Smart Metering & Grid Edge

Badger Meter launched OneNetwork, a real-time monitoring and analytics platform designed to unify fragmented water and wastewater system data, at the WEFTEC conference in New Orleans. The company's share price has fallen 27.6% year to date, with a 1 year total shareholder return down 28.6%, though the 5 year total shareholder return of 26.6% still points to longer term gains. The most followed narrative places Badger Meter's fair value at $169, above the last close of $127.77, framing OneNetwork as part of a wider digital push alongside the BlueEdge platform and expansion beyond the meter. That narrative cites intensifying water scarcity, mounting regulatory pressure, and mandates for real-time monitoring as drivers of shorter replacement cycles and pricing power. Supply chain and tariff pressures, along with any slowdown in core utility water projects, could weaken that upbeat case.

The Ministry of Interior is preparing to submit a people's solar cell project to the screening committee for the use of loans under the 400-billion-baht emergency loan decree, specifically the 200 billion baht portion earmarked for energy transition, by October 2. Registration for the project is expected to open on November 1. Deputy Interior Minister Phonphir Suwanchawi said the project has been expanded from rooftop installations only to allow people to install solar panels on the ground and on water as well. Participants must have an electricity meter, and the electricity authority will replace it with a smart meter free of charge, as the Interior Ministry is seeking to use loan funds to purchase smart meters in support of a nationwide Smart Grid plan in the future. Support remains unchanged: the government will contribute 50,000 baht per household for installation. People can install solar cells ranging from 5 kW up to a maximum of 10 kW, with the electricity authority buying back power at 5 kW at a rate of 2.20 baht per unit under a 20-year contract. The target is 1 to 1.5 million households, with a budget of roughly 50 to 75 billion baht. Those interested can apply for loans to install solar panels from three specialized financial institutions: the Government Housing Bank, the Bank for Agriculture and Agricultural Cooperatives, and the Government Savings Bank, at an interest rate of 2.5% per year over a seven-year term. The use of income from electricity sales to repay the financial institutions is still under consideration by the Energy Regulatory Commission and the National Energy Policy Council within October. In addition, operators providing installation services must pass the Vendor List standards of the Provincial Electricity Authority and the Metropolitan Electricity Authority.

Interlink Telecom Public Company Limited, or ITEL, is preparing to join the bidding for smart grid power network projects after Thailand's Power Development Plan, or PDP 2026, opened the way for increased investment in the power grid. Dr. Nattanai Anantaramporn, the company's Chief Executive Officer, said the company already has expertise in communications network systems and expects business direction in the third quarter of 2026 to hold steady near the level of the second quarter of 2026, with its current backlog at 3.9 billion baht. It is maintaining its full-year 2026 revenue target of 3.6 billion baht and plans to bid for new work from government agencies and other sources continuously through the remainder of the year. Meanwhile, the Secretary-General of the Federation of Thai Industries, or FTI, estimates that investment in grid and power systems to support renewable energy, energy storage, electricity, electric vehicles and data centers could total around 500 billion baht within five years. Krungsri Securities Public Company Limited expects profit in 2027 to grow outstandingly from 2026, at around 65 million baht, driven by recognition of revenue from SI projects through its 80 percent stake in a joint venture with THCOM and TKC. It therefore sets a target price for ITEL shares at around 2.00 baht and gives a buy recommendation.

Pro Inside Public Company Limited, or PIS, is launching an aggressive second-half push in 2026, moving ahead with gradual revenue recognition from large-scale projects for government agencies and state enterprises that are already underway, while accelerating its pursuit of new bids. It holds a backlog of more than 6,096 million baht to support revenue recognition over the next three to four years. The backlog is mostly made up of Application Solutions work at 58%, followed by IT Integration Services at 31% and Physical Security at 11%. The key turning point is the acquisition of a 50% stake in Energy Max Company Limited, or Energy Max, which manufactures, assembles and distributes electronic electricity meters as well as smart energy management systems in Thailand. This investment builds on PIS's IT expertise by combining it with Energy Max's energy technology, opening the door to the Smart Grid market across smart meters, smart transmission lines and rooftop solar, in line with government policy on the energy transition. It also serves as a mechanism to create a new S-Curve, transforming the company from a contractor for IT systems into a provider of Technology Solutions spanning Application, IT Integration, Physical Security, AI, Cloud, ERP, Digital Banking and Energy Technology.

Thales and Landis+Gyr announced a strategic collaboration to deliver secure, scalable cellular connectivity for smart meter deployments across North America. Under the deal, Thales will supply Landis+Gyr with eSIM technology and advanced IoT connectivity management to simplify and secure remote management of smart meter fleets throughout their lifecycle, combined with Simetric's single pane of glass platform for centralized monitoring and control. The solution uses Thales' latest eSIM technology, compliant with the GSMA's SGP.32 specification, allowing network profiles to be provisioned, changed or managed over the air and reducing reliance on physical SIM replacement. Landis+Gyr serves more than 2,000 utilities worldwide and has more than 180 million connected intelligent devices in the field, while North America's installed base of smart electricity meters is expected to grow from 152.4 million in 2024 to 180.9 million by 2030, according to Berg Insight. The capability will become part of Landis+Gyr's Revelo and Surent platforms, and Thales' eSIM subscription management solutions support more than 450 mobile network operators and more than 200 OEMs across consumer and IoT markets.

Critical Loop announced that its software-defined power controller, Cygnus, has achieved official CSIP 2030.5 certification and completed interoperability testing with Pacific Gas and Electric Company, joining the utility's Flex Connect Approved Solution Providers list. Combined with its existing UL 3141 listing, Cygnus is the first power controller on the market to hold both certifications, giving customers broad compatibility across utility environments including PG&E and Southern California utilities. The milestones support flexible interconnection, an approach California is embracing to accommodate rapidly growing electricity demand without waiting years for traditional grid upgrades. PG&E's Flex Connect program currently supports five operational sites, including commercial EV fleets, public fast-charging infrastructure and battery energy storage systems, with more than 85 additional projects in the active pipeline. Critical Loop, a finalist in PG&E's 2025 Innovation Pitch Fest, said it is now actively onboarding commercial and industrial customers across California, offering a path to full operations in months rather than years.

Yuanta Securities said today's Cabinet meeting has three interesting issues to watch. The first is the allocation of central budget funds for flood relief worth 2 billion baht. The second is infrastructure investment to build flood drainage channels that bypass the inner city, worth 160 to 200 billion baht, which is expected to be positive for the construction contractor, construction materials, and TEAMG groups. The third is a household solar project covering 1 million households, plus Smart Grid and Smart Meter, worth 70 billion baht under the 200 billion baht emergency loan decree to restructure energy. The research team views these issues as positive for GUNKUL, SSP, TRT, AKR, FORTH, and SAMART, among others.

The Stock Exchange of Thailand and the Thai Capital Market Business Council, known as FETCO, took part in roadshow activities in New York in the United States and London in the United Kingdom from September 22 to 25, 2026, as part of the mission of Prime Minister and Interior Minister Anutin Charnvirakul in attending the 81st regular session of the United Nations General Assembly, or UNGA81. Leading global institutional investors from 43 funds, representing assets under management, or AUM, of more than 48 trillion US dollars, attended to hear information and pose questions in direct exchanges of views with the country's leader. Asadej Kongsiri, a board member and manager of the Stock Exchange of Thailand, disclosed that in New York, investors placed the greatest weight on Thailand's neutral stance amid geopolitical volatility and saw it as an opportunity rather than a risk. Investors were also watching the Middle East situation, which could pressure energy prices and Thailand's economic growth, and the prime minister addressed this concern with a plan to reduce reliance on imported energy through a transition to renewable energy and investment in smart power grids, while highlighting the JUMP+ and BOI to IPO programs as mechanisms to draw New Economy businesses into the Thai capital market. In London, British institutional investors gave top priority to political stability, followed by the momentum of a new investment cycle, as reflected in the record-high number of applications for promotion from the BOI. Paiboon Nalinthrangkurn, chairman of the Thai Capital Market Business Council, or FETCO, said that since the start of 2026, foreign capital had begun flowing back into the Thai stock market by about 1.5 billion US dollars, or 10 percent of the more than 15 billion US dollars that flowed out over the past three years. As for the details of the roadshow, in New York, cooperation came from the partner Bank of America, National Association, in inviting foreign institutional investors. The group meetings involved 22 leading funds, such as BlackRock, Blackstone, Citadel, Fidelity and Schroders, with combined AUM of about 45 trillion US dollars, and two one-on-one meetings were held with Pacific Investment Management Company, or PIMCO, and Brookfield. Leading organizations Microsoft and Google also held discussions with the prime minister. In addition, Jefferies, a leading US investment bank and a partner of the Stock Exchange of Thailand, brought 15 leading funds with combined AUM of about 1.7 trillion US dollars to hear information directly from the prime minister. In London, the event was held together with UBS, and the institutional investors who attended to hear the information were top-level executives from eight funds, such as BlackRock and Schroders, with combined AUM of about 16.5 trillion US dollars. On the same occasion, the Stock Exchange of Thailand signed a memorandum of understanding with the New York Stock Exchange, or NYSE, on a framework for cooperation on dual listing of securities on both markets, the development of products such as exchange-traded funds, or ETFs, market and index product data, ESG products and services, as well as the exchange of information and knowledge between the two. The prime minister witnessed the signing and also joined the ringing of the bell to open trading at the NYSE to promote Thailand's potential and readiness before global investors. The number of funds and the AUM figures do not double-count funds that met the delegation in both New York and London.

Itron Inc. announced on September 22 that its Riva S and Riva T IEC electricity meters are now available to utilities across the Asia-Pacific region, marking the first deployment of its Gen6 network platform devices in the area. The expansion builds on more than 25 years of Adelaide operations and targets markets such as Australia, where roughly one in three homes uses rooftop solar. The Riva meters act as grid sensors and control points for distributed energy resources, using high-frequency sampling and localized edge computing to detect voltage swings, transformer loading issues, emerging faults, and power outages in real time. Itron has already shipped more than 18 million distributed intelligence-enabled meters and licensed over 27 million distributed intelligence applications. The launch comes as second-quarter 2026 revenue fell 7% year-over-year to $563 million, with Networked Solutions down 17% on project timing, while Annual Recurring Revenue rose 21% to $417 million and adjusted gross margin hit a record 41.4%. CEO Tom Deitrich cited structurally better earnings power and raised the full-year 2026 outlook to revenue of $2.37 billion to $2.41 billion and non-GAAP EPS of $6.30 to $6.50.

Itron announced a technology collaboration with Crytica Security on September 22 to embed real-time threat detection directly into its smart meters and edge endpoints. The partnership addresses a critical vulnerability in utility field infrastructure, where resource-constrained smart meters cannot host traditional endpoint security software; Crytica's lightweight probe continuously scans devices to detect unauthorized instruction modifications within seconds without impacting device performance. The move reinforces Itron's strategic shift toward higher-margin, software-centric outcomes, following Q2 2026 results released on July 28 in which adjusted gross margin expanded 460 basis points year-over-year to 41.4%, ARR surged 21% to $417 million, and adjusted EBITDA grew 8% despite top-line headwinds, prompting management to raise full-year non-GAAP EPS guidance to a range of $6.30 to $6.50 per share. Total revenue nonetheless contracted 7% year-over-year in Q2 2026 to $563 million from $607 million, dragged by a 17% drop in Networked Solutions revenue, while total backlog edged down to $4.4 billion from $4.5 billion a year ago. The Crytica deal carries no immediate financial disclosure or revenue timeline.

Analysts have lifted their fair value estimate for Hill & Smith to £33.43 from £31.46, with price targets now clustered between £31.80 and £38.00 alongside Buy and Overweight ratings. Investec moved the stock to a Buy rating with a £38.00 price target, while Barclays initiated coverage with an Overweight rating and a £33.00 price target, citing growth prospects tied to U.S. infrastructure investment and grid modernization. Berenberg, Deutsche Bank and Jefferies each raised their price targets into a band between £31.80 and £34.50 while maintaining Buy ratings. The revised valuation reflects a revenue growth assumption trimmed to 3.76% from 4.57%, a net profit margin assumption raised to 13.93% from 13.29%, a future P/E multiple of 19.9x versus 19.3x, and a discount rate of 9.52% versus 9.44%. Analysts continue to flag execution risk, particularly the pace and integration of M&A that Jefferies sees as an important lever for the company.

The Federation of Thai Industries, or FTI, is pressing ahead with its Smart Electronics strategy under Reinvent Thailand, aiming to turn new domestic demand into orders for Thai manufacturers, reduce reliance on imports, and upgrade operators from production bases to higher-value design and technology work. Data from the Board of Investment, or BOI, shows that electrical and electronic goods together account for roughly one quarter of Thailand's exports, and electronics alone had export value of about 1.86 trillion baht in 2024. For data centers alone in 2025, the BOI received investment promotion applications for 36 projects worth more than 728 billion baht. Panithan Pavarolarvidya, Secretary-General of the FTI, said the challenge is not just attracting investment, but turning emerging demand into orders for Thai manufacturers, increasing local content, reducing import leakage, and keeping as much value in the country as possible. The plan has four strategic landscapes. In the Data Center and AI Supply Chain area, a scenario framework projects that over the next five years Thailand could accommodate roughly 5,000 more megawatts of data centers on top of the current capacity of about 1,700 megawatts estimated by the FTI, which is expected to generate new investment of about 1.8 trillion baht. The FTI aims to capture about 40% of procurement, production, and domestic value, or roughly 720 billion baht. In the Smart Grid and Renewable System area, it estimates that the three electricity authorities may invest a combined total of about 500 billion baht in grid and power systems over five years, with a target of raising the domestic procurement and value share by about 40%, or roughly 200 billion baht. In the Smart and Green Appliances area, it proposes pushing an Old-to-Green trade-in scheme, targeting about 30 billion baht a year in domestic demand and economic activity, or about 150 billion baht over five years. In the E-Parts for Every Industry area, starting with automotive, the goal is to cut imports and increase domestic production of e-parts by about 90 billion baht within 10 years, a target specific to the automotive industry and not yet including opportunities from data centers, smart appliances, medical devices, automation, and energy. Chayanin Pothiworakun, chairman of the FTI's Electrical and Electronics Industry Group, said the FTI estimates that demand from data centers, smart grids, and smart and green appliances alone in the first five years has the potential to generate more than 1 trillion baht in domestic procurement, production, and economic activity. If the value capture targets are met and part of that local economic activity is converted into domestic value added at around 50 to 60%, there would be potential growth in economic value added of about 100 billion to 130 billion baht a year, equivalent to roughly 0.5 to 0.7% of current GDP. These figures are a potential scenario, not a forecast that the GDP growth rate will rise by 0.5 to 0.7 percentage points every year. The push is being carried out under the framework of Stabilize Today, Transition Now, Invest for Tomorrow, and is part of Reinvent Thailand, which the government and the Joint Standing Committee on Commerce, Industry and Banking, or JSCCIB, discussed together on September 21, 2026.

The U.S. Department of Energy selected CenterPoint Energy for a $50M award to support advanced substation technology upgrades in Texas. The funding will help strengthen grid reliability, resiliency, and capacity for the rapidly growing Greater Houston region. CenterPoint plans to deploy Siemens Energy transmission grid-stabilizing technology designed to respond rapidly to changes in electricity demand. The project is expected to increase capacity for current and future energy demand while improving reliability during periods of high usage, and is expected to create more than 500 local construction and installation jobs.

The government is preparing to invest in a smart grid system, or intelligent power network, with short-term approval expected for a pilot project budget of approximately 10 billion to 20 billion baht, drawn from the 200 billion baht energy transition allocation under the 400 billion baht emergency loan decree. Concrete progress is expected to begin this year. Naphan Chaisaen, Deputy Managing Director of Research and a fundamental investment analyst covering the capital market at Bualuang Securities, told Than Hoon that the medium-term smart grid roadmap for 2022 to 2031 consists of five pillars. The first is Demand Response, which will replace household electricity meters with millions of smart meters, starting in high-usage areas such as Bangkok, its vicinity, major cities, and industrial estates in Rayong and Chachoengsao. Companies with potential in this area are FORTH, SKY, INSET, ALT, and PCC. Next is RE Forecasting, which involves system integrators such as TKC, SECURE, and SAMART. Then comes Microgrid and Prosumer, with GUNKUL and BGRIM. Next is ESS, or energy storage systems, with EA and GPSC. Finally, EV Integration involves FORTH and EA. Investment in the smart grid can also be accelerated without waiting for full clarity on the new Power Development Plan, and it will serve as key infrastructure to support the massive electricity consumption of data centers in the future without affecting electricity costs or the stability of power supply for the general public.

PPL Electric Utilities has been selected to receive up to $71.5 million in federal funding from the U.S. Department of Energy to support the Montour Grid Resilience and Advanced Reconductoring Project, a modernization of an existing 230-kilovolt transmission corridor. The funding comes through the DOE's Speed to Power through Accelerated Reconductoring and other Key Advanced Transmission Technology Upgrades (SPARK) Program. The project will rebuild approximately 29.3 miles of existing transmission line, replacing aging infrastructure with advanced technologies to strengthen reliability, enhance available capacity and support growing energy needs in the Susquehanna Valley, Greater Lehigh Valley and Northeast Pennsylvania. It will deploy advanced conductors, using a combination of Aluminum Conductor Steel Supported (ACSS) and Aluminum Conductor Composite Core (ACCC) conductors on targeted segments, along with dual optical ground wire to expand the corridor's fiber network and demonstrate Distributed Acoustic Sensing technology. PPL Electric Utilities President Christine Martin said the funding will help the company modernize critical infrastructure and minimize costs for customers, while U.S. Secretary of Energy Chris Wright said the investments will get more out of existing infrastructure and deliver affordable, reliable power. Over the coming months, PPL Electric will work with the DOE to negotiate and finalize the terms of the award.

Camus Energy has joined the newly formed AI Energy Management Alliance as a launch partner, alongside technology industry leaders including Google and NVIDIA. The alliance is a first-of-its-kind coalition dedicated to advancing flexible AI data centers that dynamically adjust their power draw to provide relief during periods of peak grid stress. Camus will help guide AEMA's mission to align data center expansion with grid reliability through flexible interconnection and intelligent energy management, and will help shape technical standards, market definitions, and public policy for integrating large-scale data center loads into the grid. The company's FlexConnect software enables data centers to connect to the grid up to five years faster using flexible operating limits and existing infrastructure, bypassing multiyear grid expansion plans and customer rate increases. Camus Energy provides grid management and orchestration software to major hyperscalers and U.S. utility partners that reach seven million utility customers, and was founded and led by distributed computing experts from Google and Amazon.

The global smart meter market is projected to grow from USD 31.60 billion in 2026 to USD 50.82 billion by 2031, registering a 10.0% compound annual growth rate, according to a new report added to ResearchAndMarkets.com's offering. Growth is being driven by government programs addressing future electricity demand, carbon reduction targets, renewable energy integration, grid modernization, and improved utility resource management. Residential is expected to be the fastest-growing end-user segment, while hardware is expected to retain the larger share of the component split between hardware and software. Europe is expected to become the world's second-largest regional market, led by France, Germany, Italy, Spain, and the UK, with the European Green Deal and Fit for 55 initiative accelerating grid modernization. The report profiles key players including Landis+Gyr of Switzerland, Itron Inc. of the US, Sagemcom of France, Schneider Electric of France, OSAKI Electric Co., Ltd. of Japan, and Siemens of Germany, and cites recent developments such as Siemens' March 2025 partnership with CPFL Energia to modernize approximately 1.6 million residential smart meters in Sao Paulo by 2029.

Bualuang Securities released an analysis stating that the development of Thailand's smart grid is nearing a turning point, moving from a phase focused on long-term roadmaps toward rule-setting, pilot project implementation, and greater private-sector participation. The medium-term smart grid drive plan for 2022-2031 comprises 5 pillars: Demand Response and Energy Management Systems, or DR & EMS, which accounts for roughly 30% of the budget; Renewable Energy Forecasting, or RE Forecasting, about 10%; Microgrid and Prosumer, about 20%; Energy Storage Systems, or ESS, about 25%; and EV Integration, about 15%. The analysis states that stocks that could benefit under the DR & EMS pillar include SKY, PIS, FORTH, PCC and ALT, while the RE Forecasting pillar includes TKC and SAMART. The Microgrid & Prosumer pillar includes BGRIM, the ESS pillar includes EA, GPSC, GULF and EGCO, and the EV Integration pillar includes FORTH and EA. Bualuang Securities takes the view that heavy investment in ESS and Microgrid should not be rushed from the early stage, because committing large amounts of capital to batteries, hardware and EPC work before pricing mechanisms and service markets are clear carries the risk of assets being underutilized. Meanwhile, DR/EMS forecasting and EV Integration require less capital and open up opportunities to generate revenue from platforms, service fees and recurring income.

Sunrun and Tesla announced on September 21 that their combined fleets of home batteries delivered 580 megawatts onto California's grid during a September 9 heat wave, enough to cover every household in Sacramento County during peak hours. The dispatch drew 517 megawatts from Tesla Powerwalls and another 63 megawatts from additional battery brands, activated through the California Energy Commission's Demand Side Grid Support program and the California Public Utilities Commission's Emergency Load Reduction Program, after California Independent System Operator triggered it when day-ahead wholesale prices topped $200 per megawatt-hour. A day later, Southern California Edison called its own event and the two companies delivered more than 140 additional megawatts, and had both nights landed together the fleet could have pushed more than 720 megawatts onto the grid at once; a Brattle Group analysis commissioned by the two companies estimated such programs could save Californians up to $206 million by 2028. Sunrun, Tesla, and Renew Home are working to unlock more than 16.8 gigawatts of flexible capacity for hyperscalers and utilities, and a Google-funded distributed power plant with PG&E is set to enroll nearly 21,000 devices as early as this fall. Sunrun's storage attachment rate hit a record 74% in the second quarter, up from 70% a year earlier, and total revenue climbed 53% year over year to $870.0 million, even as subscriber additions fell 31% to 19,793, Aggregate Subscriber Value dropped 24% to $1.2 billion, and Net Subscriber Value fell 44% to $9,444. Sunrun cut its full-year Cash Generation guidance to a range of $200 million to $375 million from the earlier $250 million to $450 million, and has raised about $1.5 billion in non-recourse asset-level financing so far in 2026, including a $267 million securitization in August priced at a 6.33% yield.

GridX announced it is supporting the delivery of electricity usage information to residential electric customers of Southern California Edison through Apple's Home app. As the technology integration partner, GridX worked with SCE to enable the feature by delivering its electricity data to Apple's Home app, handling data transformation and standardization processes. Beginning today, SCE customers with an iPhone, iPad, Mac or an Apple Watch running software version 27 can use the Home app to connect their utility account, see how much electricity they are using and track how it changes by the hour and day-to-day. The features can help customers identify peak versus off-peak usage and understand how their electricity use aligns with their rate plan, and the Home app also includes a Grid Forecast feature that identifies times of day when the grid is powered by cleaner energy sources such as solar or wind power. GridX CEO Chris Black said the company strives to provide utilities with tools that help customers better understand their energy usage and that it looks forward to expanding access to energy information with utilities and technology providers.

Guodian Nanjing Automation said on September 23 at its 2026 semi-annual results briefing that the company's energy storage orders grew substantially in the first half, and its virtual power plant business advanced steadily. It expects even stronger growth in both energy storage and virtual power plant business in the second half.

Finnomena Funds has raised its positive view on risk assets after the Fed unanimously decided to lift its policy rate by 0.25% to a range of 3.75%-4.00%, the first hike in more than three years, while signalling at least one more increase this year. The tone, however, was less hawkish than the market had expected. Fed Chair Kevin Warsh chose to raise rates mainly to keep inflation stable, while the latest GDPNow estimate for the U.S. economy stands at 5.1%, reflecting an economy still resilient to high interest rates. Meanwhile, the Bank of Japan raised its policy rate by 0.25% to 1.25% per year, the highest since 1995, a factor supporting Japanese bank stocks, and it is expected to have little impact on exporters, as many companies have already priced in the risk of a stronger yen. Finnomena Funds recommends gradually accumulating three funds: LHSUPERAI, risk level 7, which invests across the entire AI infrastructure chain from upstream to downstream; OP11JAP, risk level 6, which selects 11 large-cap Japanese stocks set to benefit from the rate hike; and A-GRID, risk level 6, which invests in Smart Grid stocks. It sees this period as more of an opportunity than a risk, since equity market valuations have fallen back near their averages, making the risk-to-reward profile more attractive.

The National Energy Policy Council, or NEPC, approved expanding the framework for promoting electricity generation from public solar to 10,000 megawatts, up from the previous 5,000 megawatts, covering the period 2026–2028. The total already includes 500 megawatts of existing purchase projects. The council set the buyback rate under the Net Billing scheme at 2.20 baht per unit, capped at no more than 5 kilowatts per meter, and extended the purchase period to 20 years from 10 years, covering rooftop installations, ground-mounted systems, and floating solar. The NEPC also tasked agencies with preparing supporting plans within one month, covering real-time electricity generation forecasting, control of transmission and distribution systems, installation of smart meters and smart grids, and battery energy storage systems, or BESS, to accommodate distributed generation. The research team at Asia Plus Securities views this as positive for the renewable energy group, noting that the expansion from 5,000 megawatts to 10,000 megawatts reflects a significant upgrade of the public solar market, and that extending power purchases from 10 years to 20 years will improve the returns and investment incentives for households. This is therefore a positive factor for contractors installing rooftop solar power systems, or Solar EPC, and for distributors of related equipment such as GUNKUL, SOLAR, SPCG, and SSP. At the same time, the increase in distributed generation will give energy management systems, smart grids, and battery energy storage systems a key role in the next phase, in line with the direction of the PDP2026 plan. BGRIM and GPSC have strengths in smart grids, energy management systems, and BESS, while GULF has related businesses in both Solar Rooftop and Solar plus BESS. In the short term, this is expected to be positive sentiment for stocks in the solar business chain, and the research team has chosen GUNKUL as its Top Pick on the strength of its Solar EPC business and comprehensive equipment distribution.

Valmont Industries has raised its 2026 sales and earnings guidance, a move that comes after an 18.6% six-month share rally tied to utility demand and grid modernization. The stock is up 15.3% year to date and has delivered a 1-year total shareholder return of 27.4%, while its 3-year and 5-year total shareholder returns of just over 2x reflect the payoff from the grid modernization theme. Against a last close of $474.64, the most followed valuation narrative pins fair value at about $624.50, implying the shares are 24% undervalued. Valmont's investments in capacity, automation, and AI are expected to unlock between $350 and $400 million in incremental annual revenue and support higher earnings and margins as the multi-year cycle unfolds. The bullish case leans heavily on infrastructure and agriculture cycles, so weaker project spending or sustained material cost pressure could quickly challenge that 24% discount story.

The National Energy Policy Committee, or NEPC, at its 3/2569 meeting approved expanding the framework for promoting public solar power from an initial proposal of 5,000 megawatts to 10,000 megawatts, or roughly 1 million households. The meeting was chaired by Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas. Lalida Perdviwattana, deputy spokesperson for the Prime Minister's Office, disclosed that power purchases will use a Net Billing system, letting people consume the electricity they generate themselves first and then sell the surplus into the grid at 2.20 baht per unit, with the amount offered for sale capped at no more than 5 kilowatts per meter. The purchase contract period will also be extended from 10 years to 20 years to align with the service life of solar panels. The additional power purchase framework covers the period from 2569 to 2571 and expands installation formats from the previous focus on rooftop solar to allow ground-mounted and floating installations for households as well. The meeting also assigned the Ministry of Energy, the Ministry of Interior and the three electricity authorities to complete plans for supporting infrastructure within one month, covering power generation forecasting, real-time data monitoring, control of transmission and distribution systems, and battery energy storage systems. It also directed the Metropolitan Electricity Authority and the Provincial Electricity Authority to link data from smart meters with the Electricity Generating Authority of Thailand, and assigned the Ministry of Industry to draw up a recycling plan for solar panels and batteries. In addition, the NEPC approved a policy direction to reduce the electricity burden for the September to December 2569 period by holding the retail Ft charge at 16.23 satang per unit.

Hangzhou Shanke Intelligent Technology Co., Ltd. announced on September 18 that it received a notice of award from the water supply branch of Shanghai Chengtou Water Group Co., Ltd. and its bidding agency, confirming the company as the second winning bidder for the 2026 to 2027 Chengtou Group non-fully electronic water meter centralized procurement project, with a total winning bid price of 99,361,024 yuan. The products involved are non-magnetic remote transmission water meters and some mechanical meters, which are mature and stable products of the company. The company said this award is another recognition by the customer of its product research and development capabilities, quality, and service capabilities. Smooth implementation of the project will have a positive impact on business performance and help expand its market share in smart water meters and consolidate its industry-leading position. The company said the tendering party is a high-quality state-owned enterprise with good credit, and it will sign a written contract with the tendering party later. The contract amount and terms remain subject to uncertainty.

Quanta Services raised its full-year earnings guidance after first-quarter results showed broad-based acceleration across its business, according to Reaves W H & Co Inc's second-quarter 2026 investor letter. The letter said management also reaffirmed its expectation to double earnings by 2030. Reaves Long Term Value Wrap Strategy reported a 10.55% increase for the quarter, outperforming the MSCI USA Infrastructure Index's 6.31% decline, with cash distributions up 6.7% compared to Q2 2025. Quanta, described as the largest specialty utility solutions provider, remains a primary bottleneck through which industry capital spending must flow to support power demand growth, data center energization timelines and grid reliability investment. Quanta closed at $619.28 per share on September 16, 2026, down 5.67% over the past month but up 59.97% over the past year, with a market capitalization of $93.1 billion and a 52-week range of $376.07 to $788.75.

Bualuang Securities said the government is considering expanding the One Million Rooftop Solar scheme from 1 million to 1.5 million households, with the subsidy unchanged at 50,000 baht per household and the additional generation quota of 500 MW unchanged. If expanded to 1.5 million households, it would require about 75 billion baht, which remains within the 200 billion baht ceiling of the second funding tranche under the energy transition plan, leaving fiscal space to accommodate it. A key point beyond the larger project size is the reduction of installation restrictions, through loans repaid via electricity bills from GSB, GHB and BAAC, and the shortening of approval times from as long as one year to just 7 to 30 days, which helps accelerate Solar Roof projects and increases orders for installation work and equipment. GUNKUL benefits most directly, from its EPC business and equipment sales, with an existing backlog of about 4.2 to 4.5 billion baht. A follow-on positive is investment in power systems to accommodate a large number of distributed generation sources, including smart meters, smart grids, power stations, transmission systems and battery energy storage systems, or BESS, which represents a multi-year investment opportunity. The research team maintains an overweight stance on power plant stocks relative to the market, with GUNKUL the clearest beneficiary, while GPSC and BGRIM benefit indirectly from the investment cycle in grid systems and BESS. GULF is barely affected in terms of the economics of its main power plants, since the subsidy comes from the government budget and does not pass through the Ft tariff or affect the margins of existing PPAs.

GUNKUL executives explained at a Virtual Conference hosted by Bualuang Securities that the PDP2026 plan is still in its Public Hearing phase in September 2026, with a target to submit it to the Cabinet in November or by the end of this year at the latest. As for the Community Solar scheme, auction results are expected by late 2026, PPA signing in mid-2027, and investment recognition beginning in 2028. Meanwhile, the Direct PPA framework is expected to become clear by the end of 2026. The major auction rounds under PDP2026, covering 2,700MW of wind and 24,000MW of solar, are likely to take clearer shape in 2027, with the auction expected to open around mid-year, the first batch of PPAs signed in 3Q27, and power delivery beginning in 2029-30. Executives confirmed the company's historical auction win share of about 10%, in line with EPC assumptions. The company also continues to focus on smart meters and 230-500kV high-voltage grid upgrade work, where fewer than 10 competitors operate, supporting the Grid Modernization/EEC Fast-track assumption of 2.7 billion baht per year. On Data Centers, regulations must still be awaited before auctions open, with investment estimated at about 5-6 million US dollars per MW, excluding GPU and electrical/EPC system work, which accounts for 10-15% of total investment. Current staffing can support up to 500MW of private-sector Data Center work. In the short term, 3Q26 remains strong, with wind power generation in just July and August matching the whole of 3Q25, boosting the profit share from the Wind JV, expected to rise to 327 million baht from 132 million baht in 2Q26. Core profit in 3Q26 is expected at 618 million baht, up 35% year-on-year and 9% quarter-on-quarter, with a chance of setting a new high. The EPC backlog stands at 5.0 billion baht, with about 1.6 billion baht expected to be recognized in 3Q26. The recommendation remains Buy with a target price of 6.50 baht, and the utilities sector weighting remains Overweight.

I2 Enterprise Public Company Limited, or I2, has won a battery energy storage system (BESS) project along with an eight-year service contract worth 210 million baht from PEA ENCOM, opening the door for the company to play a role in clean energy infrastructure and to gradually recognise revenue on a quarterly basis through 2034. The deal is part of I2's strategy to increase its weighting in the clean energy business from a base centred on information technology, in order to ride the Energy Transition wave. The company is not stopping at BESS but is building an energy business portfolio covering Smart Grid, Solar PPA, ESCO and EV Charging. I2 currently has a total backlog of 713 million baht and in the second half of 2026 will continue to bid for government and state enterprise work in Infrastructure, Data Center, AI and Smart Grid & BESS to support its target of 20% growth in operating results for 2026.

Nvidia launched the AI Energy Management Alliance with Google and Emerald AI on Wednesday, targeting electricity, one of AI's biggest physical bottlenecks. Nvidia shares gained approximately 0.9% to $214.08. The alliance aims to make data centers behave more like flexible grid assets, shifting computing workloads, tapping stored energy or cutting electricity demand when the grid comes under pressure, and its framework is designed to measure how quickly facilities can respond, how long that flexibility lasts, how predictable it is and how operators behave during emergencies. If utilities and grid operators can trust those commitments, hyperscale projects could face fewer interconnection roadblocks and potentially require less incremental infrastructure before coming online. Power availability is increasingly a constraint on AI infrastructure deployment, and data-center revenue reached $89 billion, roughly 92.5% of Nvidia's latest quarterly sales, so delays in energizing new facilities can eventually become delays in installing Nvidia systems.

Samart Corporation Public Company Limited, or SAMART, is pressing forward in the Data & AI business and preparing to continuously bid for government work, after having many projects currently under tender. It is also expanding its Smart Meter and battery work by installing digital systems for the Provincial Electricity Authority (PEA) to support the transition to a smart grid. Mr. Rattanun Wilailak, Senior Manager of Business Development and Investor Relations at SAMART, told the Hoons Vision news team that most of the work remains projects from government agencies, a market that grows in line with the push for digital policy and the allocation of government technology budgets. The company places importance on applying Data and AI technology to improve operational efficiency, including data analysis, management, and reducing operating time, alongside training to develop personnel skills. For the battery systems and Smart Meter business, the company is in the process of carrying out a project to install new digital systems for PEA to switch from traditional electricity meters to digital meters, which is a key foundation for developing a smart grid. Taking the battery work and the Smart Meter project together, the current combined value is approximately 4,000 million baht.