Firm Power & Transition Fuels

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.

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.

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.

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.

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.

Eni and Repsol are considering selling a portion of their stakes in the Perla natural gas field off Venezuela's coast, Bloomberg reported Saturday, citing people familiar with the matter. The two European energy groups currently own 50% each of the venture and are seeking additional funds to help develop the massive offshore field, which they discovered in 2009 in shallow waters close to Venezuela's border with Colombia. Perla is estimated to hold approximately 17T cubic feet of gas, making it one of the largest gas fields in Latin America. In April, the companies reached a deal with the Venezuelan government to begin natural gas exports from the oil-rich nation by the end of 2031, an agreement with interim president Delcy Rodríguez that will enable the duo to more than double production at the Perla field. Eni and Repsol did not respond to Bloomberg's requests for comment.

South Bow Corp. raised its 2026 distributable cash flow guidance to about US$665 million after a stronger-than-expected first half, while maintaining a quarterly dividend of US$0.50 per share. The higher guidance follows second-quarter 2026 distributable cash flow of US$175 million, up 4% from the first quarter, and reflects fee-based revenue from the Keystone Pipeline System that currently covers the dividend. The company's narrative projects $2.1 billion in revenue and $458.8 million in earnings by 2029, assuming 1.9% yearly revenue growth and a slight $1.2 million earnings decrease from $460.0 million today, with a CA$51.03 fair value implying 6% upside. Elevated debt levels and interest costs remain the key risk to watch, even as the upgraded cash flow outlook supports the near-term cash flow stability case.

SM Energy has drawn fresh attention after reporting quarterly earnings and revenue that topped analyst expectations, at a time when many investors already view the stock as trading at a discount to peers. The past year has been strong for SM Energy, with an 84.21% year to date share price return and a 42.04% total shareholder return, even though the 30 day share price return declined 7.97%, hinting that momentum has cooled slightly after a sharp 31.25% 90 day share price rise. The most widely followed narrative frames the stock as 18% undervalued, with SM Energy closing at $35.24 against a narrative fair value of $43.18, backed by a story built around efficiency and capital discipline. The company has increased both net proved reserves and net production by over 60% since 2020 while improving production margins and keeping share count flat, and continued completion and well cost efficiencies in its Uinta and Midland Basin assets are driving lower per-unit costs. The bullish story could weaken if Uinta Basin bottlenecks squeeze realized pricing or if high, ongoing shale spending limits future free cash flow.

Petrobras said Friday it made another oil discovery in ultra-deep waters off Amapá state, strengthening indications of hydrocarbon potential along Brazil's Equatorial Margin. The find follows the company's August discovery, when Petrobras first identified the presence of oil and natural gas at the Morpho exploration well in Block FZA-M-59 in the Foz do Amazonas Basin; the oil found in August was of good quality, the company said. Petrobras said the new discovery expands knowledge about the exploration potential of the area and will provide additional information for assessing the petroleum systems and resource potential of the Foz do Amazonas sedimentary basin. The continued drilling of Morpho was aimed at evaluating deeper exploration intervals and led to this new discovery, the company added. Petrobras said recently it plans to drill three new wells in the area starting in January to determine the viability of commercial production in the environmentally-sensitive region.

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.

Eni CEO Claudio Descalzi met Argentine President Javier Milei in Paris on Friday to discuss energy investment and progress on the Argentina LNG project, which its developers aim to take to a final investment decision before the end of the year. Argentina LNG is being developed by Eni, state-controlled YPF and Abu Dhabi-based XRG to monetize Vaca Muerta gas through an integrated production, processing, transportation and export system. The initial development would have LNG production capacity of 12 million tonnes per annum using two floating LNG facilities of 6 million tonnes annually each, with production currently scheduled to begin in 2030, while the partners evaluate an expansion that could lift capacity to 18 million tonnes per year. The consortium signed a binding joint development agreement in February covering the 12-mtpa phase, Eni agreed in June to acquire a 32% interest in the Meseta Buena Esperanza, Aguada Villanueva and Las Tacanas blocks in Vaca Muerta, and the project applied in August to enter Argentina's Large Investment Incentive Regime, or RIGI, a step the consortium described as a milestone toward the planned year-end investment decision. The two FLNG units are expected to be located offshore Río Negro province, and Eni said Milei and Descalzi also discussed the importance of a stable framework for long-term energy investment, with the company identifying international markets including Europe as potential destinations for future Argentine LNG supplies.

Cheniere Energy is positioned to potentially extend its earnings-beat streak when it reports next on October 29, 2026, according to Zacks Investment Research. The natural gas company has topped estimates in each of its last two quarters, posting $3.02 per share against a $2.89 consensus for a 4.50% surprise, and $4.77 per share against a $3.91 consensus for a 21.99% surprise, an average surprise of 13.25% over that span. Cheniere Energy currently carries a Zacks Earnings ESP of +14.87% alongside a Zacks Rank #3 (Hold), a combination Zacks research shows produces a positive surprise nearly 70% of the time. The Earnings ESP compares the Most Accurate Estimate with the Zacks Consensus Estimate for the quarter, on the premise that analysts revising estimates just before a release hold the latest information.

WP Energy Public Company Limited, or WP, closed its share buyback programme for financial management on 24 September 2026, repurchasing the full 15,000,000 shares, representing 2.94% of total issued shares, with a total investment value of 57,084,060 baht out of a maximum buyback budget of no more than 63,000,000 baht under the programme approved by the board at its 6/2569 meeting. Ms. Chomkamol Poompanmuang, Chief Executive Officer of WP, said the buyback will help put excess liquidity to productive use and increase shareholder return on equity, or ROE, as well as net profit per share, or EPS. She also stressed that the company continues to press ahead with its 2026 business plan, targeting LPG sales of 770,000 tonnes, focusing on the domestic market across the petrochemical, industrial and household sectors, alongside expanding its solar rooftop business and seeking investment opportunities in alternative energy businesses related to its core operations to support future growth.

The number of liquefied natural gas carriers passing through the Strait of Hormuz in September was the highest monthly total since the Iran war began. According to S&P Global Energy, 19 vessels made the transit, with 13 originating from Qatar and 6 from the United Arab Emirates. Eric Yep, a senior principal analyst at the firm, said this exceeded the 15 transits in June, when the U.S.-Iran agreement began to take effect. Kpler data also showed 21 transits in September, up from 15 in June. Yep said LNG tanker transits through the Strait of Hormuz accelerated in the second half of September, and if that pace continues into October, monthly transits could recover to 25 percent of pre-war levels. He noted that the biggest concern is whether LNG shipments through the Strait of Hormuz can be sustained through the winter.

PTT, together with the Royal Thai Air Force, is driving forward the installation of solar power generation systems across 3 projects. These comprise floating solar power generation systems at the Air Operations Control Command and the 3rd Air Force Armament Factory of the Air Force Armament Department, and rooftop solar power generation systems at the Navaminda Kasatriyadhiraj Royal Air Force Academy within the Air Operations Control Command area of the Royal Thai Air Force. The projects operate under 25-year power purchase agreements. They help reduce the Royal Thai Air Force's utility expenses by approximately 52 million baht over the life of the projects and help cut greenhouse gas emissions by approximately 40,280 tonnes of carbon dioxide equivalent. Air Chief Marshal Wisut Somphakdee, Chairman of the Royal Thai Air Force Renewable Energy Committee, and Dr. Buranin Rattanasombat, Chief Operating Officer of the New Business and Sustainability Group at PTT Public Company Limited, jointly presided over the project opening ceremony. The initiative supports the use of environmentally friendly energy and drives Thailand's greenhouse gas reduction and Net Zero goals over the long term.

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.

Kanita Sasivattaya took up the position of Chief Executive Officer of PTT Exploration and Production Public Company Limited, or PTTEP, on 1 October 2026, and set out a vision to carry forward the mission of building energy security for the country by maintaining continuous petroleum production capacity while pursuing growth abroad in strategically important areas. On corporate management, operations will be conducted under a sustainability approach and will drive the goal of achieving net zero greenhouse gas emissions by 2050, as well as preparing to accommodate changes in the energy industry through digital technology and AI, personnel development, and the cultivation of a new generation of leaders. Kanita has more than 30 years of experience in the petroleum exploration and production business and has played a key role in driving the development of three main natural gas field networks, in the Gulf of Thailand, the Thailand-Malaysia Joint Development Area, and Myanmar, as well as pushing for a final investment decision for the CCS project in the Arthit field, which is Thailand's first CCS project.