Utilities

Phillip Securities (Thailand) said in an analysis dated 2 October 2026 that it expects WHA Utilities and Power, or WHAUP, to post normalised third-quarter 2026 profit of about 499 million baht, flat from the same period a year earlier and down slightly by 0.5% from the previous quarter. The result is supported by higher revenue from the solar business as commercial operation dates continue to come on stream, a share of profit from the Gheco-one power plant returning to above-normal levels, and coal prices trending higher than a year earlier. These factors are partly offset by the water business, where volumes rose but recognition of capacity charges remained below the high base of the third quarter of 2025, while the SPP power plant business still faces pressure from higher natural gas costs, with no adjustment to the Ft tariff for industrial power sales during the period. For the water business outlook in the second half of 2026, capacity charges are expected to be lower than in the first half, but data centres will gradually begin operations from the fourth quarter of 2026 through 2027, which should drive a significant acceleration in water usage. The research team also expects normalised profit for the first nine months of 2026 to be about 1.202 billion baht, up 25.3% from the same period a year earlier, on the back of a still-strong power and utilities business. Phillip therefore maintains its Buy rating on WHAUP with a 2027 target price of 9.45 baht per share.

Yuanta Securities (Thailand) has raised its fair value for Ratch Group, or RATCH, to 46.25 baht per share from 32 baht, and upgraded its recommendation from Trading to Buy, implying roughly 25.9% upside from the share price of 36.75 baht on October 1, 2026. In an analysis dated October 2, 2026, the brokerage said it holds a positive view on several new investment opportunities whose prospects became clearer in late 2026, particularly the renewal of the power purchase agreement, or PPA, for the Ratchaburi power plant and the opportunity to sell electricity to data center operators. Currently, units 1-2 of the RG power plant, with combined capacity of about 1,470 megawatts, saw their contracts expire in October 2025, while three remaining units with total generating capacity of about 2,175 megawatts are due to see their contracts expire in November 2027. If the PPAs are not renewed, the company has the option of selling the output to data center operators, and is in talks with about five to six customers, each of which needs no less than 300 megawatts, while the existing site and infrastructure can support demand of up to about 1,400 megawatts. In addition, the draft PDP 2026 plan, which covers 2027-2037 and targets an increase in total power generation capacity of about 50 gigawatts, is another positive factor. It comprises about 24.3 gigawatts of solar power, nearly 14.5 gigawatts of wind power, about 2.7 gigawatts of natural gas-fired plants, about 9.1 gigawatts of hydropower and the first small modular nuclear reactor, or SMR, with capacity of about 300 megawatts. For the third-quarter 2026 outlook, the research team expects RATCH to post normal profit of about 1.4 billion to 1.6 billion baht, up from the previous quarter, after the RG and HKP power plants returned to more efficient operation and with no major maintenance shutdowns. SG&A expenses are also likely to fall on a seasonal basis, but profit is expected to decline from the same period a year earlier, partly because of the impact of the expiry of the PPAs for units 1-2 of the RG power plant from October 2025.

Seri Sangsang Power Corporation, or SSP, is accelerating construction of the Bago wind power project in the Philippines, with an installed capacity of 150 megawatts. Mr. Phasakorn Panyarattanakorn, Chief Operating Officer, said that site clearing, internal project roads, and the pouring of large reinforced concrete foundations have already begun, while the wind turbine components are in production, all in line with the planned schedule. The Bago project is the company's largest coastal wind power plant since it began operations, with an investment value of approximately 8 billion baht and a 20-year long-term power purchase agreement. It covers seven villages: Calumangan, Napolis, Taloc, Sampinit, Buzai, Balingasag, and Lag-asan, and will install 23 wind turbines. The project is also part of the Green Energy Auction Program 2, or GEAP2, under the support of the Philippine government, and is SSP's first project to receive investment rights. The company is confident it will begin commercial operation within the fourth quarter of 2027.

Finansia Securities said GULF is well positioned to link energy infrastructure and ICT businesses with AI, with a strong financial position and capacity to take on an additional 200-300 billion baht in debt. It estimates that added capacity under PDP 2026 could create roughly 10 baht per share of upside for GULF, assuming EGAT opens bidding for about 10GW of new renewable energy projects next year and GULF secures a 40% share, or roughly 4GW of solar projects, under power purchase agreements at a feed-in tariff of 2.16 baht per kWh. Investment is expected to require about 25-30 million baht per MW, with an IRR of approximately 12%. On the AI megatrend, electricity demand is expected to grow faster than GDP, especially demand for clean power from data centers, which are more power-intensive than general industry. Key catalysts include the new PDP, Direct PPAs for 2GW of data centers, and opportunities to invest in renewable energy projects in Europe over the next year. The research team maintained its Buy recommendation and raised its target price to 89.50 baht per share to reflect the opportunity to add capacity from bidding under the new PDP, as well as the acquisition of a 50% stake in solar and wind projects from GUNKUL, representing total capacity of 339.5MW on a proportional ownership basis. The acquired projects are estimated to have a combined NPV of about 9.7 billion baht based on a DCF valuation with a WACC of 5.5%, adding roughly 0.5 baht per share, with net IBD/E of only 1.06 times.

Super Energy Corporation, or SUPER, is preparing to offer a new bond series worth 2 billion baht between October 6 and 8, 2026, with interest rates of 5.55% to 5.90% per year and interest paid every three months throughout the life of the bonds. The company said it has a track record of paying interest and repaying principal in full and on time every time. Meanwhile, Jomsap Lojaya continues to push the business forward to generate revenue and drive sustained growth.

Seri Sang Power Corporation Public Company Limited, or SSP, is pressing ahead with investment in an onshore wind power plant, the "Bago" project in the Philippines, with a generating capacity of 150 megawatts and an investment value of approximately 8 billion baht. It is the largest power plant SSP has undertaken since it began operations, and it comes with a 20-year long-term power purchase agreement, or PPA. Phasakorn Panyarattanakorn, SSP's Chief Operating Officer, said the project has already begun site preparation, construction of internal roads, and pouring of large reinforced concrete foundations, while wind turbine components are in the manufacturing process. All work is proceeding according to plan, and the company is confident the project can reach commercial operation, or COD, in the fourth quarter of 2027 as scheduled. The project covers seven villages, namely Calumangan, Napolis, Taloc, Sampinit, Buzai, Balingasag, and Lag-asan, and will install 23 wind turbines. It is also part of the Green Energy Auction Program 2, or GEAP2, a renewable energy auction program supported by the Philippine government, and is SSP's first project to secure investment rights under that program. Once COD is achieved as planned in the fourth quarter of 2027, the project will help raise the scale of SSP's energy business, enhance its capacity to generate cash flow and long-term revenue, and support its strategy of continuously expanding renewable energy investment overseas.

Sermsang Power Corporation, or SSP, has reported progress on its 150-megawatt Bago wind power project in the Philippines, saying site clearing, internal road construction, and the pouring of large reinforced concrete foundations have begun, while turbine components are being manufactured. All work is proceeding according to plan. Mr. Phasakorn Panyarattanakorn, SSP's Chief Operating Officer, said the project is the company's largest power plant since it began operations, with an investment value of approximately 8 billion baht and a 20-year long-term power purchase agreement. The project covers seven villages: Calumangan, Napolis, Taloc, Sampinit, Busay, Balingasag, and Lag-asan. It will install 23 wind turbines and is part of the Green Energy Auction Program 2, or GEAP2, a renewable energy auction program supported by the Philippine government, and is SSP's first project to win investment rights. SSP is confident the project will achieve commercial operation, or COD, as planned in the fourth quarter of 2027, which will be an important step in scaling up the company's energy business and strengthening its ability to generate cash flow and long-term revenue.

Super Energy Corporation Public Company Limited, or SUPER, is preparing to offer a new series of bonds with a total value of approximately 2 billion baht between 6 and 8 October 2026, with coupon rates set in the range of 5.55% to 5.90% per year and interest paid every three months throughout the life of the bonds. The offering has drawn investor interest, with the offered yields seen as another option for investors seeking steady interest income amid continued volatility in financial and investment markets. SUPER has a track record of fully meeting its obligations on bond interest payments and principal repayments at maturity under the terms set out in past issues. The company is continuing to manage its capital structure while expanding its business in order to generate income and support long-term growth. Jomsap Lojaya, an executive at SUPER, continues to press ahead with expanding and developing the business, focusing on building a stable income stream and enhancing operational capability to support the company's sustainable growth in the future.

Sermsang Power Corporation, or SSP, is accelerating construction of the Bago wind power project in the Philippines, with a generating capacity of 150 megawatts. Mr. Phasakorn Panyarattanakorn, Chief Operating Officer of the operations line, disclosed that site clearing, internal project roads, and the pouring of large reinforced concrete foundations have already begun, while the wind turbine units are in the component manufacturing stage, all in line with the planned schedule. The Bago project is a 150 MW coastal wind farm, the largest power plant the company has operated since its inception, with an investment value of approximately 8 billion baht and a 20-year long-term power purchase agreement. The project area covers seven villages, namely Kalumangan, Napolis, Taloc, Sampinit, Busay, Balingasag, and Lag-asan, and will install 23 wind turbines. Commercial operation is expected within the fourth quarter of 2027. The project is also part of the Green Energy Auction Program 2, or GEAP2, under the support of the Philippine government, and is SSP's first project to receive investment rights.

Strengthen Power Corporation Public Company Limited, or SSP, is preparing to take part in bidding to produce electricity from a 1,500-megawatt community solar farm project. Chayut Leehajaroenkul, Chief Financial Officer, said the company has expertise in this area and sees it as an opportunity to expand its power generation base, and is now waiting for clarity from the relevant authorities on when applications will open. For its business outlook in the second half of 2026, the company expects a clear improvement from the first half, driven by the completion of the sale of the Yamaga solar farm in Japan in late August 2026 for a total value of about 1 billion baht, together with two community waste-to-energy plants with combined capacity of about 19.8 megawatts that are expected to begin gradually supplying commercial electricity late this year. In addition, the weaker baht, which has fallen to about 33.64 baht per US dollar, should help support revenue, since the company earns about 30% of its revenue in US dollars from overseas. As for its long-term two-to-three-year plan, the company is preparing to bring about 420 megawatts of new capacity into commercial operation, comprising three solar farms in Thailand totaling 108.6 megawatts and the 150-megawatt Bago wind farm in the Philippines in 2027, with additional projects continuing through 2030 totaling more than 146 megawatts. On the analyst side, Asia Plus Securities gave a buy recommendation on SSP shares with a target price of 8.30 baht, forecasting normal profit of 693.9 million baht in 2026, up 12.2% from the previous year, supported by higher output at the SPN solar plant after panel replacement was completed, the TTTV wind project returning to full-year operation, the first full year of revenue recognition from the LEO2 project in 2026, and the positive contribution from the waste-to-energy plants totaling 19.8 megawatts in late 2026, as well as revenue recognition from the 150-megawatt Bago Wind Farm next year, which will help profit continue growing in 2027.

Sermsang Power Corporation, or SSP, is accelerating construction of the Bago wind power project in the Philippines, with a generating capacity of 150 megawatts. Mr. Phasakorn Panyarattanakorn, Chief Operating Officer, said that site clearing, internal project roads, and the pouring of large reinforced concrete foundations have already begun, while the wind turbine components are still in production. Commercial operation, or COD, is expected in the fourth quarter of 2027. The Bago project is the company's largest coastal wind power plant since it began operations, with an investment value of about 8 billion baht and a 20-year long-term power purchase agreement covering seven villages: Calumangan, Napolis, Taloc, Sampinit, Busay, Balingasag, and Lag-asan. It will install 23 wind turbines. The project is also part of the Green Energy Auction Program 2, or GEAP2, under the support of the Philippine government, and is SSP's first project to be granted investment rights, in line with the renewable energy cooperation policy between the Thai and Philippine governments, as well as the Philippines' plan to push the share of clean energy use to 35% by 2030.

Super Energy Corporation, or SUPER, is preparing to offer a new bond series worth 2 billion baht between October 6 and 8, 2026. The bonds offer a yield of 5.55% to 5.90% and pay interest every three months throughout the life of the bonds. The company said it has a track record of paying interest and repaying principal in full and on time every time. Meanwhile, Jomsap Lojaya continues to expand the business to generate revenue and drive steady growth.

The U.S. Department of Energy has approved a roughly US$4.00 billion federal loan package for Vistra to upgrade three nuclear plants serving the PJM grid, as power demand climbs from data centers and other intensive users. The federal backing supports nuclear capacity upgrades and underscores Vistra's role as a reliability provider in a tightening U.S. power system. The loan sharpens the company's investment narrative around long-term contracted power, though Vistra has separately challenged PJM's Interim Resource Adequacy Service at FERC, arguing the measure could chill investment and misprice capacity for large loads. Vistra's narrative projects $26.0 billion in revenue and $4.1 billion in earnings by 2029, requiring 10.7% yearly revenue growth and a $2.1 billion earnings increase from $2.0 billion today, while some analysts assume revenues near US$33.4 billion and earnings around US$4.9 billion by 2029.

Emera has raised its quarterly dividend to CA$0.74 per share, implying an annual payout of CA$2.96, a 1% increase from the previous CA$2.93 level. The move comes after a softer stretch for the share price, with a 90 day return down 7.98% and a 30 day return down 1.88%, though the 1 year total shareholder return of 6.77% and 3 year total shareholder return of 68.08% reflect longer-term momentum. The most followed valuation narrative pegs Emera's fair value at roughly CA$74.45 per share, above the recent CA$68.42 close, framing the higher dividend as an 8% undervalued case. That view rests on heavy investment in grid modernization, renewables including a $2+ billion solar expansion in Florida, and infrastructure resilience, but faces risks from refinancing needs and exposure to cyber incidents and extreme weather. On valuation, Emera trades at 21.8x earnings, above Canadian peers at 20.9x and the wider North American utilities group at 19.8x, while the fair ratio sits higher at 29x.

Oracle and We Energies announced a nuclear power subscription deal on October 2, 2026, under which Oracle will take 10-20% of the output from the Point Beach Nuclear Plant, or 125-250 megawatts, for the $15 billion Lighthouse Campus AI data center in Port Washington, Wisconsin. The campus, co-developed by Oracle, OpenAI, and Vantage Data Centers as part of the broader Stargate initiative, is designed to house close to 1 gigawatt of AI capacity within a 1.3 gigawatt total electrical footprint, with completion targeted for 2028. Oracle has committed to fully funding the energy costs for its portion, and the deal is the primary driver of a proposed $176 million electric rate hike for We Energies customers in 2027, accounting for roughly 20% of that increase, while the utility projects the arrangement will save customers approximately $300 million in fuel costs between 2027 and 2033. The subscription, a first-of-its-kind model in Wisconsin, requires approval from the Wisconsin Public Service Commission, which is weighing whether to require tech companies to cover 100% of new power plant costs. The deal is part of an industry-wide pivot in which Big Tech has contracted over 10 gigawatts of new nuclear capacity in the United States over the past year, including Microsoft's 20-year power purchase agreement for the 835-megawatt restart of Three Mile Island, Amazon's acquisition of a nuclear-adjacent Pennsylvania campus for over $650 million and its $500 million investment in X-energy small modular reactors, and Google's order of 500 megawatts from Kairos Power. Data center power demand reached 29.6 gigawatts by late 2025, equivalent to the peak demand of New York state, and the International Energy Agency projects it will rise by 130% by 2030, even as U.S. nuclear output stayed largely flat between 2020 and 2025 and no small modular reactors are under construction in the country.

The U.S. government plans to lend Vistra about US$4.2b to expand nuclear power output, a move that spotlights utilities tied to nuclear energy as data centers, EVs, and crypto miners drive demand for reliable electricity. The article highlights three nuclear-exposed U.S. utilities as a sample from a broader screen that surfaced 9 more power companies. Entergy, with roughly US$13.4b in revenue and a market value of about US$48b, sees approximately 7 to 12 GW of hyperscale data center potential and 3 to 5 GW of traditional industrial demand in its territory, alongside signed agreements with AWS and Meta supporting roughly 8.5% to 9% annual retail sales growth. Ameren, a US$27.6b holding company, owns the Callaway nuclear facility and is studying more nuclear capacity, with 2.8 gigawatts of signed electric service agreements, 3.4 gigawatts of construction agreements, and a further 4 gigawatts of projects with completed interconnection studies in its Missouri territory. Deep Fission, with a market value of roughly US$305 million, develops small modular nuclear reactors buried about a mile underground for utilities, data centers, heavy industry, and government clients.

The U.S. government reportedly plans to provide about $4.2 billion in financing to power producer Vistra to increase electricity generation from its nuclear fleet. Energy Secretary Chris Wright is expected to announce the financing on Monday during a visit to one of Vistra's nuclear facilities along Lake Erie in Ohio, according to a report from Reuters News. The financing would support efforts to increase the output, or uprate, of at least three of Vistra's four nuclear power stations. Vistra operates six reactors across four U.S. nuclear plants, with a combined generating capacity of more than 6.5 gigawatts, enough to supply electricity to roughly 3.25 million homes. The planned financing comes as U.S. electricity demand accelerates after decades of relatively modest growth, driven by the expansion of artificial-intelligence data centers, wider electrification and cryptocurrency mining.

The Pennsylvania Public Utility Commission has approved a past settlement granting UGI Utilities a smaller, phased natural gas rate increase of US$65.00 million, alongside customer protections and a bar on new base rate filings until 2029. The outcome gives UGI clearer near-term revenue visibility while tightening regulatory constraints, sharpening the trade-off between earnings support and future pricing flexibility. The ban on new base rate filings until 2029 may limit UGI's ability to offset rising operating and infrastructure costs, which the article flags as the key risk to watch. Against this backdrop, a recent market rumor that KKR is in talks to acquire UGI for about US$9,000 million at US$42.50 per share has become the central short-term catalyst for the stock, interacting directly with the new rate framework. UGI's narrative projects $8.1 billion revenue and $808.7 million earnings by 2029, requiring 3.6% yearly revenue growth and about a $137.7 million earnings increase from $671.0 million today, while two fair value estimates from the Simply Wall St Community span roughly US$14.29 to US$43.25.

Vistra Corp shares trimmed earlier losses Friday afternoon, trading down 0.3% at $139.20 after dropping to a session low of $135.79 on a Bloomberg report that the Trump administration plans to offer the company a roughly $4 billion loan package to upgrade three of its nuclear plants. The report indicated that US Energy Secretary Chris Wright is expected to announce the funding as soon as Monday during a planned visit to the Perry nuclear complex northeast of Cleveland. The package would fund investments at Vistra's two plants in Ohio and another in Pennsylvania, according to people familiar with the matter who were not authorized to speak publicly. Both the Energy Department and Vistra did not immediately respond to requests for comment, according to the report. The loan would support capacity expansions at existing facilities as electricity demand grows rapidly due to power-hungry data centers seeking round-the-clock energy, with Trump having set a goal of quadrupling US nuclear capacity by 2050. Vistra supplies power to the largest US grid operator, PJM Interconnection LLC, which stretches from Illinois to Washington, D.C., and serves roughly 67 million people.

The Trump administration plans to offer a roughly $4-billion loan package to Vistra Corp. to upgrade three of its nuclear plants, according to people familiar with the matter. US Energy Secretary Chris Wright is expected to announce the funding as soon as Monday during a planned visit to the Perry nuclear complex northeast of Cleveland. The package would fund investments at Vistra's two plants in Ohio and another in Pennsylvania, said the people, who weren't authorized to speak on record. Both the Energy Department and Vistra didn't immediately return messages seeking comment. Electricity demand is expanding rapidly thanks to the growth of power-hungry data centers whose operators are seeking more round-the-clock energy, and Trump has set out a goal of quadrupling US nuclear capacity by 2050. Vistra supplies power to the biggest US grid, operated by PJM Interconnection LLC, which stretches from Illinois to Washington, DC, and serves about 67 million people.

Emera Inc. announced that its Board of Directors approved an increase in its quarterly common share dividend to $0.74 per share, an annualized dividend of $2.96, up 1% from the previous annual dividend of $2.93 per share. President and CEO Scott Balfour said the increase marks the company's 20th consecutive year of dividend growth, underscoring the strength of its business and its commitment to stable, sustainable shareholder returns. Balfour said the continued dividend growth is supported by Emera's forecasted 7-8% rate base growth and 5-7% average adjusted earnings per share growth target through 2030. Emera, a North American energy services provider headquartered in Halifax, Nova Scotia, serves approximately 2.1 million customers in the United States, Canada and the Caribbean through its regulated electric and natural gas utilities and related businesses.

Essential Utilities subsidiary Aqua Pennsylvania has acquired the water system assets of the Ulster Municipal Authority in Bradford County for $0.5 million, adding 180 customers to its existing water customer base. Aqua Pennsylvania plans to invest $2 million over the next five years to upgrade the acquired assets, modernizing facilities and replacing aging lines to provide safe, high-quality water for Ulster residents. Essential Utilities has added more than 138,000 customers or equivalent dwelling units and about $570 million of rate base through acquisitions since 2015, and its proposed merger with American Water Works remains targeted for the first quarter of 2027. Signed purchase agreements represent more than 200,000 customers and about $282 million in purchase price, while the active municipal acquisition pipeline is about 400,000 customers. Separately, California Water Service Group has agreed to acquire Nexus Water Group's Nevada and Oregon water and wastewater systems for $218 million, and Select Water Solutions has agreed to acquire Pilot Water Solutions for $700 million plus up to $15 million in contingent consideration.

Constellation Energy Corporation announced a 20-year power purchase agreement with Amazon covering 690 megawatts of power, including approximately 190 megawatts of new nuclear capacity at the Calvert Cliffs Clean Energy Center. The agreement is expected to enable more than $3 billion in Maryland infrastructure investments, including improvements across the plant's entire 1,790-megawatt generating capacity, with the capacity expansion expected to be completed between 2030 and 2032. The deal will provide Constellation with revenue certainty to support the relicensing of Calvert Cliffs for another 20 years. In the second quarter of 2026, the company signed approximately 920 megawatts of long-term power purchase agreements with diverse, investment-grade customers, with an average duration of 18.5 years and expected full ramp-up by 2032, and also signed a 176-megawatt agreement with Walmart including 30 megawatts of expanded capacity at the Dresden Clean Energy Center. Constellation invested $2.52 billion in the first six months of 2026 and expects capital expenditures of approximately $5.7 billion in 2026 and $4.7 billion in 2027.

Sarath Ratanavadi, Chief Executive Officer of Gulf Development Public Company Limited, or GULF, filed a report on changes in securities and derivatives holdings by executives, Form 59, disclosing the purchase of an additional 5,000,000 ordinary shares of the company on September 30, 2026, at an average price of 59.25 baht per share, for a total value of approximately 296.25 million baht, or nearly 300 million baht. The purchase was made through the Stock Exchange of Thailand via the Auto Matching system through Bualuang Securities Public Company Limited. Following the transaction, Sarath holds a total of 4,368,150,493 GULF shares, or 29.24% of the company's total voting rights, up from 4,363,150,493 shares held before the transaction.

RATCH Group Public Company Limited, or RATCH, disclosed that RE Green Energy Company Limited, an indirect subsidiary wholly held by the company through Ratchaburi Energy Company Limited, registered a total of 4 new subsidiaries on 2 October 2026 to support the group's future plans to expand investment in the renewable energy business. The four new companies are RE Grow Green Company Limited, Phu Luang Green Energy Company Limited, Phu Tawan Energy Company Limited, and Wang Thong Grow Green Company Limited. Each company has registered capital of 100,000 baht, for a total of 400,000 baht, divided into 10,000 ordinary shares with a par value of 10 baht per share, with 25 percent of the registered capital paid up as of the incorporation date. The source of funds is the working capital of RE Green Energy Company Limited.

RATCH Group Public Company Limited, or RATCH, announced that RE Green Energy Company Limited, an indirect subsidiary of RATCH, registered four new subsidiaries on 2 October 2026: RE Grow Green Company Limited, Phu Luang Green Energy Company Limited, Phu Tawan Energy Company Limited, and Wang Thong Grow Green Company Limited, to support the group's future plans to expand investment in the renewable energy business. All four companies have registered capital of 100,000 baht each, totalling 400,000 baht. RE Green Energy holds a 99.99% stake in each and will use the working capital of RE Green Energy Company Limited for the investment. The transactions are not connected transactions and do not constitute significant transactions under the criteria of the SEC.

RATCH Group Public Company Limited, or RATCH, announced that RE Green Energy Company Limited, an indirect subsidiary wholly owned by RATCH through Ratchaburi Energy Company Limited, registered four new subsidiaries on 2 October 2026 to support the group's future plans to expand investment in the renewable energy business. The four new subsidiaries are RE Grow Green Company Limited, Phu Luang Green Energy Company Limited, Phu Tawan Energy Company Limited, and Wang Thong Grow Green Company Limited. Each company has registered capital of 100,000 baht, for a total of 400,000 baht, divided into 10,000 ordinary shares with a par value of 10 baht each, and 25% of the registered capital was paid up as of the date of incorporation. In the shareholding structure of all four new companies, RE Green Energy Company Limited holds a 99.99% stake, using the working capital of RE Green Energy Company Limited as the source of funds, and the office location is set at 72 Ngamwongwan Road, Bang Khen Subdistrict, Mueang Nonthaburi District, Nonthaburi Province. RATCH stated that the transaction is not a connected transaction and does not fall under the requirement to report information under the criteria for significant transactions set out in the notification of the Capital Market Supervisory Board, but is a report of a case in which a subsidiary of a listed company invests in another company, resulting in that company having the status of a subsidiary of that subsidiary.

RATCH Group Public Company Limited, or RATCH, informed the Stock Exchange of Thailand that RE Green Energy Company Limited, an indirect subsidiary wholly held by RATCH through Ratchaburi Energy Company Limited, has registered a total of 4 new subsidiaries to support the group's future plans to expand investment in the renewable energy business. The newly established subsidiaries are RE Grow Green Company Limited, Phu Luang Green Energy Company Limited, Phu Tawan Energy Company Limited, and Wang Thong Solar Green Company Limited. Each company has registered capital of 100,000 baht, for total registered capital of 400,000 baht, divided into 10,000 ordinary shares with a par value of 10 baht per share, with 25% of registered capital paid up as of the incorporation date. RE Green Energy Company Limited holds 99.99% of the shares in each company, using the company's working capital as the funding source for the incorporation. RATCH stated that the incorporation is to prepare for the expansion of investment in the renewable energy business, in line with the direction of increasing the proportion of investment in clean energy and diversifying the long-term investment portfolio. It also stated that the transaction is not a connected transaction and is not a transaction requiring disclosure under the rules on significant transactions, but it was reported to the Stock Exchange of Thailand because it is a case in which a listed company or its subsidiary invests to the extent that the invested company attains subsidiary status.

Dao Securities (Thailand) Public Company Limited said in an analysis note today that it holds a positive view on Global Power Synergy Public Company Limited, or GPSC, expecting third-quarter 2026 profit to grow both year-on-year and quarter-on-quarter. The main supporting factor is the GHECO-1 power plant, which has resumed operations more smoothly, while demand for electricity and steam from industrial customers, or IUs, in 2026 is expected to grow about 4% and 7% respectively from the previous year, helping support the performance of the small power producer, or SPP, business even though natural gas costs remain high. Dao Securities maintains its normal profit forecasts for GPSC in 2026 and 2027 at 6.9 billion baht and 7.1 billion baht, down 4% and up 3% respectively from the previous year. In 2027, the company is expected to benefit from a likely decline in Pool Gas costs, as well as EBITDA that is expected to rise by more than 900 million baht. Dao Securities therefore maintains its Buy recommendation on GPSC with a target price of 60 baht.

Yuanta Securities said Ratch Group, or RATCH, has numerous investment opportunities awaiting clarity late this year. The RG power plant's units 1-2, with capacity of 1,470MW, have already seen their contracts expire in October 2025, while three remaining units totalling 2,175MW will expire in November 2027. The company is expected to have a chance to renew power purchase agreements to support conventional power plant capacity under the new PDP plan, which is expected to become clear in November 2026. If the contracts are not renewed, the company may shift to selling electricity to data center operators, with negotiations underway with five to six customers of no less than 300MW each, and capacity to serve data center customers of up to 1,400MW through leasing a total of 2,000 rai of land and long-term power supply of 10 to 15 years. Negotiations are expected to make progress after the type 9 electricity tariff for data centers becomes clear in October 2026. Meanwhile, the draft PDP 2026 plan adds 50GW of capacity over the first 11 years from 2027 to 2037, split into 24.3GW of solar, 14.5GW of solar with storage, 2.7GW of wind, 9.1GW of natural gas and 300MW of nuclear SMR. RATCH has an advantage in renewing PPAs for natural gas plants, with the RG plant's total 3,645MW, in which it holds 100%, expiring in 2027, and the RPCL plant's 1,400MW, in which it holds 41%, expiring in 2032. On the earnings outlook, third-quarter 2026 normal profit is preliminarily expected at 1.4 to 1.6 billion baht, growing quarter on quarter as the RG and Hin Kong power plants return to full operation after maintenance shutdowns of about 22 days and 21 days respectively, and as SG&A expenses fall seasonally, though profit will decline year on year from pressure over the PPA expiries of RG units 1-2. Yuanta raised its fair value to 46.25 baht per share using a new valuation method at a PER of 16.3 times, reflecting the opportunity to renew PPAs for the RG plant, projects under the new PDP plan, the auction of roughly 1,000MW of IPP capacity in Indonesia, and renewable energy investments abroad, implying 25.9% upside, and upgraded its recommendation from Trading to Buy.

Daol Securities holds a positive view on GPSC after its group conference call, maintaining a Buy rating and a target price of 60.00 baht based on DCF at a WACC of 6.5% and a terminal growth rate of 2.0%. The company expects profit in the second half of 2026E to continue recovering on an EBITDA uplift and a smaller EP loss, along with still-strong profit contributions from XPCL, HHPC and NAMLIK1 on high water volumes. The SPP business continues to grow on industrial user demand that hit a four-year high, with power and steam demand in 2026E expected to grow 4% and 7% year on year respectively, plus a new pipeline from petrochemicals of 40 to 50 megawatts and data centers of up to 750 megawatts. Gas-linked exposure currently stands at 63%, with a target of 70% by 2030E. For 2027E, the company expects Pool Gas to fall to around 330 baht per MMBTU from an average of 380 baht per MMBTU expected in 2026E, supporting a margin recovery, and targets an EBITDA uplift of more than 900 million baht, matching its 2026E goal. PDP26 and data centers are long-term growth drivers, with a target of joining new capacity bidding of no less than 25% and a data center goal in India of 200 to 300 megawatts. The broker keeps its normal profit forecasts for 2026E and 2027E at 6.9 billion baht and 7.1 billion baht, down 4% and up 3% year on year respectively, and expects normal profit in the third quarter of 2026E to still grow both year on year and quarter on quarter on improved efficiency at GHECO-1, while new projects will begin to be reflected in forecasts from 2028E onward.

Analysts at Finansia Syrus Securities estimate that the PDP 2026 plan will create significant upside for GULF shares. They expect EGAT to open bidding for new renewable energy projects of about 10 gigawatts next year, and GULF has a chance to secure as much as a 40% share, or 4 gigawatts, of the solar projects expected to be auctioned. Under a feed-in tariff of 2.16 baht per kilowatt-hour, investment is estimated at 25 to 30 million baht per megawatt, with an IRR of 12%. The new capacity could add about 10 baht per share to GULF's value. The research team therefore maintains its buy recommendation and raises its target price to 89.50 baht per share to reflect the opportunity to add capacity from auctions under the new PDP, as well as the acquisition of a 50% stake in solar and wind projects from GUNKUL, representing total equity-accounted capacity of 339.5 megawatts. The acquired projects are estimated to have a combined net present value of about 9.7 billion baht, based on a discounted cash flow valuation with a WACC of 5.5%, adding roughly 0.5 baht per share. The positive view is also supported by a low-risk profit structure from long-term power purchase agreements, strong cash flow from the digital business, and a solid financial position, with a net interest-bearing debt to equity ratio of only 1.06 times.

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.

Gulf Energy Development, or GULF, has begun operating its Chiang Mai waste-to-energy power plant under the Chiang Mai Waste to Energy project, having started commercial operation and supplied power to the grid on 1 October 2026. The plant has an installed capacity of 9.5 megawatts and a contracted capacity of 8 megawatts, selling power to the Provincial Electricity Authority, or PEA, for a period of 20 years. GULF holds an indirect 99.23% stake in the project, and the start of operations adds to the company's portfolio of operating power plants.

Fervo Energy said Thursday that it began selling electricity from its Cape Station power plant to the grid on September 30, one day ahead of schedule, making it the first enhanced geothermal company to reach a key commercial milestone. The plant synchronized with the grid about a week ago, bringing online the first third of what will soon become a 100-megawatt power plant, while the entire site could eventually generate as much as 4 gigawatts. The first block at Cape Station took 23 months from groundbreaking to commercial operations, and Fervo aims to complete future blocks in as little as 18 months. Google, Southern California Edison, and others have committed to buying power from the project. Fervo went public in May in an upsized IPO that raised $1.9 billion, and as a startup it raised more than $1.3 billion from investors including Breakthrough Energy Ventures, Congruent Ventures, and Capricorn Investment Group.

National Fuel Gas Company has completed its previously announced acquisition of CenterPoint Energy's Ohio natural gas utility business for $2.62 billion. The deal adds roughly 335,000 customers, expanding National Fuel's utility customer base to nearly 1.1 million customers across New York, Pennsylvania and Ohio. Management expects the transaction to double the company's gas utility rate base to roughly $3.2 billion, increase regulated cash flows, and complement its existing New York and Pennsylvania utility businesses while maintaining its investment-grade balance sheet. The acquisition is expected to be immediately accretive to regulated earnings per share, neutral to consolidated adjusted results in fiscal 2028, and accretive thereafter. The article also noted recent consolidation in the U.S. oil and energy sector, including Williams' completed $5.5-billion acquisition of Momentum Midstream in September 2026 and ONEOK's agreement to acquire Brazos Midstream's Permian Midland Basin assets for $4.43 billion.