Independent Power Producers & Energy Traders

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.

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.

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.

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.

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.

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.

Sarath Ratanavadi, Chief Executive Officer of Gulf Development Public Company Limited, or GULF, purchased an additional 5,000,000 ordinary shares of the company at an average price of 59.25 baht per share, for a total value of approximately 296.25 million baht. The purchase was made through the Stock Exchange of Thailand via the Auto Matching system through Bualuang Securities Public Company Limited on September 30, 2026. Following the transaction, Sarath's holding in GULF rose from 4,363,150,493 shares to 4,368,150,493 shares. This latest purchase follows a previous transaction on September 14, 2026, when Sarath bought 2,415,600 GULF shares at an average price of 60.75 baht per share, worth approximately 146.75 million baht, reflecting continuous additional buying of the company's shares in recent periods.

Gulf Development Public Company Limited, or GULF, announced that the Chiang Mai Waste to Energy community power plant project has successfully commenced commercial operation and begun supplying electricity to the Provincial Electricity Authority, or PEA, grid on schedule on 1 October 2026. The project is operated by Chiang Mai Waste to Energy Company Limited, or CMWTE, a subsidiary in which GULF holds an indirect 99.23 percent stake through Gulf Waste to Energy Holdings Company Limited, or GWTE. The Chiang Mai Waste to Energy project is a community waste power plant classified as a very small power producer, or VSPP, with a contracted power generation capacity of 8.0 megawatts and an installed capacity of 9.5 megawatts. It is located in Doi Saket district, Chiang Mai province, and sells electricity to PEA under a 20-year power purchase agreement. The project will help reduce the volume of waste that must be sent to landfill and lessen the need to find additional landfill space in Chiang Mai province, while supporting government policy on clean energy and efficient waste management, in line with the circular economy concept and promoting the transition to a low-carbon society.

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

Gulf Development, or GULF, has begun commercial operation and electricity supply, or COD, of the Chiang Mai Waste to Energy community waste-to-energy plant into the grid of the Provincial Electricity Authority, or PEA, on schedule on 1 October 2026. Ms. Yupapin Wangwiwat, Chief Financial Officer, disclosed that the project is operated by Chiang Mai Waste to Energy, a subsidiary in which GULF holds an indirect 99.23 percent stake through Gulf Waste to Energy Holdings. It is a community waste-to-energy plant of the very small power producer, or VSPP, category, with a contracted generating capacity of 8.0 megawatts and an installed capacity of 9.5 megawatts. Located in Doi Saket district of Chiang Mai province, it sells electricity to the PEA under a 20-year power purchase agreement. The project will help reduce the volume of waste that must be sent to landfill and lower the need to find additional landfill space in Chiang Mai province, while supporting government policy on clean energy and efficient waste management, in line with the circular economy concept and promoting the transition to a low-carbon society.

Gulf Development Public Company Limited, or GULF, announced that on 1 October 2026 the Chiang Mai Waste to Energy community power plant project began commercial operation and successfully supplied electricity to the grid of the Provincial Electricity Authority, or PEA, on schedule. The project is operated by Chiang Mai Waste to Energy Company Limited, or CMWTE, a subsidiary in which GULF holds an indirect 99.23% stake through Gulf Waste to Energy Holdings Company Limited, or GWTE. The project is a community waste-to-energy plant of the very small power producer, or VSPP, category, with a contracted power generation capacity of 8.0 megawatts and an installed capacity of 9.5 megawatts. It is located in Doi Saket district of Chiang Mai province and sells electricity to the PEA under a 20-year power purchase agreement. The project also helps reduce the volume of waste that must be sent to landfill and lessens the need to find additional landfill space in Chiang Mai province, while supporting government policy on clean energy and efficient waste management, in line with the circular economy concept and promoting the transition to a low-carbon society.

Daol Securities stated that BGRIM and Siam Piwat have signed a memorandum of understanding, or MOU, to study and develop a project for trading clean electricity through the power grid to third parties, or Third Party Access, targeting a total contracted generation capacity of up to 300MW to serve the clean energy needs of the Siam Piwat group, which covers major shopping centers including Siam Paragon, Siam Center, Siam Discovery, and ICONSIAM. BGRIM will be the electricity supplier and offer energy solutions through the TPA mechanism before moving to future contracts. Meanwhile, the Siam Paragon Solar Rooftop project, with a capacity of 800kW, has already commenced commercial operation under a power purchase agreement with BGRIM, installed on an area of over 4,600 square meters, and is expected to help reduce greenhouse gas emissions by up to about 532 tons per year. Daol has a neutral view on this news, as the 300MW TPA project is still only a study target, but if fully developed it would represent about 4.5% of the current installed capacity of 6.6GW. However, there are still no clear contract details or commercial operation date, so it is not yet included in estimates. The 800kW Solar Rooftop that has already commenced commercial operation accounts for only 0.01% of current capacity and is expected to generate revenue of only a few million baht per year, so its impact on BGRIM's estimates is limited. The buy recommendation is maintained with a target price of 25.00 baht.

Gulf Development Public Company Limited, or GULF, began commercial operation of the Chiang Mai community waste-to-energy plant, Chiang Mai Waste to Energy, on 1 October 2026, and has already supplied electricity to the Provincial Electricity Authority grid as scheduled. Ms. Yupapin Wangwiwat, Chief Financial Officer of GULF, said the project is operated by Chiang Mai Waste to Energy Company Limited, a subsidiary in which GULF holds an indirect 99.23% stake through Gulf Waste to Energy Holdings Company Limited. The project is a very small power producer community waste-to-energy plant with a contracted generating capacity of 8.0 megawatts and an installed capacity of 9.5 megawatts. It is located in Doi Saket district of Chiang Mai province and sells electricity to the Provincial Electricity Authority under a 20-year power purchase agreement. The project will help reduce the volume of waste that must be sent to landfill and lower the need to find additional landfill space in Chiang Mai province, while supporting government policy on clean energy and efficient waste management, in line with the circular economy concept and promoting the transition to a low-carbon society.

Gulf Development Public Company Limited, or GULF, informed the Stock Exchange of Thailand that the Chiang Mai Waste to Energy community waste power plant has successfully commenced commercial operation and begun supplying electricity to the grid of the Provincial Electricity Authority, or PEA, on schedule on 1 October 2026. The project is operated by Chiang Mai Waste to Energy Company Limited, or CMWTE, a subsidiary in which GULF holds an indirect 99.23 percent stake through Gulf Waste to Energy Holdings Company Limited, or GWTE. It is a community waste power plant classified as a Very Small Power Producer, or VSPP, with a contracted power generation capacity of 8.0 megawatts and an installed capacity of 9.5 megawatts. Located in Doi Saket district of Chiang Mai province, it sells electricity to PEA under a 20-year power purchase agreement. The project will help reduce the volume of waste that must be sent to landfill and lower the need to secure additional landfill space in Chiang Mai province, while supporting government policy on clean energy and efficient waste management, in line with the circular economy concept and promoting the transition to a low-carbon society.

Gulf Development Public Company Limited, or GULF, announced through the Stock Exchange of Thailand that the Chiang Mai Waste to Energy community waste-to-energy project has commenced commercial operation, or COD, on 1 October 2026, and has begun supplying electricity to the grid of the Provincial Electricity Authority, or PEA, as scheduled. The project is operated by Chiang Mai Waste to Energy Company Limited, or CMWTE, a subsidiary in which GULF holds an indirect 99.23% stake through Gulf Waste to Energy Holdings Company Limited, or GWTE. It is a community waste-to-energy plant classified as a very small power producer, or VSPP, with a contracted power generation capacity of 8.0 megawatts and an installed capacity of 9.5 megawatts. Located in Doi Saket District, Chiang Mai Province, it sells electricity to PEA under a 20-year power purchase agreement. The project helps reduce the volume of waste that must be sent to landfill and lessens the need to secure additional landfill space in Chiang Mai Province, while supporting government policy on clean energy and efficient waste management, in line with the circular economy concept and the transition to a low-carbon society.

Hokkaido Electric Power announced on the 30th that it will launch its banking service, Hokuden BANK, on October 14. The service will use the banking functions provided by UI Bank, a digital bank under Tokyo Kiraboshi Financial Group, to accept deposits and extend loans. Customers can open an account through a smartphone app and link it with their Hokkaido Electric membership service account. If they set up direct debit for their electricity and gas bills and meet conditions such as maintaining a deposit balance, the point reward rate on bill payments and other transactions will be up to 10 percent.

Hokkaido Electric Power announced on the 30th that it will launch its banking service, Hokuden BANK, on October 14. The service will utilize banking functions provided by UI Bank, a digital bank under Tokyo Kiraboshi Financial Group, to accept deposits and extend loans. Users can open an account through a smartphone app and link it with their Hokkaido Electric Power membership service account. If they set up direct debit for their electricity and gas bills and meet conditions such as maintaining a deposit balance, the point reward rate on bill payments and other transactions will be up to 10%.

B.Grimm Power, or BGRIM, has signed a memorandum of understanding with Siam Piwat Group to advance clean energy, covering two key projects: the study and development of a clean energy electricity trading project through the power grid for third parties, or TPA, targeting total contracted capacity of up to 300 megawatts, and the start of commercial operation, or COD, of a rooftop solar project at Siam Paragon shopping centre with total installed capacity of 800 kilowatts. On 30 September 2026, Harald Link, Chairman of BGRIM, said the partnership aims to meet rising demand for clean energy and the changing electricity market, with BGRIM to source and present power procurement opportunities and energy solutions to Siam Piwat through the TPA mechanism, leading to future power purchase agreements. The Siam Paragon rooftop solar project is carried out by B.Grimm Power Smart Solution, or BGPSS, under BGRIM, together with Siam Paragon Development, covering an area of more than 4,600 square metres and expected to cut greenhouse gas emissions by up to about 532 tonnes per year. Nopadol Karnasuta, Chief Executive Officer for Thailand, Malaysia and Industrial Business Solutions at BGRIM, said the move builds on a strategic partnership whose MOU was signed in late 2025. BGRIM aims to raise the share of renewable energy to more than 50%, with total power generation capacity of 10,000 megawatts by 2030, and is targeting net zero greenhouse gas emissions by 2065.

Kasikorn Securities has issued an analysis giving a positive view on Gulf Development, or GULF, after the company moved to expand its renewable energy portfolio through an investment in projects of Gunkul Engineering, or GUNKUL. On September 28, 2026, GULF informed the Stock Exchange of Thailand that Gulf Renewable Energy Company Limited, or GRE, a subsidiary 100% owned by GULF, had acquired a 50% stake in seven GUNKUL companies covering 12 solar and wind power plant projects in Thailand, with total contracted capacity of 673 megawatts, or 337 MWe attributable to GULF's shareholding. GULF invested 467 million baht for the 50% stake, while GUNKUL retains the other 50%, representing a premium of about 1.4 million baht per megawatt for the rights under the power purchase agreements, or PPAs. The projects are scheduled to gradually begin commercial operation, or COD, during 2027 to 2030, and all 12 projects have already signed 25-year power purchase agreements with the Electricity Generating Authority of Thailand, or EGAT. The acquired portfolio comprises solar and solar-plus-storage projects totaling 209 megawatts and wind power projects totaling 464 megawatts, with feed-in tariff, or FiT, rates of 2.16 baht per unit for solar projects, 2.83 baht per unit for solar-plus-BESS projects, and 3.10 baht per unit for wind projects. Kasikorn Securities assesses that the newly acquired renewable capacity of 337 MWe represents about 3.5% of GULF's committed equity capacity of 9,607 MWe as of August 2026, and expects profit sharing from the 209-megawatt solar projects to be about 150 million baht in 2028 and to increase by about 600 million baht from 2030 onward from the 464-megawatt wind projects. On the investment view, Kasikorn Securities maintains a buy recommendation on GULF with a target price of 79 baht, expecting strong profit growth during 2026 to 2030, and sees GULF as having high potential to win new capacity projects under the PDP2026 plan, which is likely to be announced in late 2026. The target price is based on a discounted cash flow, or DCF, method using a WACC of 4.4%.

Land and Houses Securities issued an analysis recommending a buy on BDMS shares with a target of 25.0 baht, assessing support at 19.3/19.5 baht and resistance at 20.4/21.0 baht. July revenue accelerated 8% year on year, up from only about 1% year on year in the first half of 2026, supported by a 9% year-on-year rise in Thai patients and a 6% year-on-year increase in foreign patients. The research team expects third-quarter 2026 profit to recover both year on year and quarter on quarter, viewing the second quarter of 2026 as this year's profit trough. For BGRIM shares, it recommends a buy with a target of 21.5 baht, assessing support at 18.0/18.4 baht and resistance at 20.0/20.8 baht. It sees the new Power Development Plan, due to take effect soon, as increasingly positive given rising electricity demand from data centers, with expectations of 300 to 500 megawatts of new generating capacity. Meanwhile, the NAKWOL 1 project, a wind project in South Korea, is 92% complete and will be a key turning point in raising the renewable share to reduce reliance on profit from small power producers. The first and second phases of the data center business are already 100% fully contracted with customers, with commercial operation dates expected by the third quarter of 2027, along with plans to expand to 300 megawatts both domestically and overseas.

B.Grimm Power, or BGRIM, has signed a memorandum of understanding with the Siam Piwat group of companies to drive the transition to clean energy through two main projects. The first project is the study and development of clean electricity trading through the third-party access, or TPA, power grid system, targeting total contracted capacity of up to 300 megawatts. B.Grimm Power will be the supplier and will present opportunities for electricity procurement and energy solutions to Siam Piwat, leading to future contracts. The second project is the commercial operation date, or COD, of a rooftop solar project at Siam Paragon shopping centre, with total installed capacity of 800 kilowatts, on 30 September 2026, covering the Paragon Hall Cinema Side area, the Paragon Cineplex side, and the NEXTOPIA project. It is operated through B.Grimm Power Smart Solution Company Limited under B.Grimm Power, together with Siam Paragon Development Company Limited, on an area of more than 4,600 square metres, which is expected to be equivalent to reducing greenhouse gas emissions by up to about 532 tonnes per year. Noppadet Karnasuta, Chief Executive Officer of Business in Thailand, Malaysia and Industrial Business Solutions at BGRIM, said the company aims to increase the share of renewable energy to more than 50% to reduce the impact of natural gas price volatility in the long term, while pursuing a target of 10,000 megawatts of power generation capacity in 2030 and net zero greenhouse gas emissions by 2065.

B.Grimm Power has signed a memorandum of understanding with Siam Piwat Group to study and develop a clean energy power trading project through the Third Party Access system, targeting total contracted capacity of up to 300 megawatts. B.Grimm Power will source and present opportunities for power procurement and energy solutions to Siam Piwat through the TPA mechanism, with the aim of reaching future contracts. The two parties also celebrated the official commercial operation date, or COD, of a rooftop solar power project at Siam Paragon shopping center, with total installed capacity of approximately 800 kilowatts, on September 30, 2026, under a partnership between B.Grimm Power Smart Solutions and Siam Paragon Development, covering the Paragon Hall Cinema Side area and the NEXTOPIA project. Previously, solar rooftops were installed on the Siam Paragon building through a power purchase agreement with B.Grimm Power Smart Solutions, covering more than 4,600 square meters and expected to cut greenhouse gas emissions by up to approximately 532 tons per year. Meanwhile, B.Grimm Power aims to raise the share of renewable energy to more than 50% and is targeting power generation capacity of 10,000 megawatts in 2030, alongside a Net Zero goal by 2065.

B.Grimm Power, or BGRIM, has signed a memorandum of cooperation with Siam Piwat Group to drive the transition to clean energy through a strategic partnership covering two main projects. The first is the study and development of a clean energy electricity trading project using third-party access to the power grid, or Third Party Access, known as TPA, targeting a combined contracted capacity of up to 300 megawatts as part of the overall collaboration. Under this, BGRIM will source and present opportunities to supply electricity and energy solutions to the Siam Piwat Group through the TPA mechanism, leading to future contracts. The second project is the commercial operation, or COD, of a rooftop solar power project at Siam Paragon shopping centre, with total installed capacity of about 800 kilowatts, officially launched on 30 September 2026. It is a collaboration between B.Grimm Power Smart Solution, or BGPSS, which is under BGRIM, and Siam Paragon Development, covering an installation area of more than 4,600 square metres and supporting electricity use in Paragon Hall, the Paragon Cineplex cinema wing and the NEXTOPIA project. Noppadet Karnasuta, Chief Executive Officer for Business in Thailand, Malaysia and Industrial Business Solutions at BGRIM, said the rooftop solar project at Siam Paragon operates under a power purchase agreement, or PPA, with BGPSS and is expected to help cut greenhouse gas emissions by up to about 532 tonnes per year. BGRIM aims to raise the share of renewable energy to more than 50% and targets total power generation capacity of 10,000 megawatts by 2030, while pursuing a net zero greenhouse gas emission goal by 2065.

B.Grimm Power has signed a memorandum of understanding with Siam Piwat Group to study and develop a clean energy electricity trading project through Third Party Access, or TPA, services, targeting a total contracted capacity of up to 300 megawatts. B.Grimm Power will take on the role of supplier and present opportunities for electricity procurement, along with suitable energy solutions, to Siam Piwat through the TPA mechanism, paving the way for future contracts. At the same time, the two parties celebrated the commercial operation date, or COD, of a rooftop solar project at Siam Paragon shopping center, with a total installed capacity of about 800 kilowatts, on September 30, 2026, covering an area of more than 4,600 square meters. It is expected to be equivalent to reducing greenhouse gas emissions by up to about 532 tons per year. This collaboration is part of efforts to drive Siam Piwat Group's goal of achieving net zero greenhouse gas emissions in Scopes 1 and 2 by 2050. Meanwhile, B.Grimm Power aims to increase the share of renewable energy to more than 50% and targets electricity generation capacity of 10,000 megawatts in 2030, along with a net zero goal by 2065.

B.Grimm Power, or BGRIM, has signed a memorandum of understanding with Siam Piwat Group to drive the transition to clean energy through two main projects. The first is the study and development of a clean electricity trading project using a third-party access power grid service, or TPA, targeting total contracted capacity of up to 300 megawatts. B.Grimm Power will source and present electricity procurement and energy solution opportunities to Siam Piwat through the TPA mechanism, leading to future contracts. The second project is the commercial operation, or COD, of a rooftop solar power project at Siam Paragon shopping centre on 30 September 2026, with total installed capacity of about 800 kilowatts, covering the Paragon Hall Cinema Side area and the NEXTOPIA project. Dr Harald Link, Chairman of B.Grimm Power Public Company Limited, co-signed the memorandum. Meanwhile, Chadatip Chutrakul, Chief Executive Officer of Siam Piwat Group, said the partnership is part of efforts to drive its goal of net-zero greenhouse gas emissions in scopes 1 and 2 by 2050. Nopadej Karnasuta, Chief Executive Officer for Thailand, Malaysia and Industrial Business Solutions at BGRIM, said the company aims to raise the share of renewable energy to more than 50% and is targeting power generation capacity of 10,000 megawatts in 2030, as well as becoming an organisation with net-zero greenhouse gas emissions by 2065. Siam Paragon has signed a power purchase agreement with B.Grimm Power Smart Solution Company Limited covering more than 4,600 square metres, expected to be equivalent to a reduction in greenhouse gas emissions of up to about 532 tonnes per year.

B.Grimm Power, or BGRIM, has signed a memorandum of understanding with Siam Piwat Group to drive the transition to clean energy through two main projects: the study and development of a clean electricity trading project via the power grid for third parties, known as Third Party Access, with a target of total contracted capacity of up to 300 megawatts, and the commercial operation, or COD, of a rooftop solar project at Siam Paragon shopping center with a total installed capacity of 800 kilowatts, on September 30, 2026. Dr. Harald Link, Chairman of B.Grimm Power, said this collaboration responds to an era in which demand for clean energy and competition in the electricity market are growing more important, with B.Grimm Power serving as the supplier and offering opportunities to provide electricity and energy solutions to Siam Piwat through the TPA mechanism. Chadatip Chutrakul, Chief Executive Officer of Siam Piwat Group, said this is another important step in driving the goal of achieving net-zero greenhouse gas emissions in Scopes 1 and 2 by 2050. Meanwhile, Nopadej Karnasuta, Chief Executive Officer of Business in Thailand, Malaysia and Industrial Business Solutions at B.Grimm Power, said the project covers an area of more than 4,600 square meters, expected to be equivalent to a reduction of up to about 532 tons of greenhouse gases per year, and the company aims to increase the share of renewable energy to more than 50%, targeting electricity generation capacity of 10,000 megawatts in 2030 and Net Zero by 2065.