In 2023, the Zhouping power plant in China initiated “My Safety My Responsibility” campaign as part of the Behavior-Based Safety (BBS) program. This initiative emphasizes employee involvement at all levels in fostering a safety culture. One of BBS processes is safety observation, where employee behaviors are monitored and documented using safety observation report forms. The opportunities for improvement were specifically identified.<br><br>Over the course of the year, the effectiveness of BBS program was measured through the collection and analysis of these observation reports. The number of observation reports submitted surged to 320, marking an increase of over 100% from the 142 reports filed the previous year. Celebrating successes with recognition and rewards, a power plant executed various motivational awards, including Good unsafe behavior report, Monthly safety inspection talent, Annual safety inspection talent, and Safety outstanding team.​

The Company has taken a strategic step forward by assembling a cross-border team dedicated to leveraging AI to enhance the profitability in the energy trading business in Australia. This AI showcase is designed to maximize the future battery revenue and improve outcomes of trading business with focus on 2 key goals:<br><br>Forecasting the electricity dispatch price to optimize battery dispatch strategy.<br>Predicting anomalies in pricing to mitigate risks associated with volatile market conditions.<br><br>This initiative has undergone a thorough analysis, revealing an opportunity to boost the business profit by 4.6 million AUD, based on a 22-month back-test result. Such potential gains underscore the transformative power of AI in revolutionizing energy trading business. Currently, the physical battery investment is under final assessment.

In response to insights from the 2014 employee engagement survey, the Company launched the "Banpu Engaging Leader" course in 2015 at the head office in Thailand. The training aims to raise employee engagement levels by enhancing managerial influence. Over the ongoing program of a decade, the program has delivered measurable results, with engagement levels at the head office increasing significantly from 57% in 2016 to 66% in 2024. Building on the success of Banpu Engaging Leader, the initiative evolved into the comprehensive "Banpu Engaging Leader Program," which is now implemented across all business units to ensure a consistent approach to employee engagement company-wide.<br><br>Additionally, the Company introduced the "Leader and Manager as a Coach" program. This initiative standardizes the coaching framework across our global operations, enhancing leadership effectiveness and sustaining high engagement levels throughout the organization.<br>

In 2023, the mining business in Australia adopted the “Fatal Risk” program, which is an initiative designed to prevent fatalities by implementing effective controls across all tasks. A key component of this program involved the “Fatal Risk Bowtie” workshops, where all critical controls were identified and evaluated for their application and effectiveness.<br><br>To facilitate the effective implementation of these controls, the Company developed “Critical Control Verification Dashboards”. These dashboards help to ensure performance effectiveness by providing real-time feedback via a digital platform. The digital reporting provides a clear view of control effectiveness and status at each site. This enables prompt identification of any controls that are failing or not functioning to the standard. As a result, the Company can identify and control the top ten fatal risks. This proactive approach not only enhances safety but also contributes to the overall operational excellence of the facilities.

Since 2018, the Company has systematically assessed safety culture maturity across operational sites. The findings play a key role in strengthening safety culture within our work environment. In 2024, the Company extended the assessment to include 3 solar power plants in China – Jinshan, Huineng, and Hui’en – for the first time. All three sites achieved the “Involving” level, demonstrating our continued progress in promoting safety across our operations.<br><br>With this expansion, the total number of operations assessed has increased to 18 sites across four countries. The Company is committed to further broadening assessment coverage and advancing the maturity levels to ensure a consistent, high standard of safety awareness and proactively mitigating potential incidents across all operations.

The Banpu Global Leadership Program is designed to develop a new generation of leaders by equipping them with essential skills, from personal effectiveness to strategic acumen for the complex challenges of today's dynamic business environment and enhance Banpu’s competitive edge. The program is structured around 3 core challenges:

HiCoach is a key part of Banpu Engaging Leader Program, organized for the 6th consecutive year to reinforce the coaching culture across the organization. Based on the basic coaching foundation "Great Coach" program, which equips team leaders with basic coaching principles, HiCoach takes coaching through real practice application.

In pursuit of cultivating a learning-oriented community and fostering a culture of knowledge exchange, the Company has established “TalkFest” as a dedicated platform for promoting intellectual collaboration among experts from diverse fields, both within and outside the organization. Recognizing the abundance of knowledge available, TalkFest covers a spectrum of topics ranging from practical matters like “Preparing for old age,” “PDPA” and “M&A” to thematic series like “CVC Series” and “Decarbonization Series”.<br><br>Moreover, TalkFest regularly hosts speakers representing various domains, including academic institutions, specialists, entrepreneurs, and management professionals. These experts are invited to share their valuable insights, contributing to the enrichment of knowledge-based community. With internal moderators, the conversations were ensured that the discussions align with the Company's values and objectives.

with a mission to cultivate a next generation of leaders, ready to propel business growth, the Company launched “International Business Leader Program” (IBLP) for the first time in 2023.<br>More than 30 executives from Australia, Indonesia, Japan, Thailand, and the U.S. participated this program.

The managerial safety visit program, implemented by Banpu NEXT EcoServe in Thailand, exemplifies the Company’s commitment to fostering a strong safety culture. Recognizing the importance of staying informed and actively engaged, the program facilitates informal discussions between senior leaders and frontline personnel, directly addressing safety concerns that impact daily operations.<br><br> By actively participating in these visits, senior leaders demonstrate their commitment, share learning, and engage in meaningful discussions targeted at raising safety standards in the work area. These visits also focus on crucial aspects like hazard reporting and providing relevant training to frontline staff.<br><br>In 2023, the senior leaders conducted safety visits at 3 sites. These visits allowed them to hear firsthand from those who work on the sites. This program is aiming to expand to cover all sites.

Recognizing the critical importance of addressing workplace hazards, the Company has dedicated substantial efforts towards strengthening the safety program by conducting comprehensive training courses.

The Company has established "Banpu Digital Academy" since 2018. The core mission is to elevate digital awareness and capabilities across the organization, fostering a “Digital Savvy” competency among employees. Banpu Digital Academy carries out a comprehensive journey of digital transformation that spans learning, action, and recognition phases, designed to embed digital fluency across all levels of the organization.

In Thailand, Banpu NEXT emphasizes the importance of safety for contractors, subcontractors, and relevant stakeholders by implementing the Safety Contractor Management Procedure, which focuses on communication of safety protocols, supervision, inspection, and competency evaluation. In 2024, the Company completed safety performance evaluations across 25 construction projects.<br><br>Additionally, Banpu NEXT EcoServe has continued its leadership commitment activities, Management Safety Visits, involving 30 executives and employees across 20 operating sites. These ongoing activities provide opportunities for on-site discussion, issue resolution, and knowledge-sharing, fostering a deeper understanding of safety practices. The combination of visible leadership, clear communication, and hands-on involvement further underscores the Company’s commitment to embedding safety into everyday operations.

Centennial, a subsidiary in Australia, has undertaken initiatives focusing on critical safety risk management and maintaining up-to-date skills for statutory officials, reinforcing workplace safety and regulatory adherence.<br><br>The Fatal Risk Program identifies and mitigates potential fatalities through a dashboard that monitors and tracks risk reduction and flags early failure warning signs. Key functions include assessing and improving critical controls, verifying their completion, and addressing deficiencies with actionable insights. This real-time risk analysis enhanced safety measures and supported decision-making.<br><br>The Maintenance of Competence (MOC) Program ensures Centennial’s statutory officials retain their Practicing Certificates (PC) by meeting regulatory competency requirements through tailored training. In partnership with Mines Rescue (RTO), the program develops competency-based modules, integrates Fatal Risk Program elements, and tracks progress via Pulse Training Records. The program mitigates non-compliance risks, strengthens safety expertise, and supports business continuity by ensuring statutory officials stay current with required skills and knowledge.

In 2024, Trubaindo Mine and Barinto Mine in Indonesia initiated the Safety Alignment and Focused Enhancement Review (SAFER) program. The program involved a comprehensive review of safety principles, management interviews, on-site assessment, and the development of a robust safety improvement plan. Workshops were organized with a focus on fostering a proactive safety culture, such as Safety Leadership Workshop and Mining Safety Basic Skills Training.

In 2024, three Combined Heat Power (CHP) plants in China launched a digital safety training platform to overcome traditional constraints, such as logistical challenges, accessibility, and ensure up-to-date safety knowledge, including regulatory changes and lessons learned from major accidents. The platform provides mobile-friendly access to training modules, exams, task management, and real-time performance tracking to flexibly access training materials and complete requirements across sites. Alongside this, smart helmets equipped with real-time video, audio, safety alarm, and lighting alerts were introduced for high-risk tasks, such as high-voltage work and boiler start-ups.

At Banpu, we are committed to fostering a culture of self-directed, lifelong learning through our e-learning platforms, which offer a broad spectrum of educational resources for both professional and personal development.

AI is addressed as one of the key levers to pursue the Energy Symphonics Strategy toward 2030, supporting the Company’s goals to increase operational efficiency, reduce costs, generate new revenue streams, and minimize environmental impact. AI plays a vital role across various business domains:

In 2024, the Company conducted a BCP exercise at the head office in Bangkok, focusing on a cyber incident scenario involving the Crisis Management Team (CMT). The exercise was part of a BCM refresher workshop, which included a briefing on global business risk trends for 2024-2025, reinforcing roles and responsibilities of CMT, a review of the activation process, and a hands-on simulation exercise to test response capabilities of the CMT.<br><br>The simulated scenario involved a widespread cyber-attack, highlighting potential disruptions to people, the environment, and assets, and revealing the strategic difficulties and reputational implications of such incidents.

In 2024, The Company continued the “Self-Hacking” initiative through collaboration with a regional white hackers community, under the "Bug Bounty Program." This program is a key part of Banpu’s ongoing efforts to strengthen cybersecurity resilience across all digital services. Partnering with a dedicated group of ethical hackers, the Company enables 24/7 vulnerability assessments under clearly defined rules of engagement and a robust data protection agreement, ensuring the highest standards of security and compliance throughout the program.

Since its inception in 2018, the Banpu Digital Academy has been a cornerstone in driving the Company’s digital transformation journey. To enhance digital awareness and capabilities, Banpu embedded digital fluency across all levels of the organization, facilitating employee development through curated learning paths available on the online learning platform.

In 2024, Banpu Digital Academy partnered with the University of New South Wales (UNSW), to co-create the Banpu Digital Leadership Program, designed to accelerate the realization of value from Banpu’s digital transformation by continuously evolving leadership capabilities in alignment with the demands of the digital era. Participants in the program gain vital skills to:

At Banpu, innovation extends beyond adopting new technologies, it thrives on collaboration and creativity. Through the UnBox iDeas program, employees engage in an agile, well-supported environment that encourages experimentation, develops end-to-end solutions, tackles operational challenges, and explores business opportunities. This hands-on approach fosters learning, feedback sharing, and an entrepreneurial mindset. Participants also grow into Subject Matter Experts and internal facilitators, promoting knowledge transfer and sustaining innovation culture.

At the 2024 ESG Summit, Banpu introduced the session "Navigating Data Privacy and Cybersecurity in the AI Era." The session explored how AI enhances user experiences through personalization, while also raising significant concerns about privacy and cybersecurity due to extensive data collection. The discussion emphasized the risks associated with improper data handling, such as data misuse, surveillance, and more sophisticated cyberattacks, as AI is increasingly exploited. The session provided the management and employees with valuable insights on how to manage AI-related risks responsibly.

As an energy provider, power plant reliability is critical to ensuring a stable and efficient energy supply for our customers. To ensure this, the Company employs key performance indicators such as Availability Factor (AF) to measure the percentage of time power plants are capable of producing electricity, Forced Outage Factor (FOF) to track unplanned shutdowns, and Overall Efficiency (OE) to evaluate the effectiveness of energy conversion from fuel to electricity.