Wind

Chatpol Sriprathum, Chief Executive Officer of Energy Absolute Public Company Limited, or EA, disclosed that the company targets sales of 100 million baht from its palm oil extract business, BIO-PCM, within the next three years, after continuously rising demand from its main customers in the construction materials business in South Korea and Japan. The company began recognising revenue from PCM products last year. The PCM business still accounts for a relatively small share of sales compared with its energy business group, which generates revenue in the billions of baht. Meanwhile, the company's core business structure remains roughly 60-70% power plants, followed by the electric vehicle, or EV, business. As for the earnings outlook, it is expected to grow by leaps and bounds over the next three years, as new projects become clearer from 2027, spanning the power plant business, the biodiesel plant, and EV car sales to the Bangkok Mass Transit Authority, or BMTA, which will begin delivering vehicles from the first quarter of 2027. The Maha Sarakham 1 and Khon Kaen wind power plant projects will gradually begin commercial operation in 2028-2029, while the waste-to-energy plant in Phuket, with a generating capacity of 8 MW, will be completed in the second to third quarter of 2027. In addition, the company is interested in joining the auction under the new PDP plan, focusing on wind power plants and solar farms, and is also interested in joining the auction for community power plant and community solar projects.

Yuanta Securities (Thailand) said in an analysis dated September 30, 2026 that it holds a positive view on Gunkul Engineering Public Company Limited, or GUNKUL, after the company sold 50% stakes in 12 renewable energy power plant projects to Gulf Development Public Company Limited, or GULF, representing a combined pro-rata capacity of 336.7 megawatts. This breaks down into 88.2 megawatts of solar power plants, 16.5 megawatts of Solar+BESS projects, and 232.0 megawatts of wind power plants, which are scheduled to gradually begin commercial operations between 2027 and 2030. The sale value was 466.5 million baht, or about 1.39 million baht per equity megawatt. The research team expects the transaction to bring GUNKUL only a small extraordinary gain and to have no significant impact on third-quarter 2026 net profit. Meanwhile, normal operating results for the third quarter of 2026 are expected to grow both from the previous quarter and from the same period a year earlier, supported by the wind power plant business. The EPC business is expected to slow slightly from the previous quarter but still grow at a high level compared with the same period a year earlier. The conversion of these projects into a joint venture format could help increase the order book, or backlog, of GUNKUL's EPC business. The research team preliminarily estimates, based on the shareholding proportion, that it could rise by about 7 billion baht, with revenue expected to be gradually recognized more from around the middle of 2028. GUNKUL still aims to secure an additional 900 megawatts of new projects over the next three years, and its partnership with GULF also opens the opportunity for the company to take on EPC work for GULF's future renewable energy power plant projects. On dividend policy, the research team said there has been no significant change, estimating that dividend per share is likely to be no lower than the previous level of 0.12 baht per share, while in the first half of 2026 the company already paid a dividend of 0.10 baht per share. It maintained a buy recommendation on GUNKUL with an end-2027 target price of 8.70 baht.

Kasikorn Securities recommends buying GULF shares with a 79 baht target, expecting strong profit growth during 2026–2030 after GULF notified the SET on September 28 that GRE, its 100%-owned subsidiary, acquired a 50% stake in 7 GUNKUL companies, covering 12 solar and wind power plant projects in Thailand with total contracted capacity of 673MW, or 337MWe based on GULF's proportionate equity capacity. GULF paid 467 million baht for the 50% stake, while GUNKUL retains the other 50%, representing a premium of about 1.4 million baht per MW for the acquisition of rights under PPA contracts. The acquired portfolio comprises solar and solar-plus-BESS projects totaling 209MW and wind farm projects totaling 464MW. All 12 projects have signed 25-year PPAs with EGAT, with FiT rates of 2.16 baht per kWh for solar, 2.83 baht per kWh for solar-plus-BESS, and 3.10 baht per kWh for wind. This acquisition of 337MWe of renewable capacity represents about 3.5% of GULF's committed equity capacity of 9,607MWe as of August 2026. Profit sharing from the 209MW of solar is expected to be about 150 million baht in 2028 and to increase by roughly 600 million baht from 2030 onward from the 464MW of wind farms. The solar power plants will begin COD from 2027, while most wind projects will reach COD in 2029–2030. Kasikorn Securities views that the newly acquired capacity will not yet affect profits in the second half of 2026 and expects third-quarter 2026 net profit to grow year-on-year but decline quarter-on-quarter. The 79.00 baht target price is based on a discounted cash flow method with a WACC of 4.4%.

Ningbo Energy's wholly owned subsidiary Langchen New Energy will jointly invest 386 million yuan with Ningneng Investment to acquire all equity in Yuexi Wind Power held by Huichen Fund. According to an announcement on the evening of September 28, Langchen New Energy will contribute 197 million yuan for a 51 percent stake, and Ningneng Investment will contribute 189 million yuan for a 49 percent stake. At the same time, Ningbo Energy will inject an additional 79 million yuan into Langchen New Energy, raising its registered capital to 401 million yuan after the capital increase. Once the transaction is completed, Yuexi Wind Power will become a wholly owned subsidiary of Ningbo Energy and be included in its consolidated financial statements, which will help increase the company's new energy installed capacity and enhance its competitiveness. This transaction is a related-party transaction and still needs to be submitted to the company's shareholders' meeting for approval before it can be implemented. After the market opened on September 29, Ningbo Energy's share price surged to the daily limit, last trading at 5.49 yuan per share, up 10.02 percent.

Gunkul Engineering Public Company Limited, or GUNKUL, has signed power purchase agreements with the Electricity Generating Authority of Thailand, or EGAT, for an additional 261.8 megawatts of generating capacity under the RE Biglot Phase 2.1 renewable energy programme. The agreements run for 25 years and cover three wind power projects with a combined capacity of 242.4 megawatts and one solar power project with a capacity of 19.4 megawatts, with commercial operation scheduled from 2027 onward. Combined with three earlier projects totalling 57.2 megawatts, the company has now signed PPAs for every project under RE Biglot Phase 2.1, for a total contracted capacity of 319.0 megawatts. Chief Executive Officer Naruechon Damrongpiyawut said the company has also adjusted its shareholding in the power plants into joint ventures with Gulf Development Public Company Limited, or GULF, across 12 projects, representing total equity capacity of 336.7 megawatts and consideration of 467 million baht. Following the transaction, the company's renewable energy portfolio has total equity capacity of 2,101.2 megawatts, reaching its 2,000-megawatt target ahead of the 2027 deadline, and it has set a new goal of adding more than 50% in generating capacity to reach 3,000 megawatts by 2030.

Guojin Jiaze New Energy closed-end infrastructure securities investment fund announced on September 28 that it will open for sale from October 26 to October 29, with a subscription price of 3.487 yuan per unit and a total of 300 million units offered. The fund's underlying assets are the Ningxia Guobo New Energy Tongxin Jiaojiapan wind power project and the Ningxia Guobo New Rural wind power project, located in Tongxin County, Wuzhong City, Ningxia Hui Autonomous Region, with a combined installed capacity of 117.5 megawatts. Both projects were fully connected to the grid in December 2020, and as of the valuation date of March 31, 2026, the theoretical remaining service life of the generating units is 14.75 years. From 2023 to 2025, the average settled utilization hours of the Jiaojiapan and New Rural projects were 2,632 hours and 3,086 hours respectively, higher than the national average for the same period. The project was included in the supporting power source for the ultra-high-voltage Lingzhou-Shaoxing direct current transmission line in November 2025, and starting from 2026, the electricity sales model has been adjusted to transmit power to East China via the Lingzhou-Shaoxing line, with Zhejiang Province as the main consumption area. The fund sponsor is Jiaze New Energy Co., Ltd., which as of the relevant disclosure date had grid-connected installed capacity of 2,587.86 megawatts and generated approximately 2.5 billion kilowatt-hours in Ningxia in 2025. The original equity holder, Ningxia Jiaying New Energy Holdings Co., Ltd., is a wholly-owned second-tier subsidiary of Jiaze New Energy, and as of the end of March 2026, in addition to the assets included in this offering, it holds other operating wind power projects with installed capacity of 742.5 megawatts, providing reserve support for future expansion. The fund manager, Guojin Fund, issued the first infrastructure REIT in western China, the Guojin China Railway Construction REIT, in 2022, and since its establishment the fund has distributed cumulative cash dividends of more than 1.7 billion yuan to investors.

Crusoe announced it is the developer of Google's data center campus under construction in Armstrong County outside of Amarillo, Texas. The campus is engineered to provide capacity to power advanced AI and has a direct connection to Serena's adjacent Goodnight 1 wind farm, which at 265.5 MW is operational, and the Goodnight 2 wind farm, also 265.5 MW, which is under construction and was catalyzed by Crusoe's development at the site. When wind generation exceeds campus demand, surplus power is supplied back to the grid, benefiting local ratepayers and reducing curtailment of West Texas wind energy. Construction broke ground in June 2025 and is underway with more than 5,500 skilled laborers on-site daily, and the project will use a closed-loop, non-evaporative liquid cooling system designed to limit its water footprint primarily to domestic uses such as kitchens. The campus is part of Crusoe's growing West Texas portfolio, which includes two campuses under development in Abilene.

Land and Houses Securities issued an analysis recommending the purchase of two stocks, BDMS and BGRIM, giving BDMS a target price of 25 baht, with support levels estimated at 19.5 and 19.8 baht and resistance at 21.0 and 22.3 baht. It expects third-quarter 2026 profit to recover both year on year and quarter on quarter, after the second quarter of 2026 marked this year's profit low, supported by the start of high season for Thai patients, the recovery of foreign patients, and easing pressure from Cambodian patients off a low base. July revenue accelerated 8% year on year, up from only about 1% year on year in the first half, driven by a 9% year-on-year rise in Thai patients and a 6% year-on-year rise in foreign patients. For BGRIM, it recommends buying with a target of 21.5 baht, estimating support at 18.0 and 19.0 baht and resistance at 22.0 and 22.6 baht. It views the new Power Development Plan, due to take effect soon, as increasingly positive given rising electricity demand from data centers, creating opportunities to expand power generation capacity and enter into direct power purchase agreements. It expects 300 to 500 megawatts of new generating capacity, along with a strategy to raise the share of renewables to reduce reliance on profit from small power producers. The Nakwol1 wind project in South Korea, already 92% through construction, will be a key turning point, as will solar projects in Thailand and other regions. The company also has a data center business under construction, with phases 1 and 2 already 100% fully booked by customers, expected to reach commercial operation date by the third quarter of 2027, and it plans to expand to 300 megawatts both domestically and overseas.

The Australian state of Victoria has announced a ban on building data centres in residential areas, along with regulations requiring operators to source their own renewable energy, use recycled water for cooling, and cover the cost of upgrading the electricity grid, in a bid to reduce impacts on communities and counter local opposition. Victorian Premier Ben Carroll of the Labor Party said today that while data centres are critically important to the economy, operators must take measures that ensure they do not place severe strain on local water and electricity resources. Data centres will have to procure additional renewable energy generation to match their new electricity demand, and will not be permitted to locate in residential areas, with a buffer zone of at least 150 metres from homes. Meanwhile, Australian Prime Minister Anthony Albanese is pushing for a national standard for data centres, to balance capturing the benefits of surging demand against easing community concerns. Analysts at Westpac Banking estimate that spending on the data centre business could reach 225 billion Australian dollars, or about 160 billion US dollars, with most of the spending expected to occur over the next three years.

Vestas has unveiled a new onshore wind turbine, the V182-7.2 MW, that uses a larger rotor to increase electricity production without raising its 7.2-MW rated capacity. The Danish manufacturer said the new model can deliver up to 6% more annual energy production than the V172-7.2 MW, depending on site conditions, while also reducing the levelized cost of electricity. The key change is a 182-meter rotor paired with the same 7.2-MW rating as its predecessor, giving the turbine a lower specific rating so it generates more effectively in lower wind speeds. Vestas said the design can lift capacity factors by as much as 2% and improve electricity capture prices by as much as 3%, since it produces a greater share of its power during lower-wind periods when wholesale prices may be higher. The V182-7.2 MW is aimed primarily at low- to medium-wind locations in Europe, Australia, South Africa and the Americas, and is based on Vestas' existing EnVentus architecture, which has more than 15 GW of installed capacity across more than 25 countries.

Brookfield's Catalytic Transition Fund is on track to reach its full close of $5 billion at the end of 2026, making it the smallest in the firm's family of energy funds but likely the largest dedicated energy transition fund focused on emerging markets. The fund allocates 40-45% of its capital to South and Southeast Asia alone, with the remainder going to Latin America, Eastern Europe and the Middle East, and it targets returns as high as 20% IRR compared to the teens for Brookfield's two other flagship funds. Managing director of energy Stefano Ghezzi said the fund writes smaller equity checks of between $200-300 million, versus typical checks of $500 million and above, because it is hard to find $1 billion-plus opportunities in emerging markets. The CTF has made six deployments so far, including the acquisition of Alba Renewables, which oversees 1.8 gigawatts of solar, wind and battery storage assets in the Philippines and Thailand, and a recently announced partnership with Foxconn to co-develop 1GW of renewable energy capacity in Vietnam. Altérra, an impact investor backed by Abu Dhabi state funds, is the anchor LP with a $1 billion commitment under a capped return structure, while other LPs include Caisse de dépôt et placement du Québec, Singapore's GIC and Temasek Holdings, Prudential and the World Bank's IFC. Brookfield contributes 10% to the fund as its GP commitment.

Analysts from several firms are unanimous in recommending a buy on shares of Sermsang Power Corporation Public Company Limited, or SSP, with Yuanta Securities (Thailand) raising its fair value at the end of 2570 to 14.10 baht per share. It sees profits entering a growth cycle from 2569 onward, driven by improved efficiency at the SPN solar power plant, a full year of revenue recognition from the Leo 2 project in Japan, and investment opportunities under the PDP 2026 plan. It maintains its 2569 profit estimate at 691 million baht, up 12% year on year, raises its 2570 profit estimate by 9% to 818 million baht, and expects normal profit in 2571 of 1.208 billion baht, up 48% year on year, reflecting the inclusion of the 150 MW Bago wind project in the Philippines, RE Big Lot projects with combined capacity of 92 MW, and the 17 MW Xuejia 1 solar power plant in Taiwan, which is expected to reach commercial operation in the fourth quarter of 2570. Meanwhile, Asia Plus Securities recommends a buy with a target price of 8.30 baht and expects normal profit in the third quarter of 2569 at around 120 to 160 million baht, up from 60.3 million baht in the second quarter of 2569. Impact Insight expects normal profit in 2569 of 693.9 million baht, growing 12.2% year on year, and raises its 2571 normal profit estimate by 20.9% to 1.2 billion baht. SSP aims to increase installed capacity from the current 367 MW, or 307 MWe, to 1,000 MW in 2575, with 10 projects in the pipeline and contracted PPA capacity totaling 380.4 MWe, which will gradually reach commercial operation from the fourth quarter of 2569 through 2573, lifting capacity by more than 123% to 687 MWe within the next four years.

Securities analysts are unanimous in recommending a buy on shares of Sermsang Power Corporation, or SSP, with Yuanta Securities Thailand raising its fair value at the end of 2027 to 14.10 baht per share. It sees profit entering a growth mode from 2026 onward, maintaining its 2026 profit forecast at 691 million baht, up 12% year on year, driven by the solar panel efficiency of the SPN power plant and full-year revenue recognition from the Leo 2 project in Japan. It also raised its 2027 profit forecast by 9% to 818 million baht, or 18% year-on-year growth, which despite the sale of the 30 MW Yamaga project is offset by a total of 9 MWe of community waste-to-energy plants. It expects normal profit in 2028 to reach 1.208 billion baht, up 48% year on year, boosted by the inclusion of the 150 MW Bago wind project in the Philippines, which has electricity rates about 50% higher than Thailand's, the 92 MW RE Big Lot project, and the 17 MW Xuejia 1 solar power plant in Taiwan, which is expected to reach commercial operation in the fourth quarter of 2027. Meanwhile, Asia Plus Securities recommends a buy with a target price of 8.30 baht and expects normal profit in the third quarter of 2026 at around 120 to 160 million baht, up from 60.3 million baht in the second quarter of 2026. Impact Insight expects normal profit in 2026 at 693.9 million baht, growing 12.2% year on year, and has raised its 2028 normal profit forecast by 20.9% to 1.2 billion baht. SSP aims to increase its installed capacity from the current 367 MW, or 307 MWe, to 1,000 MW in 2032, and has 10 projects in its pipeline with total contracted PPA capacity of 380.4 MWe, which will gradually reach commercial operation from the fourth quarter of 2026 through 2030.

General Electric's GE Vernova unit has resolved its legal dispute with Vineyard Wind, while GE Aerospace has addressed a GE9X engine durability issue and announced an US$11.75 billion acquisition of Consolidated Precision Products to bolster precision-cast engine component supplies. The Vineyard Wind settlement trims legal overhang at GE Vernova, and the planned US$11.75 billion CPP acquisition directly targets one of GE Aerospace's largest current vulnerabilities, precision component availability, by bringing more casting capacity in house to support engine production schedules and protect margins around key catalysts such as the GE9X and GEnx ramp. General Electric's narrative projects $63.2 billion revenue and $11.7 billion earnings by 2029, requiring 7.7% yearly revenue growth and about a $2.7 billion earnings increase from $9.0 billion today, and the narrative yields a $404.90 fair value, a 29% upside to its current price. Some of the lowest ranked analysts assume revenue of about US$60.8 billion and earnings of roughly US$10.8 billion by 2029 while applying a lower price target. Investors still need to weigh the unresolved execution risk around GE9X and broader supply chain pressures.

The equity and derivatives market strategist at InnovestX Research, InnovestX Securities, said efforts to push Thailand as a regional data center hub are taking clearer shape after the first meeting of the Data Center Business Policy Committee resolved to accelerate integration of data and legal provisions into a single dashboard, in order to set a clear industrial strategic framework within one month. The criteria define data centers using more than 2 MW of electricity as industrial businesses, set resource utilization fees to reflect true direct and indirect costs, and impose strict energy conditions to support Green Data Centers, including a separate electricity tariff category for the group, a mandatory clean energy share of no less than 60% to meet Net Zero goals, and tighter standards for backup power systems. Four subcommittees will be set up covering the economy, infrastructure, land and buildings, and the environment to draw up technical standards, and decisive measures are being prepared to suspend water and electricity allocation for projects not yet under construction if they fail the criteria. InnovestX assesses that these clearer policies will create significant positive ripple effects for two main industries. The first is clean energy, where the 60% minimum clean energy requirement will turn clean power from an option into a necessity, sharply driving real demand. The second is industrial estates, where classifying data centers as industrial businesses will draw foreign direct investment, or FDI, into leading estates equipped with smart grid networks and environmental management, leaving estates reliant on fossil fuels far behind. The investment strategy therefore recommends Selective Buy, focusing on accumulating leaders in these two main industries. For industrial estates, it favors companies with stable smart grid networks sufficient for Tier 3-4 data centers, joint ventures with multinational technology firms, and their own water recycling management systems, namely AMATA and WHA. For clean energy, it favors companies making progress on direct power purchase agreements, or Direct PPAs, with global hyperscalers, with high ESG scores and green certificates, and investing in battery energy storage systems, or BESS, to maintain the stability of electricity supplied to data centers, namely GULF, GPSC and BGRIM, as well as GUNKUL, a contractor for high-voltage transmission line systems.

EnBW Energie Baden-Württemberg and its partners Allianz, AIP Management and Norges Bank Investment Management have inaugurated the 960MW He Dreiht offshore wind farm in the German North Sea. The project, which comprises 64 turbines installed last month, is being commissioned in stages, with operations expected in the coming months, and the first turbines are already supplying electricity to the grid. He Dreiht was built without state funding and is financed through long-term power purchase agreements, with total investment of approximately $2.75bn (€2.4bn). EnBW holds a 50.1% stake through a project company, while the remaining 49.9% is owned by a consortium comprising Allianz Global Investors on behalf of Allianz entities, AIP Management and Norges Bank Investment Management. The wind farm is expected to generate enough electricity to cover the annual needs of the equivalent of around 1.1 million households, and its PPA partners include Evonik, Google, the Telekom subsidiary PASM, Fraport, Bosch, Salzgitter, SHS Stahl-Holding Saar, Deutsche Bahn and DHL Group. EnBW board of management chairman Georg Stamatelopoulos said He Dreiht is the largest single investment made by EnBW in renewables, and the company is developing further offshore projects including Dreekant (1GW) in the German North Sea and Morven (2.9GW) in Scotland.

Bernstein analyst Sunaina Ocalan defended GE Vernova as "wired to win," noting that data center orders accounted for only 38% of electrification orders, or $5 billion in H1 2026, while the remaining 62% was utility-driven. Bernstein maintains a Buy rating on the stock with a $1,298 price target, and nearly 80% of analysts covering GE Vernova also carry a Buy rating. The defense follows an 8.5% decline in GE Vernova shares triggered by GLJ Research's new Sell rating, in which analyst Gordon Johnson argued the company is "a cyclical gas turbine manufacturer priced as a secular compounder" trading at roughly 38.9x forward EV/EBITDA. Johnson's model estimates 2027 EBITDA at $7.42 billion, 22% below Wall Street consensus, partly due to the timing of turbine orders placed in 2024 for 2027 delivery. Hedge fund ownership of GE Vernova fell from 118 funds at the end of the first quarter of 2026 to 106 funds at the end of the second quarter of 2026, while short interest remained modest at 3.29% of float as of August 31, 2026. In a separate development, GE Vernova announced a wind turbine supply agreement with Eurus Energy Holdings in Japan.

Elon Musk doubled down on his solar thesis on Tuesday, predicting on social media platform X that "the solar power exponential will continue until all other energy sources are <<0.1%," and adding in a separate post that "Solar is so obviously the future." Texas is offering a real-world example of the shift, though ERCOT data does not project anything close to Musk's 99.9%-plus scenario: solar supplied 10.4% of ERCOT electricity in 2024, overtaking nuclear at 8.4%, while wind supplied another 24.2%, and installed solar capacity rose from 698 MW in 2016 to 37,443 MW in 2025. The Energy Information Administration said solar's share of ERCOT generation climbed from 4% in 2021 to 12% in 2025, with utility-scale solar generating 45 TWh in the first nine months of 2025, up 50% year over year, and wind and solar together meeting 36% of grid demand; a May EIA forecast projected ERCOT utility-scale solar generation would reach 78 billion kWh in 2026, topping coal's 60 billion kWh for the first time annually. Musk is putting corporate money behind the thesis: Tesla Inc. is considering a $10.1 billion vertically integrated solar-cell plant in Fort Bend County, Texas, and Musk recently said Tesla and Space Exploration Technologies Corp. are each building toward 100 GW per year of solar-production capacity, while acknowledging that "natural gas will still be needed to supplement and bootstrap solar for several years." Solar also sits at the center of SpaceX's broader plans, with the company envisioning large solar arrays powering orbital AI infrastructure.

ENGIE North America announced renewable energy supply agreements that will provide up to 568 MW of renewable electricity for Oracle's growing operations in Texas. The power will come from a portfolio of wind energy resources serving the Electric Reliability Council of Texas market, part of ENGIE's roughly 12 GW of new renewable generation and battery storage capacity built across North America over the past six years. Anne-Laure Chassanite, Interim CEO of ENGIE North America, said the agreements reflect the strength of the company's portfolio and its ability to deliver customized energy solutions for customers expanding in Texas. Julia Robin, Head of Infrastructure Planning and Sourcing for Oracle Cloud Infrastructure, said the deals advance Oracle's goal to match 100 percent of its AI data center electricity use with carbon-free electricity by 2035 without shifting costs to Texas consumers. ENGIE North America, based in Houston, has approximately 12 GW of power generation in operation or under construction across North America, representing $11 billion of capital employed.

Yuanta Securities (Thailand) has raised its 2027 price target for Global Power Synergy Public Company Limited, or GPSC, to 66.50 baht from 60.00 baht, while maintaining a buy rating and selecting GPSC as its top pick in the power plant sector for the fourth quarter of 2026, compared with the closing price of 48.25 baht on September 15, 2026, implying upside of about 37.8%. The brokerage views the company as a beneficiary of the draft of the country's new national power development plan, whose first 11 years, from 2027 to 2037, include plans to add roughly 50.6 gigawatts of new generating capacity. GPSC aims to capture about 5.2 gigawatts of that new capacity, or roughly 10% of the total, split between about 2.4 gigawatts of gas-fired plants and 2.7 gigawatts of renewable energy, comprising 2.2 gigawatts of solar and 0.5 gigawatts of wind. Meanwhile, existing gas-fired plants such as the 713-megawatt Glow IPP, in which GPSC holds 95%, and the 1,400-megawatt RPCL, in which it holds 24%, have a chance to extend contracts that expire in 2028 and 2033 respectively. In addition, selling electricity to data center operators is another option that could generate higher returns. On the financial front, as of the end of the second quarter of 2026, GPSC had a net debt-to-equity ratio of just 0.72 times, against a financial covenant of 2.5 times. Yuanta also raised its 2027 normalized profit forecast by 2% to 6.865 billion baht, or an 11% increase from the previous year, on full-year revenue recognition from the GHECO-One power plant, and lifted its gross margin assumption to 14.9%, even as it raised its natural gas price assumption to 360 baht per million BTU.

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.

GE Vernova and Vineyard Wind have reached a settlement ending their legal battle over the major offshore wind development off Massachusetts. Under the agreement announced Wednesday, GE Vernova withdrew its notice seeking to terminate its involvement in Vineyard Wind, while both sides agreed to dismiss all outstanding legal claims, with financial and other terms not disclosed. The dispute escalated earlier this year after GE Vernova sought to exit contracts covering turbine construction and maintenance, arguing it had not been paid more than $300 million for work on the project, prompting Vineyard Wind to challenge the move in Massachusetts state court and secure an injunction requiring GE Vernova to continue working at the wind farm. The disagreement was also tied to costs and delays following the failure of a GE Vernova turbine blade in 2024, an incident that scattered debris along nearby beaches and triggered extensive inspection and repair work. The roughly $4.5-billion Vineyard Wind 1 development consists of 62 turbines with total capacity of about 806 MW, and the companies said Wednesday that all of the turbines are now capable of producing electricity, with the project designed to supply power equivalent to the needs of more than 400,000 homes and businesses. Vineyard Wind is owned equally by Avangrid Renewables and funds managed by Copenhagen Infrastructure Partners, according to the project's website.

ISO New England has selected Eversource's joint Transmission Initiative Down East project as the preferred longer-term transmission solution in its competitive solicitation process. The TIDE project would expand transmission capacity between Maine and New Hampshire, easing regional congestion and supporting affordability, and could integrate up to 1,200 megawatts of future onshore wind generation in northern New England. According to ISO New England's analysis, TIDE is projected to deliver a more than 2-to-1 cost-benefit ratio, including $1.42 billion in production cost and congestion savings, $1.30 billion in avoided capital investment, and $694 million in avoided transmission investment. Eversource's portion centers on upgrades and replacement within existing rights-of-way in New Hampshire, including a new 18-mile, 345 kilovolt line, a rebuild of an existing 345 kV line from a two-pole, H-frame design to a single-pole, reconductoring of another existing 345 kV line, and voltage and power quality equipment, with additional work in Maine and Massachusetts. The project still requires engineering, environmental, permitting and regulatory reviews, with construction anticipated to begin in 2029 pending all state and regulatory approvals.

Land and Houses Securities issued an analysis recommending the purchase of two stocks, BDMS and GUNKUL, giving BDMS a target price of 25.00 baht, with support levels estimated at 19.3 and 19.7 baht and resistance at 21.0 and 22.3 baht. It expects third-quarter 2026 profit to recover both year on year and quarter on quarter, after the second quarter of 2026 marked the year's low point amid the start of HIGH SEASON for Thai patients, the recovery of foreign patients, and easing pressure from Cambodian patients. July revenue accelerated 8% year on year from only about 1% year on year in the first half, supported by a 9% year-on-year rise in Thai patients and a 6% year-on-year increase in foreign patients. For GUNKUL, it set a target price of 6.30 baht, with support estimated at 4.8 and 4.9 baht and resistance at 5.4 and 5.6 baht. Short-term profit momentum in the third quarter of 2026 is positive thanks to the EPC business, which has a large BACKLOG awaiting revenue recognition, and seasonal factors for WIND FARM, where wind speeds are expected to increase. Full-year profit is growing more strongly than the sector on the back of the EPC business, and the company is expected to benefit from the PDP2026 plan, including the power transmission system project, DIRECT PPA, the selection of new renewable energy projects, and policies supporting SOLAR ROOFTOP. There is also a long-term profit driver from the SOLAR project in the Philippines totalling 784 MWE with a combined value of 7.5 billion baht, which secures a fixed electricity rate of 3.53 baht per unit for 20 years and is set to begin construction late this year.

RWE has signed a memorandum of understanding with Masdar focused on offshore wind projects, placing long-term growth in renewables at the center of the latest discussion around the stock. RWE last closed at €58.50, while the most followed narrative pegs fair value at about €67.58, implying roughly 13% undervaluation. That bullish framework rests on policy tailwinds in core markets, including the U.K. retention of a single price zone, extension of CfD periods to 20 years, higher auction price caps, and the new U.S. "Big Beautiful Bill" with tax incentives, which are expected to provide greater revenue visibility and de-risk project cash flows. Against that, the SWS DCF model points in the opposite direction, suggesting the shares trade well above an estimated future cash flow value of €31.97, which screens as overvalued on that lens. Weak wind conditions and tight renewables supply chains could also strain RWE project returns and cash flow.