Energy Transition & Power Demand

Venture Global expects to export 500 to 518 LNG cargoes in 2026, with 91% of expected volumes already contracted, as the company positions itself to benefit from rising global demand for liquefied natural gas. The company said LNG imports into China, Japan and India have recovered despite elevated prices, while tighter European inventories are expected to support seasonal demand. Plaquemines Phase I is targeted to reach commercial operation date in the fourth quarter, while CP2 is on schedule for first LNG in the second half of 2027. U.S. LNG exports are expected to rise from 15.1 billion cubic feet per day in 2025 to 17.4 Bcf/d in 2026 and 18.6 Bcf/d in 2027, according to the U.S. Energy Information Administration. Venture Global shares have declined 5.9% over the past year against the industry's 13.3% growth, and the stock trades at a trailing 12-month enterprise-value-to-EBITDA of 9.98X versus the broader industry average of 10.65X.

Quanta Services raised its full-year 2026 free cash flow outlook to $2-$2.5 billion, alongside operating cash flow expectations of $2.9-$3.4 billion, after a strong first half. In the second quarter, Quanta generated operating cash flow of $1.10 billion and free cash flow of $886 million, bringing first-half free cash flow to $1.07 billion, sharply higher than $288 million in the comparable 2025 period. Management attributed the second-quarter strength partly to favorable working-capital dynamics, particularly from large-load and renewable projects, while days sales outstanding improved to 57 days. The outlook is underpinned by a record $53.4 billion backlog, expanding project activity and rising investment in electric grids, power generation, data centers and other mission-critical infrastructure. Quanta still expects roughly $900 million of net capital expenditures in 2026, and cash generation could fluctuate with project timing, working-capital requirements, acquisitions, weather, permitting, supply-chain issues, inflation and project execution. Quanta competes with MasTec and EMCOR Group across power, electrical and mission-critical infrastructure markets; MasTec reported negative $59 million of free cash flow in the second quarter, while EMCOR posted record remaining performance obligations of $17.14 billion.

ConocoPhillips has signed a long-term agreement with Venture Global to purchase 1 million tons of liquefied natural gas per year, with deliveries beginning in 2030 and running for 20 years. Venture Global said it looks forward to supporting ConocoPhillips in expanding its global LNG portfolio. ConocoPhillips expects LNG demand to double by 2050 and is building its LNG portfolio toward a targeted 10-15 million tons per annum. In the second quarter, the company's Qatar LNG operations were affected by the conflict in the Middle East, with the Ras Laffan plant largely shut down, though ConocoPhillips said the NFE and NFS projects in Qatar were progressing well despite the conflict.

Baker Hughes said Monday it signed agreements with Venezuelan state oil company PDVSA, engineering firm Lindsayca, and LNG developer Fulcrum LNG to develop natural gas infrastructure in Venezuela, with financial terms not disclosed. Under the first alliance, the three companies will combine their capabilities to develop the infrastructure needed to process, transport, commercialize, and potentially export natural gas. Baker Hughes said the agreements establish an enterprise deal framework that can connect upstream resource development, midstream infrastructure, gas monetization, and liquefied natural gas commercialization. Separately, Baker Hughes signed a memorandum of understanding with New Stratus Energy to support future oil and gas projects in the country. Chairman and CEO Lorenzo Simonelli said Venezuela holds tremendous potential to become a significant contributor to the evolving global energy landscape, and that the agreements are designed to bring world-class resource opportunities, project development, energy infrastructure and technologies, and financing expertise together to realize this.

VoltaGrid announced the closing of equity investments previously announced on May 11, 2026, comprising a $775 million primary investment and an upsized secondary investment. The primary investment came from funds managed by Blackstone Tactical Opportunities and from Halliburton Company. The secondary investment from existing investors was upsized from $225 million to $800 million and was comprised of purchasers that included institutional and other investors. The secondary purchases provided liquidity to certain existing members of the Company and did not result in additional proceeds to the Company. The investments broaden VoltaGrid's long-term investor base as it scales its buildout of behind-the-meter power generation capacity for data center, microgrid and industrial customers across North America. J.P. Morgan Securities LLC, Barclays and TD Securities acted as placement agents, and Sidley Austin LLP served as legal advisor to VoltaGrid.

Several brokers have issued research notes recommending a buy on Gunkul Engineering, or GUNKUL, after it signed a partnership agreement with Gulf Development, or GULF, to set up a joint venture for renewable energy projects. Bualuang Securities said GUNKUL signed power purchase agreements, or PPAs, for an additional 261.8 megawatts in phase 2 renewable energy projects, and sold a 50 percent stake in seven project companies, or SPVs, with total capacity of 673.4 megawatts to GULF for 467 million baht. The deal helps keep 26 billion baht of project debt off GUNKUL's balance sheet and opens the door to EPC backlog not yet included in estimates. It maintained its buy rating with a target price of 6.50 baht. Krungsri Securities upgraded the stock to Buy from Neutral with a 2027 target price of 6.30 baht per share based on a sum-of-the-parts method, split into 4.05 baht per share for the power business and 2.24 baht per share for the EPC and trading business. It also raised its 2026 to 2028 profit forecasts by an average of 8 percent, putting profit at 2.1 billion, 2.1 billion and 3.3 billion baht, an average growth rate of about 25 percent a year, with clear growth expected in 2028 after commercial operation, or COD, of large renewable energy projects in the Philippines. Asia Plus Securities kept its estimates and 2027 fair value at 6.40 baht per share, saying the restructuring does not significantly affect long-term project returns, and recommended gradually accumulating the stock for the long term. GUNKUL shares closed the morning session at 5.15 baht, up 0.10 baht or 1.98 percent.

Xcite Uranium Inc. has commenced a 1300m, 6-hole diamond drilling program at Eagle Plains Resources Ltd.'s 100% owned Black Bay Project near Uranium City, Saskatchewan, and has procured a second drill rig to speed completion of the planned work. The program will test for structurally-controlled Beaverlodge-type and basement-hosted unconformity style uranium mineralization, targeting 2025 VTEM conductors along trend from the past-producing Black Bay Mine, with 6 holes from 5 pad locations and the second rig under contract to Base Diamond Drilling. The approved 2026 budget for Black Bay is approximately $1.1 million, comprising $125,000 in completed fieldwork and $975,000 allocated for drilling, with all work managed by TerraLogic Exploration Inc. The 1114ha project overlies 7 Saskatchewan Mineral Deposit Index occurrences including the past-producing Black Bay Uranium Mine, and sits within the six-project Xcite option agreement covering 54 SMDI occurrences and five past-producing uranium mines, under which Xcite may earn up to an 80% interest in each project by completing CDN$3,200,000 in exploration expenditures, issuing 750,000 common shares and paying CDN$55,000 over four years, for an aggregate of CDN$19,200,000 in exploration expenditures, 4,500,000 shares and $330,000 in cash to Eagle Plains. Historic trench samples at Black Bay include 6.51% U3O8, 3.78% U3O8 and 3.62% U3O8 over 0.3m, while grab samples from historical drill core at the Blue Grass 'B' Zone include 9.64% U3O8 and 16.74% U3O8. The Black Bay mine produced approximately 1375 tons of material at a grade of 0.17% U3O8 shipped to the Lorado custom mill between 1953 and 1960.

Kasikorn Research Center reports that the world is entering an era in which electricity is at the center of the economic system, the Age of Electricity. The international energy organization IEA indicates that since 2019 global electricity demand has grown more than twice as fast as overall energy use, driven by electric vehicles, air conditioners, the industrial sector, and data centers. In the latest data for 2025, electricity accounted for about 23% of global final energy consumption, while economic activity dependent on electricity generated nearly half of global GDP, or 45%, and it is estimated that electricity's share of global final energy consumption will rise to 35% in 2035. Thailand is entering the Age of Electricity just as the world is, which changes the challenge for the energy system from simply having enough electricity to having electricity that is sufficient, clean, stable, and competitively priced. Clean electricity will become even more important to competitiveness, because Thailand's power generation sector still emits about 87 million tons of CO2 per year. The challenge therefore is not only increasing clean power generation capacity, but also investing in the grid and BESS to create flexibility in time for new demand, while also monitoring related energy policies such as PDP2026, Direct PPA, and the use of loans under the emergency decree for loans of 200 billion baht for the energy transition.

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.

Uranium Energy Corp. reported fourth-quarter production of 82,744 pounds of U3O8, up 157% from the third quarter, as three new header houses at Christensen Ranch ran a full quarter and Burke Hollow in South Texas contributed its first full quarter. Total cost per pound across both mines dropped 33% to $36.54, and approval for four more header houses arrived on September 28, with production expected to start within weeks. The company sold 400,000 pounds from inventory at $93.13 per pound and still holds 1.256 million pounds worth about $109 million at spot prices, backed by $495 million in cash and no debt. Management declined to give formal production guidance because header house and wellfield approval timing is outside its control, and its refining subsidiary is still preparing its license application to the Nuclear Regulatory Commission, with a cost estimate not expected until mid-2027. Hedge fund interest cooled to 26 funds holding the stock from 32 in the prior quarter, short interest stands at 14.60% of the float, and the forward P/E of 178.57 as of October 2 reflects expectations for a production base far larger than today's.

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.

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.

The government has finalised its public solar scheme, covering a maximum target of 1,500,000 households with a total budget of 75 billion baht. The first phase supports 1,000,000 participants with 50 billion baht, and the second phase covers another 500,000 participants with 25 billion baht. The state subsidises installation at 50,000 baht per household, and holders of state welfare cards may take part. On installation specifications, households can install systems of up to 10 kilowatts, with the buyback rate for surplus power set at 5 kilowatts at 2.20 baht per unit under a 20-year contract. The criteria have also been adjusted from rooftop-only to cover ground-mounted and floating installations, provided there is an electricity meter on the premises. Polpree Suwanchavi, Deputy Minister of Interior, said that electricity users with average monthly bills of 3,000 to 4,000 baht will see the value pay off immediately. The government will issue soft loans through three state banks, namely the Government Housing Bank, the Government Savings Bank, and the Bank for Agriculture and Agricultural Cooperatives, cutting interest to 2.5% per year with repayment over about seven years, and plans to open registration on 1 November this year.

SSP is moving full speed ahead on its 150-megawatt Bago wind farm project in the Philippines. Site clearing and internal road construction are already under way, along with the pouring of large reinforced concrete foundations, while turbine components are in production. All work is proceeding according to plan. The company is confident it can begin commercial operation, or COD, in the fourth quarter of 2027, reinforcing its strategy of expanding renewable energy investment abroad, with revenue recognition over 20 years to support strong growth in its power plant portfolio. Meanwhile, CCET's management has laid out a five-year business strategy that maintains the strength of its core business while leveraging its manufacturing expertise to move into higher-value technology products and businesses. It plans to expand into new areas including AI servers, CSP, LVDC and HVDC, and to pursue new business technology alongside the development of automation and AI, upgrading production processes toward a smart factory to capture growth opportunities in the digital era. Shares of D will move from the mai market to trade on the SET in the services industry group, medical business sector, starting October 1, 2026, after more than nine years listed on mai and after meeting the Stock Exchange of Thailand's qualifications. The move reflects the company's growth and potential in revenue, net profit and shareholders' equity, and the company is ready to build on its business for sustainable growth going forward.

Yuanta Securities issued a positive analysis of Singer Thailand Public Company Limited, or SINGER, after the company launched its SINGER brand S-PRO Series appliances, initially focusing on televisions, commercial freezers, air conditioners and washing machines, produced by a new OEM, resulting in higher gross margins. The company targets raising product margin to 40% from 31.4% in the first half of 2026, with a device lock function similar to that of smartphones, allowing sales on installment through SGC's SG Finance+ system, with interest rates on appliance loans close to the 25% per year charged on Lock Phone. The company also plans to expand its Solar Roof business through the JGS joint venture, in which JMART holds 50%, GUNKUL 40% and SINGER 10%, and to open Solar Roof Shop branches and provide loans through SGC, as well as a new service, SG Subscribe+, starting first with Solar Roof. On branch expansion, the company targets opening 146 new branches this year, up from 101 branches in the second quarter of 2026, and adding 1,000 sales staff, after already adding 443 in the second quarter of 2026. Yuanta expects SINGER's net profit in the third quarter of 2026 to accelerate markedly both year on year and quarter on quarter, and to keep growing both year on year and quarter on quarter in the fourth quarter of 2026, supporting full-year 2026 net profit of 647 million baht, up 516% year on year, and a further 21.5% year-on-year rise in 2027. It maintains a Buy rating with a 2027 target price of 13.70 baht, implying 25% upside from the current price.

TC Energy Corporation has confirmed that Coastal GasLink Phase 2 will proceed following LNG Canada's expansion decision, nearly doubling capacity along the existing 670-kilometre route in British Columbia through new compressor stations and facility upgrades. Construction on the expansion is expected to start in early 2027, with service targeted for the early 2030s. The company also declared a continued quarterly dividend of C$0.8775 per share, or C$3.51 annualized. TC Energy's narrative projects CA$18.2 billion in revenue and CA$5.3 billion in earnings by 2029, with a fair value estimate of CA$98.78 implying 17% upside to the current price. Two fair value estimates from the Simply Wall St Community span from C$33.89 to C$98.78.

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.

CIBC raised its price target on Enerflex to CA$30 from CA$27.50 after updating its model for a 450 MW behind-the-meter power generation award tied to a North American data center developer, while keeping a Neutral rating on the stock. The firm had already lifted its target to CA$30 in July 2026, and it cited strong Engineered Systems bookings and a modest EBITDA beat in the second quarter as positives supporting execution on the core business. CIBC noted that earlier weakness in the shares followed a lack of secured data center power generation bookings, which it believes pushed potential catalysts into later quarters. On the updated assumptions, Simply Wall St's fair value for Enerflex rose to CA$46.94 from CA$44.50, with revenue growth now 6.72% versus 3.39% previously, net profit margin at 8.64% versus 9.01%, a future P/E of 18.29x versus 17.87x, and a discount rate of 6.83% versus 6.68%.

EquipmentShare.com Inc. announced a multi-year fleet agreement with Cummins Inc. to deploy up to 1 gigawatt of natural gas power generation capacity across major U.S. energy projects, centered on Cummins' C1400N6C lean-burn gas generator sets. The arrangement gives Cummins a rental and distribution partner focused on temporary power, microgrids, and battery storage solutions that can offer contractors energy cost reductions of 50% to 80% versus traditional mobile power. The deal adds another outlet for Cummins' natural gas generation and microgrid solutions, though the company's near-term swing factor remains whether it can avoid repeat EPS and EBITDA misses as incentives, tariffs and Accelera losses weigh on company-wide margins. Cummins' Q2 2026 update paired record Power Systems revenue of US$2.3b with a lower year-on-year EBITDA margin and trimmed Distribution guidance. Cummins' narrative projects $45.3 billion revenue and $5.7 billion earnings by 2029, requiring 9.2% yearly revenue growth and about a $3.0 billion earnings increase from $2.7 billion today, while some optimistic analysts had penciled in around US$50.5b of revenue and US$6.4b of earnings by 2029.

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.