"We're confident that we can invest in half the new supply," he said after a board of directors' meeting. "Still, the overseas investments will depend on our financial capability."

The board meeting was held a day after the Supreme Administrative Court ruled that the transformation of Electricity Generating Authority of Thailand to Egat Plc was illegitimate. The board resolved that Egat would need to discuss with the Council of State how to handle the reversal of the public company to a state enterprise.

According to Kraisi, three main issues will be discussed with the Council: how to reverse the transformation, what status Egat Telecom Co Ltd, a subsidiary set up after the transformation, should have and what will happen to transactions struck after the initial transformation, including the Bt12.5-billion power-plant construction contract.

Kraisi noted that Egat would proceed with the construction of four power plants as well as produce half the new power that should come into the system during 2011-2015. The other half will go to IPP winners.

Egat's board also approved the share buy-back from employees, with a budget of Bt7.019 billion. The shares were issued at a cost of Bt5 billion, but Egat would need to return capital-gains tax worth Bt1.8 billion to the employees as well as shoulder about Bt100 million of interest for the loans the employees took out to finance the share purchase in November.

According to Kraisi, Egat will need to make a decision on how to finance investments next year estimated to be worth Bt30 billion. He said the funds could be raised through bond issue or borrowings.

"We have to admit that assuming a state-enterprise status means less flexibility," he said.

Before the board meeting, Kraisi also sent a message to all employees through the company's online network. He assured them that the only change was the resumption of state-enterprise status and all employees would continue to enjoy the pay rise approved by the Cabinet after the transformation to a public company.