Hydropower & Pumped Storage

Apollo Global Management has moved further into energy and industrial assets, with its backed Eagle Creek Renewable Energy partnering with Relevate Power to grow small hydropower assets, and with Apollo completing its acquisition of Nippon Sheet Glass. The Eagle Creek and Relevate Power agreement covers both expansion and day-to-day management of distributed hydro facilities, while the Nippon Sheet Glass deal starts a new management setup and growth phase for the glass producer. Apollo Global Management, a US-based diversified financial group with a market value of about $68.5b, channels capital into credit, private equity, infrastructure and real assets. The firm is also rumored to be reshaping assets including Energos Infrastructure and rolling out Daily Pricing across US$850b of credit. Analysts continue to flag thinner recent profit margins and an uneven dividend record even as the deals support expectations of higher origination volumes.

GPSC appears to be entering a period of earnings recovery, posting a net profit of 1.82 billion baht in the second quarter of 2026, up 6% QoQ but down 10% YoY. The main drivers were GHECO-One returning to operation after a planned outage, improved availability at Glow IPP, higher power sales volumes at HHPC, and a recovery in demand from industrial customers. SPP margins, however, remained under pressure as gas costs rose faster than the Ft tariff. First-half 2026 results overall reflected better operating efficiency, with EBITDA margin rising to 25% and net profit up 12% YoY to 3.54 billion baht. The second half of 2026 is expected to continue growing on the high season for hydropower plants in Laos and the peak season for the CFXD wind power plant in Taiwan in the fourth quarter of 2026. The EBITDA Uplift Program has already delivered 571 million baht of benefits in the first half of 2026 and targets around 1 billion baht for the full year 2026. The company aims to expand equity capacity from 7.4 GW to 13.7 GW by 2030, while raising the share of renewables and reducing SPP volatility by increasing gas-linked contracts to more than 70%. It targets winning more than 25% of the capacity up for auction under PDP2026, covering renewable, ESS and conventional power, alongside opportunities from direct PPAs, under which it aims to supply around 2 GW of renewable power to corporate customers by 2030. It currently has demand from data centers under discussion and study amounting to as much as 750 MW, and is studying sites with four partners totalling more than 1,000 MW.

GDEV Management-backed Relevate Power and Eagle Creek Renewable Energy, a hydropower owner and operator backed by Apollo funds, announced a strategic partnership across their portfolios of small hydropower assets. At the partnership's commencement, Eagle Creek will leverage its scale and operations team to manage Relevate's portfolio of run-of-river hydroelectric projects, with the local operators currently employed by Relevate joining Eagle Creek to maintain continuity of operations at each facility. The two companies said they have identified opportunities to combine their strengths in redeveloping and operating hydropower facilities to achieve operational and cost efficiencies, starting with asset management as the foundation for a broader relationship. GDEV and Apollo previously provided financing for Relevate's acquisition of Gravity Renewables in December 2024, and since GDEV's initial investment in 2024, Relevate has received a $4.9 million grant from the Department of Energy to improve the efficiency of hydroelectric facilities. Eagle Creek owns and operates 85 hydroelectric facilities across 18 states, with a portfolio of nearly 700 MW that produces enough electricity to power over 260,000 homes.

Asia Plus Securities said that between 23 and 27 September 2026 heavy rain fell across many parts of Thailand, especially the central region, Bangkok and the eastern region, causing flooding in many areas and prompting warnings for flash floods. Meanwhile, the Industrial Estate Authority of Thailand raised its vigilance level for industrial estates in at-risk areas, particularly Bang Pu and three estates in Ayutthaya, namely Nakhon Luang, Bang Pa-in and Ban Wa (Hi-Tech), though no widespread suspension of estate operations has been seen and there have been no reports of large power plants halting operations or stopping electricity supply. The research team sees no direct impact on the power plant group, because core revenue is underpinned by long-term power purchase agreements, and expects the rain to ease within three to five days. BGRIM and GPSC confirmed that electricity supply to customers in the industrial estates remains normal. At the same time, Laos saw heavy rain in the Mekong basin and in the central and northern areas, where several hydropower projects are located, such as Xayaburi, in which CKP holds 42.5%, GPSC 25% and EGCO 12.5%; the Nam Ngum 2 project, in which CKP holds 46% and RATCH 25%; and the Nam San 3A-3B project, wholly owned by BCPG. This is therefore expected to support electricity generation in line with higher rainfall. The research team recommends Selective Buy, picking CKP as its Top Pick with a fair value of 2.90 baht, given the highest share of hydropower business in its portfolio, and expects normalised profit for the third quarter of 2026 to grow quarter on quarter and reach its highest level of the year. BCPG has a fair value of 8.00 baht and remains attractive thanks to a profit base with a high proportion of hydropower plants in Laos, supported by power projects in the United States entering the summer peak season, with third-quarter 2026 profit also expected to reach its highest level of the year. It therefore sees this as an opportunity for short-term trading in line with the seasonal cycle.

PSGC Corporation Public Company Limited, or PSGC, disclosed that Nam Tien Limited Liability Company (NT) delivered 1.41 million tonnes of coal in the first half of 2026, exceeding its plan, generating revenue of 5,975.1 million baht, or 81.9% of the group's total revenue of 7,292.5 million baht. Of the revenue from NT, 5,722.3 million baht came from coal sales, and 252.8 million baht from mining services and coal processing services, while the construction business generated revenue of 1,043.6 million baht. David Van Dau, Chief Executive Officer of PSGC, said the coal business between Laos and Vietnam operates under a 10-year government-to-government cooperation framework signed in 2025, with its main customers being two major state-owned energy enterprises of Vietnam, placing the business on a structural bilateral relationship rather than one-off purchase orders. As for the existing construction contracting business, the XPPL Expansion Phase 1 project is more than 98% complete, while the new community construction project worth 5,000 million baht and basic infrastructure works in Laos are 55% complete, and the remaining approximately 45%, worth about 2,400 million baht, is expected to be gradually recognized through the end of 2028. PSGC is also developing a pumped-storage hydropower project, or PSH, which is expected to take about 5 to 7 years to develop, and was recently selected for the ESG Emerging List for 2026 by the Thaipat Institute.

Micron is building one of the largest semiconductor factories in US history outside Syracuse, New York, a project local leaders hope will anchor a broader semiconductor industry in the region. The once-in-a-generation investment is expected to bring 9,000 direct jobs and 40,000 indirect jobs over the next 15 to 20 years, along with more than 100 billion dollars in capital investment, according to Rob Simpson of CenterState CEO. Construction is underway at the White Pine business park, chosen for its real estate, hydropower from Buffalo and nuclear power from Oswego, and a workforce pipeline of 17 colleges and universities within two hours that graduate 7,250 engineers a year. Local business owner Darin Price, whose Right Price companies hopes to win Micron contracts, said the investment could let Syracuse's children stay for good careers rather than leave for work as earlier generations did when employers like Carrier, General Motors and GE departed. Brookings economist Joseph Parilla said Syracuse could become a model for reindustrialization, as the US competes for what McKinsey estimates is a 50 trillion dollar opportunity in strategic industries over the next two decades, though Simpson warned the region must avoid becoming a company town by starting more businesses each year than it loses.

Pacific Gas and Electric Company announced new grant agreements for community microgrid projects moving into development and the selection of six new projects in the second application window of its Microgrid Incentive Program. The second wave directs $30 million to projects serving more than 2,200 customers and supporting critical facilities including schools, fire stations and health centers, with individual awards ranging between $2-6 million each. That $30 million is the second tranche of the program's PG&E funding, following the $43 million PG&E announced in 2025 for nine initial projects, bringing the combined authorized community microgrid investments to more than $73 million. In the first round, three proposed projects in Lake County are advancing a first-of-its-kind approach known as Firemain Linked Auxiliary Supply/Hydraulic Energy Storage, pairing tens of megawatts of locally generated solar with pumped hydroelectric storage, and are moving into early development with geotechnical core boring and initial test well drilling planned. In the second round, the Pescadero project in San Mateo County will be led by WestLight Energy, formerly Peninsula Clean Energy, and will integrate a roughly 1.5 megawatt solar system and a 2 megawatt battery energy storage system to support at least 24 hours of standalone operation. The Microgrid Incentive Program is a statewide $200 million competitive grant program, with $79.2 million allocated to PG&E, $83.3 million to Southern California Edison and $17.5 million to San Diego Gas and Electric, and awards of up to $14 million each.

The Energy Policy and Planning Office expects primary energy demand for all of 2026 to average 2.042 million barrels of crude oil equivalent per day, up 1.4% from 2025, when it fell 1.6%. The forecast assumes the Thai economy grows 2.0-2.5%, Dubai crude prices of 80-90 US dollars per barrel, and an exchange rate of 32.50-33.50 baht per US dollar. Wattanapong Kurovat, director of the Energy Policy and Planning Office, said that in the first six months of 2026, Thailand's primary commercial energy use was about 2.062 million barrels of crude oil equivalent per day, up 0.9% from the same period a year earlier, in line with first-half economic growth of 2.4%. For the full-year trend, oil use is expected to rise 0.1%, natural gas 8%, and hydropower and imported electricity 5.9%, while coal and lignite use will fall 15.6%. However, developments still to be watched include Middle East conflicts, uncertainty over US trade measures, and weather conditions, which could affect energy prices and the country's energy demand over the remainder of the year.

Blockfusion USA, Inc. announced that its wholly owned subsidiary, North East Data, LLC, has entered into a definitive anchor lease with CoreWeave, Inc. for capacity at Blockfusion's Niagara Falls, New York campus, alongside a companion expansion agreement. The two agreements convert the non-binding letter of intent announced on June 30, 2026, into definitive agreements, and the lease carries a 15-year initial term with two five-year renewal options. Blockfusion has transformed a decommissioned power plant into a low-carbon data center powered predominantly by hydroelectric power and is now adapting the campus for high-density, liquid-cooled AI infrastructure, benefiting from an existing grid interconnection, clean energy and redundant fiber infrastructure. Chief Executive Officer Alex Martini-Lo Manto called the agreement a defining milestone for Blockfusion and strong validation of the Niagara Falls campus, while Mayor Robert Restaino said the commitment creates opportunities for residents and businesses. The agreements also mark a step in Blockfusion's proposed business combination with Blue Acquisition Corp., which is expected to result in Blockfusion Digital Infrastructure, Inc. becoming a publicly traded company listed on the Nasdaq Stock Market under the ticker symbol BDI, with additional information to be included in an amendment to the registration statement on Form S-4 filed with the U.S. Securities and Exchange Commission.

The Cabinet has approved a project by the Electricity Generating Authority of Thailand to refurbish Unit 4 of the Sirikit Dam hydropower plant, with a total investment of 2.088 billion baht, according to Ms. Ploytalay Luksameesangchan, Deputy Government Spokesperson, who announced the decision after the meeting. Unit 4 has been in service for about 31 years, its generating equipment has deteriorated below safety standards, and some parts can no longer be sourced for maintenance. The upgrade will cover mechanical equipment such as water turbines, speed governors and inlet valves, as well as electrical equipment and control systems including generators, electromagnetic excitation systems and main power transformers. It will extend the plant's service life by no less than 30 years and increase electricity output from 242.42 million units per year to 251.28 million units per year. As for funding, the Electricity Generating Authority of Thailand will mainly consider raising capital domestically through infrastructure funds, bond issuance and its own revenue. The Sirikit Dam hydropower plant is located in Tha Pla district of Uttaradit province and has four generating units with a capacity of 125 megawatts each, 500 megawatts in total, producing an average of 1,018.12 million units of electricity per year.

CK Power Public Company Limited, or CKP, disclosed that rising water levels in the Mekong River basin will support the operating performance of the Xayaburi hydropower project, or XPCL, in the second half of 2026. It expects water releases from upstream areas in China to be at high levels during October to November 2026 and possibly increase at times in December. Meanwhile, the Nam Ngum 2 power plant, or NN2, is managing power generation cautiously, with the reservoir level at 368 metres above sea level in August 2026, close to normal levels. The Bang Pa-in Cogeneration power plant, or BIC, returned to normal operation from July 2026 after a maintenance shutdown in the first quarter. The fuel adjustment charge, or Ft, for September to December is around 0.16 baht per kilowatt-hour, slightly higher than the same period last year. For its clean energy business expansion, the solar farm project with BEM in phase 2 comprises two sites with total installed capacity of about 6.71 megawatts and began commercial operation, or COD, in early September 2026. As for the new Power Development Plan, or PDP 2026, CKP is mainly interested in participating in hydropower plant auctions, and is studying and seeking project development areas in Laos or Vietnam to transmit electricity back for sale in Thailand. Meanwhile, the Luang Prabang hydropower project, or LPCL, had construction progress of 77% as of June 2026 and remains scheduled to start commercial operation, or SCOD, in early 2030. Currently, CKP has invested 13,344 million baht in equity out of a total investment obligation of 20,934 million baht, leaving 7,590 million baht of investment during 2026 to 2029.

EGCO announced the closing of a deal to sell a 49% investment stake in the BPU and KLU power plants for approximately 2.8 billion baht, retaining a 51% holding totaling 162 megawatts. Analysts at Yuan Ta Securities (Thailand) estimate that EGCO will recognise a special profit from the transaction of about 1 to 1.4 billion baht during the third quarter of 2026. For the normal profit outlook in the third quarter of 2026, growth is expected both quarter-on-quarter and year-on-year, supported by seasonal factors from hydropower projects in Laos and natural gas-fired power plants in the United States, a full quarter of higher capacity payments in the United States at 329 US dollars per MW per day, and the return to operation of the QPL power plant in the Philippines after it spent last year awaiting a new PPA contract. The brokerage maintains a "Buy" recommendation with a fair value of 187 baht.

EnergyPathways has appointed Jacobs to provide consenting, regulatory, and Development Consent Order services for its Marram Energy Storage Hub project in the UK. The project, located in the Irish Sea and connecting onshore at Barrow-in-Furness, aims to enhance UK energy security and flexibility. Jacobs will manage planning and DCO strategy, oversee environmental planning, and lead stakeholder engagement. EnergyPathways targets operational status by 2031, pending consents and financing. The MESH project, expected to be one of the UK's largest integrated energy storage schemes, will have a capacity of 300MW/55GW-hours, combining compressed air energy storage with natural gas and hydrogen storage for ultra-long-duration storage exceeding 190 hours. Jacobs will also advise on EnergyPathways' submission to Ofgem's Long Duration Electricity Storage Cap & Floor scheme and support grid connection applications.

Mr. Ekanat Promphan, Minister of Energy, revealed the draft of Thailand's Power Development Plan for 2026–2050 (PDP2026), which is the most important national agenda at this time, to address geopolitical crises and unlock the Thai economy from the 2-3% growth trap towards the digital and AI era. The plan has three key highlights: cleanest, most secure, and most equitable in Thai history. Within the first 10 years, it will increase the share of clean energy from below 20% to 50% of total generation capacity, and in the following 15 years, it will rise to at least 65%, possibly reaching 89-90%. It also introduces concrete carbon capture and storage technology to reduce reliance on volatile spot LNG imports. The plan will shift towards relying more on gas from the Gulf of Thailand and Myanmar, with estimated potential of about 2,000-2,500 million cubic feet per day from the Gulf and an additional 700-800 million cubic feet per day from new fields in Myanmar, totaling over 3,000 million cubic feet per day, sufficient for 21,000 megawatts of power generation. Meanwhile, it will establish a new type of electricity user for data centers, which would bear the cost burden if additional LNG imports are needed, and liberalize direct clean energy power purchase agreements (Direct PPA) without limiting the quota to just 2,000 megawatts or restricting it only to data centers. It also allocates a quota of 10,000 megawatts out of the total 24,000 megawatts for public ownership of power plants, with the government potentially supporting rooftop solar installation and purchasing electricity at fair prices. The Ministry of Energy will continue to accept public comments on the draft PDP2026 for another week.

EGCO expects its Q3/69 performance to grow seasonally, benefiting from the high season of hydropower plants in Laos and large power plants in South Korea and the United States. It is also set to recognize profits from the sale of BPU and KLU shares under its Asset Recycling strategy. Meanwhile, the company is accelerating M&A negotiations using its 30 billion baht investment budget to increase generating capacity this year. The company is confident that generating capacity will increase despite the partial share sales, and it also has plans to accommodate data centers interested in investing in the ERIE industrial estate.

Henan Yunnan Energy Holdings Co., Ltd. announced that Unit 1 of the Henan Lushan Pumped Storage Power Station project, invested and constructed by its subsidiary, completed a 15-day assessment trial run and was successfully put into operation on August 30, 2026. The project has a planned total installed capacity of 1.3 million kilowatts, with four units of 325,000 kilowatts each. Currently only Unit 1 is in operation, while the other three units are still under construction. The company stated that the commissioning of Unit 1 marks phased progress for the project and will expand its in-service power installed capacity, but it will still take time for the project to reach its designed output, and there is uncertainty regarding the impact of factors such as capacity price settlement and the electricity spot market on economic benefits.

CK Power Public Company Limited (CKP) is moving forward with the Luang Prabang hydropower plant project, expected to commence commercial operations in early 2030. The company aims to increase its renewable energy share to no less than 95% by 2043. Currently, its investment portfolio includes 18 power plants with a total capacity of 3,640 megawatts, comprising 3 hydropower plants, 2 combined-cycle thermal power plants, and 13 solar power plants. The current renewable energy share stands at 93%, with natural gas accounting for 7%. For the Luang Prabang project, CKP holds a 50% stake, with an investment commitment of approximately 21 billion baht. About 10 billion baht has already been paid, leaving 7.5 billion baht to be funded in the second half of 2026 through 2029, which will be raised through additional bond issuances over the next 2-3 years. The company expects its long-term return on equity to improve, driven by new revenue from the Luang Prabang project after 2030 and the gradual repayment of loans for its major projects, including Xayaburi, Nam Ngum 2, and Bang Pa-in Cogeneration, which will significantly reduce interest expenses.

Hunan Development released its 2026 interim report, achieving a leapfrog expansion in hydropower installed capacity through a major asset restructuring, with explosive growth in performance during the reporting period. The company achieved operating revenue of 534 million yuan, up 31.20% year on year; net profit attributable to the parent company was 185 million yuan, up 77.45% year on year; and non-GAAP net profit was 124 million yuan, up 202.86% year on year. Clean energy business revenue accounted for 92.65% of total revenue, with a gross margin of 69.92%, mainly thanks to the completion of the restructuring of four hydropower stations: Gaotan, Tongwan, Qingshuitang, and Xiaoxi. Total controllable installed capacity jumped from 245,000 kilowatts to 745,000 kilowatts, and abundant water inflows boosted power generation. The sand and gravel business came under pressure from market supply and demand, with revenue of only 32.61 million yuan. Looking ahead, the company needs to watch electricity price marketization fluctuations and water inflow risks. The 80-megawatt tea-light complementary project in Hengdong County has started pile foundation construction and is expected to become a new growth point.

Sermsang Power Corporation Public Company Limited, or SSP, reported first-half 2026 results with net profit attributable to shareholders of 325.1 million baht, up 44.8 percent from the same period last year, while core operating profit was 311.5 million baht, up 18.5 percent. For the second-half outlook, the company expects continued growth. The third quarter of 2026 will be supported by the high season for solar power generation in Japan, before wind power plants in Thailand and Vietnam enter their high generation season in the fourth quarter of 2026. SSP is also preparing to begin commercial operation of two community waste-to-energy plants in late 2026, which can generate and sell electricity around the clock while also earning revenue from waste disposal fees. The company aims to push total capacity to 720 megawatts by 2027, before increasing to 1,000 megawatts by 2032.

Shinichiro Takiguchi of the Japan Research Institute has released an independent estimate showing that Japan's hydropower generation could be raised to roughly double its current level if operational improvements and facility upgrades are carried out at flood-control dams nationwide. According to Ministry of Finance ordinary trade statistics, Japan relied on the Middle East for 92.5 percent of its crude oil imports in fiscal 2025, making reduced oil dependence and greater use of domestic resources an economic security challenge. He noted that hydropower in particular has major potential as a resource of a mountainous country that can make use of existing rivers, dams, and transmission networks, and that generation capacity can be increased through hybrid dams and equipment renewal without building new dams. He further proposed that forming regional economic zones centered on hydropower would strengthen energy security and help address population decline and regional decay.

Power plant stocks rose after KKPS turned more positive on Thailand's utility sector, citing the PDP 2026 plan and direct power purchase agreements to support data centers. At 10:58 a.m., BGRIM stood at 19.30 baht, up 3.76 percent, GULF at 63.75 baht, up 1.19 percent, and GPSC at 52.75 baht, up 4.46 percent. KKPS raised its profit forecasts for 2027 to 2030 for GULF by 12 to 26 percent, for GPSC by an average of 6 percent, and for BGRIM by an average of 15 percent. It also raised target prices for GULF to 75 baht, GPSC to 60 baht, and BGRIM to 25 baht, maintaining buy recommendations on all three. KKPS views the draft PDP 2026, expected to be released in September 2026, as potentially opening the way for additional capacity investment and marking the start of a re-rating for the whole sector. Meanwhile, Krungsri Securities said the draft PDP 2026 is being submitted to the energy minister for consideration, with public hearings expected in September 2026 before it goes to the National Energy Policy Council for review in October to November 2026. GPSC aims to capture about 25 percent of new capacity under PDP 2026, covering 2.2 gigawatts of solar power, 0.5 gigawatts of wind power, 0.5 gigawatts of hydropower, and independent power producer projects totaling 2 to 5 gigawatts. In the best-case scenario, this would require total investment of 195 to 236 billion baht and generate additional profit of 7.95 billion baht, adding 27.90 baht per share to the stock's fair value.

Ratch Group Public Company Limited, or RATCH, expects earnings before interest, taxes, depreciation and amortization, or EBITDA, for 2026 to meet its target of 15 billion baht. The second half is expected to be higher than the first half's 7.62 billion baht, driven by revenue recognition from a 71.05 megawatt solar power plant in the Philippines and a 5.5 megawatt hydropower plant in Vietnam, both scheduled to begin commercial operation in the fourth quarter of 2026. Group Chief Executive Officer and Managing Director Nitas Voraphanphiphat said the company is studying mergers and acquisitions of two power plant projects in Indonesia with combined capacity of about 340 megawatts, with clarity expected by December 2026. Current capacity stands at about 9,483.99 megawatts, comprising 68.57 percent fossil fuels and 31.43 percent renewable energy. The company has set an investment budget of 10 billion baht this year and is preparing to bid for projects under the PDP 2026 plan, while also showing interest in investing in a sustainable aviation fuel project in Turkey with capacity of 100,000 tonnes per year.

Arendals Fossekompani ASA reported second-quarter operating profit of NOK123 million, up from NOK32 million a year earlier, driven by strong hydropower, ENRX, and Tekna performances. Group revenue declined 2% to NOK884 million, while earnings after tax were negative NOK23 million due to impairments and a high effective tax rate. Volue revenue rose 15% to EUR37.6 million with recurring revenue up 17%, and Tekna posted its fourth consecutive quarter of positive adjusted EBITDA with record order intake. Hydropower production more than doubled to 124 GWh, contributing NOK104 million in operating profit at an 80% margin.

Bofei Electric disclosed its 2026 semi-annual report. In the first half, it achieved operating revenue of 263 million yuan, up 33.85% year on year, while net profit attributable to the parent company was 1.03 million yuan, down 87.95% year on year. After excluding share-based payment expenses of over 19 million yuan, the company's actual net profit was approximately 16.56 million yuan, a year-on-year increase of 67.12%. Revenue from the insulation system integration business grew 470.26% year on year, with a gross margin of 8.83%, representing the company's transformation from a component supplier to a system-level partner. The company also signed a comprehensive cooperation framework agreement with Dongfang Electric Machinery Company, a subsidiary of Dongfang Electric Corporation, to carry out full-chain collaborative innovation around insulation systems for large hydro generators and high-efficiency steam turbine generators.

Ratch Group Public Company Limited, or RATCH, has set an investment budget of 10 billion baht this year for existing and new projects, while preparing to bid for renewable power plant projects in Thailand and seeking investment opportunities in Indonesia. Mr. Nitas Voraphonpipat, Group Chief Executive Officer and Managing Director, said the company targets EBITDA growth this year at 15 billion baht and renewable energy revenue of no less than 15 percent of total revenue. It expects to recognize revenue from a solar power plant with equity capacity of 71.05 megawatts in the Philippines and a hydropower plant with equity capacity of 5.5 megawatts in Vietnam, both scheduled for commercial operation this year. For investment in Indonesia, the company has prepared an expansion plan for the Paiton power plant in East Java, a 1,000-megawatt combined-cycle power plant, and is studying the feasibility of investing in a 200-megawatt gas engine capacity expansion project and a 140-megawatt combined-cycle power plant with cooling system in Batam.

Brookfield Renewable has agreed to issue C$750 million of green medium-term notes in two series. The offering consists of C$400 million of Series 21 notes due 2036 with a 4.949% interest rate, and C$350 million of Series 22 notes due 2031 with a 4.256% rate. The offering is expected to close around August 24, 2026, subject to customary conditions. Proceeds will fund eligible investments under its Green Financing Framework, including repayment of related debt.

Qianyuan Power disclosed its 2026 semi-annual report on August 21. In the first half of the year, it achieved total operating revenue of 1.112 billion yuan, up 25.92% year on year. Net profit attributable to the parent company was 233 million yuan, up 83.14% year on year. Net profit after deducting non-recurring items was 231 million yuan, up 83.04% year on year. The company plans to distribute a cash dividend of 1 yuan per 10 shares, tax included, to all shareholders. Net cash flow from operating activities was 578 million yuan, up 16.76% year on year. Basic earnings per share were 0.5447 yuan, and the weighted average return on equity was 5.14%. The company's main businesses are hydropower generation and photovoltaic power generation.

Qianyuan Electric Power announced plans to invest in the project "Research and Demonstration of Key Technologies for a New Generation of Hydropower Units Based on New Power Systems." The project will be carried out at the Beipan River, Sancha River, and Furong River. The total planned investment is 95.05 million yuan, of which 8.3 million yuan is planned for 2026. The project breaks through the limitations of traditional single-station, single-unit, and single-component retrofits, pioneering a new paradigm for a new generation of hydropower units featuring basin-level benchmarking and assessment, digital reverse diagnosis, and systematic coordinated improvement. It fills a domestic gap in building health profiles for existing hydropower unit fleets and in comprehensive diagnostic technologies, reaching an industry-leading level.

Sanxia Water Conservancy released its 2026 semi-annual report, achieving operating revenue of 5.069 billion yuan, up 3.53% year on year. Net profit attributable to shareholders of the listed company was 378 million yuan, up 688.61% year on year. The profit growth was mainly driven by abundant water inflows in the hydropower segment, which boosted power generation. Grid-connected electricity from self-generated hydropower rose 52.13% year on year, hitting a four-year high for the same period, and profit from the power segment increased by 150 million yuan year on year. The company's second-quarter net profit was 346 million yuan, compared with 32 million yuan in the first quarter, representing a quarter-on-quarter increase of 969%.

Laos is accelerating the promotion of electric vehicles by leveraging its domestic hydropower, while announcing a temporary halt to petrol car imports after fuel shortages triggered by the war in Iran raised energy security concerns. The government aims to raise the share of electric vehicles to 30 percent of all vehicles by 2030, from the current combined total of 17,357 electric and hybrid vehicles, or just 0.5 percent of roughly 3 million vehicles. It is using an excise tax incentive of only 3 percent for EVs, compared with double-digit taxes for petrol cars with engines of 1,000 to 3,000 cubic centimetres. Most recently, the government notified ministries about the plan to suspend petrol car imports and urged transport companies to convert at least 10 percent of their fleets to EVs this year. Data from JETRO indicate that Laos had oil reserves sufficient for only two days in early March, because the landlocked country must rely on oil imports, which pressure its trade balance and currency. Lao Fuel Company and Electricite du Laos signed a memorandum of understanding in July to study the feasibility of expanding EV charging stations, converting existing petrol stations to include fast chargers supporting CCS Type 2 and GB/T standards.

Alpha Divisions Public Company Limited, or ALPHAX, reported net operating profit for the second quarter of 2026 swung to a positive 15.63 million baht from a loss of 19.18 million baht in the same period last year. Revenue from its core business was 72.96 million baht, up 23 percent, and gross profit rose 392 percent to 54.41 million baht. The financial business in Laos was a key driver, with revenue up 68 percent from aggressive loan expansion and new product launches. The energy business posted revenue of 40.94 million baht, up 2 percent, from hydropower plants with total installed capacity of about 30 megawatts under long-term power purchase agreements. For the first six months of 2026, the company recorded total revenue of 178.50 million baht, up 19 percent, and net operating profit of 19.79 million baht, recovering from a loss of 13.16 million baht a year earlier. Chief Executive Officer Kampol Trauburanakul said the outlook for the second half is bright, with the third quarter being the peak season for hydropower plants due to the rainy season, and the company is moving forward with a 100-megawatt solar power project in Pakxan district, Bolikhamxay province, Laos, targeting commercial power dispatch within 2026.