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So you've taken over your family restaurant

So you've taken over your family restaurant

Business Times19 hours ago

RESTAURANTS are delicate things — especially mom-and-pop operations. Among the smallest of small businesses, the most successful attract customers with a combination of low costs, intense deliciousness, do-it-yourself charm and pure gumption. The hawker stands of Southeast Asia are famous examples of this. Diners forgive rough service, put up with long queues and forego white tablecloths — if not tables — for a chance to enjoy a secret sauce, that special spark, the elemental spirit passed down generation to generation.
Scaling up these tiny treasures might maximise profits, but the risk is losing the magic. A line of cooks organised along Auguste Escoffier's kitchen brigade system may help churn out dishes and feed a lot more people efficiently, but certain recipes require exacting experience and a discriminating je ne sais quoi. They may not survive the transition. Customers who are used to lower prices will also grouse at the increased costs that come with more staff and expanded real estate. A purist or two will complain that you've sold out.
I've been worrying about this because friends of mine are in the process of scaling up a mom-and-pop operation that had a legendary cult following here in London. People used to take 45-minute train rides from the middle of the city east to less-than-posh Leytonstone on a chance that a table — even if you had to share it — might open up at the Thai restaurant Singburi. That's because 'mom' — who took bookings only over the phone — said there was no availability unless diners didn't show up. 'Pop' started the restaurant in 1999, but Singburi's reputation got going after Sirichai Kularbwong joined him in the kitchen toward the end of the last decade. Over that period, his parents toyed with the idea of retirement and finally decided to do it at the end of 2024. By then, the hole-in-the-wall underdog had become the 73rd best restaurant in the UK.
Will Singburi 2.0 — in a brightly modern, much bigger space in trendy Shoreditch — be able to replicate its former charms? Some favorites from its old chalkboard menu aren't on offer, and that will disappoint some followers. I'm a friend and fan of Kularbwong and his partners, and so, while I've tasted (and thoroughly enjoyed) a preview, I have to await popular acclaim — or the opposite — along with them after the restaurant officially opens this week. I'm rooting for them and sharing in the anxiety, almost like family.
I take some comfort from the recent remaking of another family-run Thai restaurant. In Copenhagen last month, at Noma chef Rene Redzepi's MAD symposium on the future of food, Justin Pichetrungsi — who'd been working for Walt Disney Co as an animator — gave a speech describing how he had to change careers in 2019 when his chef father suffered a stroke. He took over Anajak, a four-decade-old traditional Thai restaurant. He proceeded to innovate (think Thai Taco Tuesdays), turning it into one of the most sought-after reservations in Los Angeles. He instituted his changes, including a huge list of natural wines, while in close consultation with his father and the kinfolk who'd always helped run the place. Pichetrungsi won the 2023 James Beard Award for best chef in California. His mother, who remains in charge of making Anajak's mango sticky rice, wore the medal when he returned to LA with the prize, and proudly got fruit stains on it.
Sometimes family may just be what a restaurant in jeopardy needs. In February 2003 — despondent over an unexpected demotion in the unforgiving world of French haute cuisine — Bernard Loiseau, the celebrated chef of Cote d'Or, a three-Michelin star restaurant in Burgundy, walked up to the upstairs bedroom where he usually took a nap after lunch service. He then shot himself in the head. There was heated debate in the media over what part of the system was to blame for the tragedy. Then the world moved on.
But not Loiseau's family. The chef was the relentless genius at the centre of not just Cote d'Or, but also the eponymous company he built around it. Indeed, Bernard Loiseau SA was traded on the Paris stock exchange. How could such a personality-driven enterprise exist without him? His culinary reputation was also the only real thing his grieving family could claim ownership of. So his widow Dominique decided to press on. With most of her late husband's staff, she persevered, keeping Cote d'Or going. Eventually, two of their three children — daughters Bérangère and Blanche — would become part of the operations. Bérangère took over the front of the house and the management of the finances; and Blanche would join the kitchen.
It hasn't been easy. In a poignant speech at MAD, Bérangère talked about channeling her father through his writings and documents to figure out how to move forward with the restaurant and the company. Nevertheless, in the 22 years since his death, Cote d'Or hasn't only expanded to include the small hotel Relais Bernard Loiseau and several other properties, it's also kept its Michelin stars. In 2003, Dominique told French television soon after his suicide, 'All these exceptional beings who give you the impression of so much assurance, they are all very fragile. They all have such strong moments of doubt.' But she and her daughters came to the rescue. And because of them, Bernard Loiseau has a living legacy in the world. BLOOMBERG

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Thailand's economy teeters as political turmoil threatens recovery efforts, Asia News
Thailand's economy teeters as political turmoil threatens recovery efforts, Asia News

AsiaOne

timean hour ago

  • AsiaOne

Thailand's economy teeters as political turmoil threatens recovery efforts, Asia News

BANGKOK - Thailand's economy is already on the ropes. Consumption has remained tepid despite a government stimulus programme, few of its economic engines are firing, and uncertainty wrought by US President Donald Trump's reciprocal tariffs means that the Thai economy could grow just over 1 per cent this year. Now, Southeast Asia's second-largest economy faces a fresh challenge: a new round of political chaos that can bring down Prime Minister Paetongtarn Shinawatra or her ruling Pheu Thai party. "We are currently in a period of economic downturn, with many issues affecting us," Visit Limlurcha, vice chairman of the Thai Chamber of Commerce, told Reuters. "This could make things even more complicated." The most significant short-term concern is the passage of a 3.78 trillion baht (S$148 billion)budget for the 2026 fiscal year, which starts on Oct 1, that must pass through parliament over the next few months. That process could get stalled if Paetongtarn, who is under siege for her handling of a festering border row with neighbouring Cambodia, dissolves parliament and triggers fresh elections. "If parliament is dissolved before the budget is passed, the process will be delayed significantly," said Prakit Siriwattanaket, managing director of Merchant Partners Asset Management. Finance Minister Pichai Chunhavajira told reporters on Friday that he was optimistic the budget would be approved by parliament by October. "I'm confident that those who are in charge of this matter know that the budget is very important for Thailand," he said. Thailand's economy has lagged regional peers as it struggles under high household debt and borrowing costs, and sluggish demand from China, which is also a key tourism market. It expanded 2.5 per cent last year, and growth could be further halved this year due to US tariffs, Pichai said last month. Thailand's stock market has been the worst performing bourse in Asia so far this year, down 23.4 per cent. Industrial sentiment also hit its lowest in eight months in May, even as consumer confidence dropped to a 27-month low. There is a clear need to press ahead with government spending, which has dropped by over 38 per cent annually during April-May 2025, OCBC economists Lavanya Venkateswaran and Jonathan Ng said in a report on Thursday, warning of a "double whammy" for the economy if both government expenditure and exports weaken. Protests and tariffs Amid the ongoing tumult, Paetongtarn may be able to hang on to her premiership and a coalition led by her Pheu Thai party could retain its majority, albeit in a weaker position compared to its previous grip on the parliament. [[nid:718615]] Such an arrangement will prolong political instability and raise the spectre of street protests, which have been part of previous crises and could hit one of Thailand's key remaining economic engines: tourism. "I'm worried. I don't want the situation to cause people to take to the streets," Thienprasit Chaiyapatranun, President of Thai Hotels Association, which represents around 1,000 hospitality establishments, told Reuters. "If they take to the streets, it will hit tourism." Activists - including those who have in the past agitated against Paetongtarn's father, the divisive former premier Thaksin Shinawatra - met on Friday to plan a major protest next week, and demanded the prime minister's resignation. A government lacking full authority may also struggle in ongoing trade negotiations with the United States, which has threatened to impose a 36 per cent tariff rate on imports from Thailand, said Natapon Khamthakrue, an analyst at Yuanta Securities. "The United States certainly would not want to talk to a government without full power or with few votes," he said. Trade negotiations with Washington will not be concluded in a short period, Finance Minister Pichai said. "Negotiations are never simple for any country, and countries that have begun talks still haven't reached a conclusion," he told reporters. Some business chambers and analysts are, nonetheless, holding out hope that a political resolution can be found quickly, minimising damage to the Thai economy, which has been rattled by multiple coups in the last eight decades, including two against governments led by the Shinawatra family. "Although the economy is no stranger to political uncertainty," OCBC's economists said, "the timing could not be more inconvenient considering external headwinds."

Buffets under $40 in Singapore: Affordable options for tapas, hotpot and dim sum
Buffets under $40 in Singapore: Affordable options for tapas, hotpot and dim sum

Straits Times

time3 hours ago

  • Straits Times

Buffets under $40 in Singapore: Affordable options for tapas, hotpot and dim sum

Nyonya Classics Lunch Buffet at M Hotel Singapore offers a spread of over 30 dishes, including Peranakan classics such as Nyonya Laksa and Beef Cheek Rendang. PHOTO: THE BUFFET RESTAURANT AT M HOTEL SINGAPORE Buffets under $40: Best spreads for Spanish tapas, Japanese hotpot, Thai fare and Nonya classics SINGAPORE – Diners who crave the abundance and variety of buffets without paying more than $40 have plenty of choices. Instead of the standard international offerings, some restaurants specialise in fare that one does not usually associate with buffets – Spanish tapas, Peranakan classics and traditional Thai dishes. Several restaurants offer spreads with tighter menus, shorter seatings and sharper weekday deals. But there is no compromise on taste. Think wagyu beef sliders, roast ayam buah keluak and freshly sliced sashimi. Enjoy sashimi at Kiseki Japanese Buffet Restaurant. PHOTO: KISEKI JAPANESE BUFFET RESTAURANT Across the island, nine restaurants are showing that affordable, all-you-can-eat dining can be satisfying. Buffets, at their core, remain a communal way to dine – a format that continues to resonate with Singaporeans. 'We offer diverse, affordable buffets because we believe sharing a wonderful meal together should be accessible for every occasion,' says Ms Bonnie Wong, 36, chief executive of Creative Eateries, which operates Suki-Ya and Sarai Fine Thai. At Sarai Fine Thai, a weekend lunch buffet goes for $39++ an adult, while Suki-Ya's hotpot lunch buffet starts at $22.90++. Over at The Winery Tapas Bar in Chijmes, Mondays mean two hours of free-flow tapas at $39++, including indulgent bites like suckling pig tacos. Some buffets lean on nostalgia. Carlton City Hotel Singapore's Plate restaurant hosts a Sunday-only Ah Ma Porridge Buffet Lunch for $48++, but one-for-one promotions bring the effective price to under $30. The draw? Comfort classics such as kam heong lala, braised pork belly and Taiwanese-style sweet potato porridge. At Cafe Lodge in YWCA Fort Canning, the weekday porridge lunch buffet starts at $19.80++. It includes braised duck and braised pork belly. Meanwhile, M Hotel Singapore's The Buffet Restaurant serves a halal-certified Peranakan lunch buffet at $36.80++ through September. Catering to white-collar professionals seeking a welcoming venue for lunch gatherings and team luncheons, the buffet offers an accessible and inclusive dining experience, making it ideal for diverse teams, says M Hotel Singapore's general manager Edeline Tiong, 48. She observes that guests tend to be well-informed and up to date with the latest deals and promotions. 'This behaviour highlights a clear sense of price sensitivity, particularly when it comes to buffet offerings,' she says. 'It also underscores the importance of perceived value. Guests are not just looking for affordability, but also a dining experience that feels worth their time and spend.' Carlton City Hotel Singapore's general manager Niall Cowan, 52, says the Ah Ma Porridge Buffet Lunch is built around comfort and quality, not excess. 'While premium buffets focus on luxury ingredients, we focus on thoughtful curation, depth of flavour and warm hospitality. Compared with budget options, we deliver a higher standard of freshness, cooking technique and a relaxing ambience – all at under $40 with our one-for-one deal. It's value without compromise,' he says. Mr Jason Choong, 46, the food and beverage manager at YWCA Fort Canning, has noticed a growing demand for affordable buffets, driven by economic factors and evolving consumer preferences. He says: 'We see the demand for our affordable porridge buffet not just among seniors, but also families and office workers looking for a delicious and comforting meal.' Ms Evien Ang, 50, head of marketing at Kiseki Japanese Buffet Restaurant, agrees the demand for affordable buffets is growing as diners become more value-conscious amid the economic downturn. She says: 'Diners appreciate generous selections, consistent replenishment and the freedom to indulge without worrying about the cost. Ultimately, it's about enjoying a satisfying and well-rounded dining experience that feels worth every dollar spent.' But she points out that for operators, running an affordable buffet is challenging due to the need for careful cost management and economies of scale. High food wastage and labour costs make it difficult to maintain profitability without compromising on quality. Value-driven a la carte buffets are also gaining momentum, with the likes of The Winery Tapas Bar's Tapas Night, Hey Kee All-You-Can-Eat Ala Carte Lunch Buffet and Sarai Fine Thai Ala Carte Buffet, where food is prepared to order. Mr Mikael Chan, 29, general manager of The Winery Tapas Bar, says the tapas for its a la carte buffet on Monday nights are curated with the same care as the premium a la carte menu. 'While it's priced affordably, we don't compromise on quality or ingredients. Many of our tapas feature imported produce like Spanish piquillo peppers,' he adds. Here is a closer look at the nine restaurants offering buffets under $40. Tapas Night Where: The Winery Tapas Bar, B1-05 Chijmes, 30 Victoria Street When: Mondays, 4pm to 1am (patrons have a two-hour dining limit) Tel: 8388-8850 Info: Kick off the week with a flavour-packed Spanish feast at The Winery Tapas Bar's Tapas Night. For $39++ a person, indulge in two hours of free-flow tapas, with 16 delectable options that bring bold, smoky and savoury flavours to the table. Sink your teeth into Patatas Bravas – golden, layered agria potatoes fried to a crisp and smothered in fiery bravas sauce, creamy housemade mayonnaise and a dusting of togarashi. The Winery Tapas Bar's free-flow Tapas Night on Mondays lets diners tuck into dishes such as Patatas Bravas at $39++ a person for two hours. PHOTO: THE WINERY TAPAS BAR Another must-try is the Suckling Pig Taco, filled with luscious Spanish suckling pig, tangy pickled onion and a smoky-sweet housemade sauce. Suckling Pig Taco at The Winery Tapas Bar. PHOTO: THE WINERY TAPAS BAR Porridge Buffet Where: Cafe Lodge, YWCA Fort Canning, 6 Fort Canning Road When: 6 to 9pm daily Tel: 6335-8008/6335-8009 A comforting bowl of porridge becomes a hearty dinner spread at Cafe Lodge, where every bite supports a good cause. The dinner porridge buffet is priced at $28.80++ an adult and net proceeds support YWCA's community service programmes. From Mondays to Thursdays, enjoy a one-for-one deal. Cafe Lodge at YWCA Fort Canning offers over 30 dishes at its Porridge Buffet. PHOTO: CAFE LODGE AT YWCA FORT CANNING On weekends, diners get a complimentary steamed fish with every two paying adults. The spread features over 30 dishes with a live station carving up braised duck, pork belly, steamed squid, century egg and fish cake. Cafe Lodge at YWCA Fort Canning has a live station for braised duck and pork belly at its Porridge Buffet. PHOTO: CAFE LODGE AT YWCA FORT CANNING Ah Ma Porridge Buffet Lunch Where: Plate, Level 3 Carlton City Hotel Singapore, 1 Gopeng Street When: Sundays, 12.30 to 2.30pm Tel: 6632-8922 Ah Ma Porridge Buffet Lunch at Carlton City Hotel Singapore. PHOTO: CARLTON CITY HOTEL SINGAPORE The porridge buffet lunch at Plate at Carlton City Hotel Singapore , which features Taiwanese-style sweet potato porridge, is usually priced at $48++ an adult. But diners who are DBS or POSB cardholders enjoy a one-for-one promotion, while senior citizens aged above 55 get 50 per cent off the regular adult price. The spread features an extensive variety of home-style savoury sides, classic condiments and local hot and cold desserts. Signature picks include Kam Heong Lala Clams stir-fried with curry leaves and dried shrimp, and tender Braised Pork Belly simmered with star anise, cinnamon and garlic. Hey Kee All-You-Can-Eat Ala Carte Lunch Buffet Hey Kee All-You-Eat Ala Carte Lunch Buffet has over 30 dishes for diners to choose from. PHOTO: HEY KEE HK SEAFOOD Where: Hey Kee HK Seafood, 01-01, 102 Guillemard Road When: Mondays to Fridays, noon to 4pm Tel: 9891-0950 Feast on wok-fried flavours at Hey Kee HK Seafood's weekday lunch buffet that brings Hong Kong dai pai dong (streetside stall) classics to the table. For $25.80++ a person (minimum four diners), enjoy 80 minutes of made-to-order dishes from a 30-item menu. Premium picks – one a table – include Typhoon Shelter Style Stir Fried Abalone and Temple Street Crispy Roast Chicken. Temple Street Crispy Roast Chicken is one of the dishes offered at the a la carte lunch buffet at Hey Kee HK Seafood. PHOTO: HEY KEE HK SEAFOOD Specials – such as Hair Dryer White Pepper Live Prawns and Flambe Angus Beef With Whisky – which launched in March, add flair. For the former, prawns seasoned in salt and pepper are heated with a hair dryer before serving. The latter comprises thick-cut cubes of premium Angus beef seared then set alight. Flambe Angus Beef With Whisky at Hey Kee HK Seafood. PHOTO: HEY KEE HK SEAFOOD Weekend Dim Sum Hi-tea Buffet Where: Peach Garden Chinese Restaurant, 01-88 Thomson Plaza, 301 Upper Thomson Road When: Saturdays, Sundays and public holidays, 3 to 5pm Tel: 6451-3233 Peach Garden at Thomson Plaza offers a Weekend Dim Sum Hi-tea Buffet. PHOTO: PEACH GARDEN Savour Peking duck egg crepe wraps at this weekend dim sum high tea buffet, which offers a choice of about 20 dishes. For every three adults paying $28.80++, the fourth one dines free; and there is a minimum of four diners. Favourites include the Steamed Barbecue Pork Bun, which has a sweet savoury filling of housemade char siew, and Deep-fried Bean Skin Roll with Seaweed, a crispy snack of minced pork and prawn wrapped in seaweed. Nyonya Classics Redefined Where: The Buffet Restaurant, Level 2 M Hotel Singapore, 81 Anson Road When: Noon to 2.30pm daily Tel: 6500-6116 Nyonya Classics Lunch Buffet at M Hotel Singapore offers a spread of over 30 dishes, including Peranakan classics such as Nyonya Laksa, Roasted Ayam Buah Keluak and Beef Cheek Rendang. PHOTO: THE BUFFET RESTAURANT AT M HOTEL SINGAPORE M Hotel Singapore's Nyonya buffet celebrates Peranakan flavours with over 30 dishes. Priced at $36.80++ an adult, those dining in groups can enjoy a discount of 10 per cent with a minimum of four diners. Launched on June 18, diners have until Sept 30 to tuck into classics such as Nyonya Laksa, Roasted Ayam Buah Keluak and Beef Cheek Rendang at halal-certified The Buffet Restaurant. The Roasted Ayam Buah Keluak gives a Western twist to traditional ayam buah keluak. Whole chicken is marinated with housemade buah keluak sauce, then roasted to perfection. The dish is available daily at a live station. The Peranakan line-up includes Udang Masak Lemak Nenas (prawn and pineapple curry), Assam Fish with Okra & Pineapple and Sayur Lodeh (vegetable curry). Sarai Fine Thai Ala Carte Buffet Where: Sarai Fine Thai, 03-122 Tanglin Mall, 163 Tanglin Road When: Saturdays and Sundays, 11.30am to 3pm Tel: 3125-5142 Savour refined Thai favourites at Sarai's 120-minute a la carte buffet featuring time-honoured dishes . At $39++ an adult, there are 29 items such as Neua Phad Prik Thai, tender black pepper beef sauteed with onions and crispy vermicelli; and Pla Gao Sam Ros, crispy fish fillet drenched in a rich, tangy-sweet sauce. Sarai Fine Thai offers a weekend a la carte buffet, which costs $39++ an adult. PHOTO: CREATIVE EATERIES Suki-Ya All-You-Can-Eat Japanese Sukiyaki Where: 04-14/15 Bugis+, 201 Victoria Street; 02-09 Heartland Mall Kovan, Block 205 Hougang Street 21; 01-35 Kallang Wave Mall, 1 Stadium Place; 02-183B/C Marina Square, 6 Raffles Boulevard; 04-62 Plaza Singapura, 68 Orchard Road; 01-102/103 VivoCity, 1 Harbourfront Walk Info: Suki-Ya Regular Hotpot Buffet. PHOTO: CREATIVE EATERIES For hotpot lovers on a budget, Suki-Ya delivers great value with hearty sukiyaki buffets. The regular lunch buffet from Mondays to Thursdays is usually priced at $22.90++ for an adult, while dinner is priced at $27.90++. Lunchgoers pay an additional $1++ to enjoy free-flow ice cream. From Fridays to Sundays, on special occasions such as Valentine's Day, Mother's Day and Father's Day , and public holidays and eve of public holidays, diners have to pay an additional $3++ each. The buffet spread for both lunch and dinner is the same, but diners get 60 minutes for lunch and 80 minutes for dinner. There is a choice of five soup bases, from tomato to sukiyaki. Pay an additional $2++ for soup bases such as Mala Miso, Fresh Soy Miso and Truffle Mushroom. The buffet offers 65 items, including thinly sliced beef shortplate and cheesy chicken ball. Japanese Buffet Where: Kiseki Japanese Buffet Restaurant, 08-01/02/03 Orchard Central, 181 Orchard Road When: 11.30am to 3pm, 6 to 10pm daily Tel: 9817-5259 Info: From fresh sashimi to do-it-yourself shabu shabu, Kiseki's Japanese buffet offers a bounty of over 100 items at pocket-friendly prices. Lunch is usually $29.90++ an adult and dinner is $49.90++. The prices vary on special occasions such as Mother's Day, Father's Day, Christmas and Chinese New Year. Enjoy a leisurely meal without the pressure of a time limit. Seafood-on-ice includes mussels, prawns and clams. Snow Crab Legs are exclusive to the pricier dinner buffet. The Japanese buffet includes seafood. PHOTO: KISEKI JAPANESE BUFFET RESTAURANT The DIY Shabu Shabu station offers over 25 ingredients with three choices of soup bases – Tonkatsu, Miso and Kimchi. Diners can also enjoy live music performances on Tuesdays and Thursdays from 7 to 9pm. Hedy Khoo is senior correspondent at The Straits Times. She covers food-related news, from reviews to human interest stories. Check out ST's Food Guide for the latest foodie recommendations in Singapore.

Thailand's Gas Gamble: How Policy Missteps and Private Gains Drive Up Power Bills
Thailand's Gas Gamble: How Policy Missteps and Private Gains Drive Up Power Bills

International Business Times

time11 hours ago

  • International Business Times

Thailand's Gas Gamble: How Policy Missteps and Private Gains Drive Up Power Bills

In a nation where more than two-thirds of electricity is generated by gas-fired plants, Thailand's deepening reliance on expensive liquefied natural gas (LNG) imports is not just an energy strategy—it's a growing burden on its people. As global LNG prices spike and domestic gas output dwindles, questions are mounting over whether energy policy mismanagement and elite profiteering have come at the expense of the average Thai household. At the center of this complex web lies Gulf Energy Development Public Company Ltd., a powerful conglomerate helmed by Thailand's richest man, Sarath Ratanavadi. Together with the state-owned PTT Group, Gulf has secured long-term rights to import, store, and distribute LNG under lucrative government contracts. And while energy prices for consumers rise, so too do the profits of these well-connected corporate giants. The Cost of Policy Paralysis The roots of the crisis trace back to delays and dysfunction in the management of Thailand's domestic gas fields. The Erawan and Bongkot concessions in the Gulf of Thailand—once key pillars of the country's energy independence—saw production plummet following administrative upheavals. Chevron, which had operated Erawan since 1981, was ousted in 2021 in favor of a state-backed bidder, PTTEP. The handover was anything but smooth. By 2022, output from Erawan had dropped by over 50%. Despite promises from successive energy ministers to fast-track exploration and development, a combination of bureaucratic gridlock and deliberate policy choices has led Thailand to import nearly a third of its gas as LNG, compared to under 5% in 2011. These LNG imports are often priced at two to seven times more than domestically produced gas. In 2022, LNG hit a jaw-dropping $38.66 per million BTU, while Thai-sourced gas was only $5.51. The Institute for Energy Economics and Financial Analysis (IEEFA) reports that LNG imports surged 34% in 2023 alone. The financial toll on Thailand's state utility, EGAT, has been staggering—losses of 150 billion baht ($4.3 billion) between late 2021 and the end of 2022. A Tale of Two Winners: Gulf and PTT Gulf Development, once a challenger to PTT's monopoly, now appears to be its most strategic partner. The two firms jointly operate the Gulf MTP LNG Terminal, one of the country's main LNG import facilities. The terminal's capacity is set to double from 5 to 10.8 million tons annually. Gulf was granted its import license in 2020, becoming only the second private player after EGAT. Since then, the firm has expanded its influence across the LNG supply chain—from procurement to regasification to pipeline distribution. Critics argue that the system has been gamed to benefit a handful of actors. Two senior officials within the Energy Regulatory Commission (ERC), which oversees procurement policy, previously held advisory or executive roles at Gulf and PTT. The appearance of conflict of interest has eroded public trust in regulatory oversight. "This is a classic case of regulatory capture," said an IEEFA analyst who requested anonymity. "You have regulators with corporate ties making decisions that steer the country toward imported gas, which just happens to benefit their former—or future—employers." The Public Pays the Price The fallout is increasingly visible in Thai households and businesses. Electricity prices have remained elevated despite a fall in global LNG prices in 2024. EGAT, which purchases over 85% of Gulf's power output, absorbs the higher input costs, eventually passing them down to consumers. Small businesses, already recovering from the pandemic, have seen utility bills cut into margins. Rural provinces have protested rolling blackouts and unaffordable tariffs. Meanwhile, Gulf's profits have soared, bolstered by long-term contracts and a guaranteed buyer in EGAT. The government's response has been muted. While officials acknowledge rising costs, they continue to cite energy "security" and global volatility as justification for their reliance on LNG. Yet, a growing chorus of energy economists and civil society groups argue that the crisis is self-inflicted. "Thailand had the resources," said Dr. Nakornthap, a respected energy expert. "What it lacked was the political will and administrative competence to develop them." What Lies Ahead With elections on the horizon and household discontent simmering, energy policy is emerging as a political flashpoint. Some opposition leaders are calling for a full audit of LNG contracts and regulatory appointments. Others propose reforms that would prioritize domestic exploration and overhaul procurement transparency. As the Thai people pay for these missteps at the meter, the broader lesson may echo beyond Bangkok: in energy policy, inaction and insider influence can be just as costly as imported gas.

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