Tutrifor

More than 3 years later, the vehicle never went into volume production. Instead, Tesla only ran a very low volume pilot production at a factory in Nevada and only delivered a few dozen trucks to customers as part of test programs.

But Tesla promised that things would finally happen for the Tesla Semi this year.

Tesla has been building a new high-volume production factory specifically for the Tesla Semi program in a new building next to Gigafactory Nevada.

The goal was to start production in 2025, start customer deliveries, and ramp up to 50,000 trucks yearly.

Now, Ryder, a large transportation company and early customer-partner in Tesla’s semi truck program, is talking about further delays. The company also refers to a significant price increase.

California’s Mobile Source Air Pollution Reduction Review Committee (MSRC) awarded Ryder funding for a project to deploy Tesla Semi trucks and Megachargers at two of its facilities in the state.

Ryder had previously asked for extensions amid the delays in the Tesla Semi program.

In a new letter sent to MSRC last week and obtained by Electrek, Ryder asked the agency for another 28-month delay. The letter references delays in “Tesla product design, vehicle production” and it mentions “dramatic changes to the Tesla product economics”:

This extension is needed due to delays in Tesla product design, vehicle production and dramatic changes to the Tesla product economics. These delays have caused us to reevaluate the current Ryder fleet in the area.

The logistics company now says it plans to “deploy 18 Tesla Semi vehicles by June 2026.”

The reference to “dramatic changes to the Tesla product economics” points to a significant price increase for the Tesla Semi, which further communication with MSRC confirms.

In the agenda of a meeting to discuss the extension and changes to the project yesterday, MSRC confirms that the project went from 42 to 18 Tesla Semi trucks while the project commitment is not changing:

Ryder has indicated that their electric tractor manufacturer partner, Tesla, has experienced continued delays in product design and production. There have also been dramatic changes to the product economics. Ryder requests to reduce the number of vehicles from 42 to 18, stating that this would maintain their $7.5 million private match commitment.

In addition to the electric trucks, the project originally involved installing two integrated power centers and four Tesla Megachargers, split between two locations. Ryder is also looking to now install 3 Megachargers per location for a total of 6 instead of 4.

The project changes also mention that “Ryder states that Tesla now requires 600kW chargers rather than the 750kW units originally engineered.”

Tesla Semi Price

When originally unveiling the Tesla Semi in 2017, the automaker mentioned prices of $150,000 for a 300-mile range truck and $180,000 for the 500-mile version. Tesla also took orders for a “Founder’s Series Semi” at $200,000.

However, Tesla didn’t update the prices when launching the “production version” of the truck in late 2023. Price increases have been speculated, but the company has never confirmed them.

New diesel-powered Class 8 semi trucks in the US today often range between $150,000 and $220,000.

The combination of a reasonable purchase price and low operation costs, thanks to cheaper electric rates than diesel, made the Tesla Semi a potentially revolutionary product to reduce the overall costs of operation in trucking while reducing emissions.

However, Ryder now points to a “dramatic” price increase for the Tesla Semi.

What is the cost of a Tesla Semi electric truck now?

Electrek’s Take

As I have often stated, Tesla Semi is the vehicle program I am most excited about at Tesla right now.

If Tesla can produce class 8 trucks capable of moving cargo of similar weight as diesel trucks over 500 miles on a single charge in high volume at a reasonable price point, they have a revolutionary product on their hands.

But the reasonable price part is now being questioned.

After reading the communications between Ryder and MSRC, while not clear, it looks like the program could be interpreted as MSRC covering the costs of installing the charging stations while Ryder committed $7.5 million to buying the trucks.

The math makes sense for the original funding request since $7.5 million divided by 42 trucks results in around $180,000 per truck — what Tesla first quoted for the 500-mile Tesla Semi truck.

Now, with just 18 trucks, it would point to a price of $415,000 per Tesla Semi truck. It’s possible that some of Ryder’s commitment could also go to an increase in Megacharger prices – either per charger or due to the two additional chargers. MSRC said that they don’t give more money when prices go up after an extension.

I wouldn’t be surprised if the 500-mile Tesla Semi ends up costing $350,000 to $400,000.

If that’s the case, Tesla Semi is impressive, but it won’t be the revolutionary product that will change the trucking industry.

It will need to be closer to $250,000-$300,000 to have a significant impact, which is not impossible with higher-volume production but would be difficult.

FTC: We use income earning auto affiliate links. More.

Environment

BP chair Helge Lund to step down after oil major pledges strategic reset

Published

5 hours ago

April 4, 2025

admin

BP chair Helge Lund to step down after oil major pledges strategic reset

British oil and gasoline company BP (British Petroleum) signage is being pictured in Warsaw, Poland, on July 29, 2024.

Nurphoto | Nurphoto | Getty Images

British oil major BP on Friday said its chair Helge Lund will soon step down, kickstarting a succession process shortly after the company launched a fundamental strategic reset.

“Having fundamentally reset our strategy, bp’s focus now is on delivering the strategy at pace, improving performance and growing shareholder value,” Lund said in a statement.

“Now is the right time to start the process to find my successor and enable an orderly and seamless handover,” he added.

Lund is expected to step down in 2026. BP said the succession process will be led by Amanda Blanc in her capacity as senior independent director.

Shares of BP traded 2.2% lower on Friday morning. The London-listed firm has lagged its industry rivals in recent years.

BP announced in February that it plans to ramp up annual oil and gas investment to $10 billion through 2027 and slash spending on renewables as part of its new strategic direction.

Analysts have broadly welcomed BP’s renewed focus on hydrocarbons, although the beleaguered energy giant remains under significant pressure from activist investors.

U.S. hedge fund Elliott Management has built a stake of around 5% to become one of BP’s largest shareholders, according to Reuters.

Activist investor Follow This, meanwhile, recently pushed for investors to vote against Lund’s reappointment as chair at BP’s April 17 shareholder meeting in protest over the firm’s recent strategy U-turn.

Lund had previously backed BP’s 2020 strategy, when Bernard Looney was CEO, to boost investment in renewables and cut production of oil and gas by 40% by 2030.

BP CEO Murray Auchincloss, who took the helm on a permanent basis in January last year, is under significant pressure to reassure investors that the company is on the right track to improve its financial performance.

‘A more clearly defined break’

“Elliott continues to press BP for a sharper, more clearly defined break with the strategy to pivot more quickly toward renewables, that was outlined by Bernard Looney when he was CEO,” Russ Mould, AJ Bell’s investment director, told CNBC via email on Friday.

“Mr Lund was chair then and so he is firmly associated with that plan, which current boss Murray Auchincloss is refining,” he added.

Mould said activist campaigns tend to have “fairly classic thrusts,” such as a change in management or governance, higher shareholder distributions, an overhaul of corporate structure and operational improvements.

“In BP’s case, we now have a shift in capital allocation and a change in management, so it will be interesting to see if this appeases Elliott, though it would be no surprise if it feels more can and should be done,” Mould said.

Environment

Quick Charge | hydrogen hype falls flat amid very public failures

Published

11 hours ago

April 3, 2025

admin

Quick Charge | hydrogen hype falls flat amid very public failures

On today’s hyped up hydrogen episode of Quick Charge, we look at some of the fuel’s recent failures and billion dollar bungles as the fuel cell crowd continues to lose the credibility race against a rapidly evolving battery electric market.

We’re taking a look at some of the recent hydrogen failures of 2025 – including nine-figure product cancellations in the US and Korea, a series of simultaneous bus failures in Poland, and European executives, experts, and economists calling for EU governments to ditch hydrogen and focus on the deployment of a more widespread electric trucking infrastructure.

Source Links

Prefer listening to your podcasts? Audio-only versions of Quick Charge are now available on Apple Podcasts, Spotify, TuneIn, and our RSS feed for Overcast and other podcast players.

New episodes of Quick Charge are recorded, usually, Monday through Thursday (and sometimes Sunday). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news.

Advertisement – scroll for more content

Got news? Let us know!
Drop us a line at tips@electrek.co. You can also rate us on Apple Podcasts and Spotify, or recommend us in Overcast to help more people discover the show.

FTC: We use income earning auto affiliate links. More.