If a giant nuclear plant is a 'cathedral' — built one at a time, by hand, taking a decade and often ballooning into the tens of billions — then SMRs are the idea of turning it into a 'car assembly line': small, identical reactors built in a factory and trucked out to sit next to whoever needs the power. It's one of the hottest bets going, because AI is hungry for electricity like never before — but let's be straight: almost none of the real things are running commercially yet. Today's stock prices are a bet on 'the future,' not on profits that already exist.
Eknat Unveils Energy Restructuring Plan, Reserving 10,000 Megawatts of Rooftop Solar for the Public
Energy Minister Eknat Prompan has unveiled a major energy restructuring plan, under which the government will reserve 10,000 megawatts of rooftop solar generating capacity specifically for the public, set at roughly 5 kilowatts per household, to spread the right across households nationwide. Under the new approach, the state will buy back surplus power and apply it as a discount on the same billing cycle's electricity bill. A 5-kilowatt system can generate about 600 to 700 units per month, worth roughly 2,000 baht or more, and the state will provide a subsidy of 50,000 baht, with the income from the generated power used to pay it off. The equipment is expected to be fully paid off in about 7 to 10 years. On cutting permitting steps, coordination will be handled solely through the distribution utilities, with a target of about 1 week for inspection and acceptance in self-consumption installations, and no more than 1 month in cases of selling power back. For the new Power Development Plan, or PDP, three goals are set: cleanest, most stable, and fairest. It targets raising the share of clean energy from the current level of just over 20% to close to 50% within 10 years, and no less than 65% in the long term, while reducing reliance on spot-market LNG in favor of long-term contracts, and opening the door to future technologies including hydrogen, geothermal, solid oxide fuel cells, and small modular nuclear reactors, or SMRs. Meanwhile, the public electricity cost that has been embedded in the power tariff structure for 30 to 40 years amounts to a burden of about 18 billion baht per year. The government has removed this burden from the structure and has already implemented a measure capping the first 200 units of household electricity at 3 baht per unit.
Westinghouse Targets Over $50B Valuation in U.S. IPO, Eyes October Filing
Westinghouse Electric is seeking a valuation of more than $50B in its U.S. initial public offering, with a filing targeted for as soon as October, though details including timing could still change, Bloomberg reported Friday. Citigroup and Goldman Sachs are leading the IPO, with CIBC, J.P. Morgan Chase and Royal Bank of Canada also working on the listing. Westinghouse is jointly owned by Brookfield Renewable Partners and Cameco, which completed a deal in 2023 to buy a 49% stake in the company at a roughly $8B value. The company looks set to benefit from the Trump administration's efforts to boost the U.S. nuclear industry, and the U.S. Army recently selected it as one of five firms to build, own and operate its power plants. Westinghouse's nuclear power technology is used by 57% of the world's nuclear reactors, and it has a pipeline of as many as 91 opportunities for its latest generation reactor.
Oklo Targets First Aurora Microreactors in Idaho by Late 2027
Oklo, the microreactor developer that went public through a SPAC merger on May 10, 2024, is targeting deployment of its first Aurora Powerhouse microreactors in Idaho in late 2027 or early 2028, with analysts expecting revenue to rise to $2 million in 2026, $8 million in 2027, and $53 million in 2028. The Aurora generates only 1.5 MWe on its own but is designed to be deployed alongside additional microreactors to build plants capable of generating up to 75 MWe, far below the over 1,000 MWe of a conventional nuclear plant, though its modular, factory-prefabricated design suits remote, off-grid sites and data center operators. The Nuclear Regulatory Commission approved Oklo's Principal Design Criteria for the Aurora in June, and the company achieved criticality at Groves One, its first pilot isotope-production reactor, in early August, deploying it in just 229 days. Oklo's partnership with Meta Platforms, announced in January, aims to deliver 1.2 GW of power at a nuclear campus in Ohio, with initial phases expected online around 2030, and the company is working to convert a multi-gigawatt pipeline of non-binding letters of intent, including a 14 GW agreement with Switch, into firm Power Purchase Agreements. Oklo also signed an LOI to buy HALEU from Centrus Energy, one of the only companies authorized to produce and enrich HALEU in the United States, while carrying a $7.4 billion market cap that trades at 139 times its 2028 sales.
Crusoe said Thursday it raised $3.9 billion in a Series F round that pushes its valuation to $30.9 billion. The round was co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners, with Founders Fund, GIC, Nvidia, Qatar Investment Authority, Radical Ventures, and TPG also participating. Crusoe also announced three new board members: Cloudflare CFO Thomas Seifert, Bill Stein, partner and CIO at Primary Digital Infrastructure, and Redwood Materials founder and CEO JB Straubel, who also sits on Tesla's board. The fresh capital will help finance existing data center projects, including a large site in Abilene, Texas, used by OpenAI, as well as smaller, modular AI factories called Spark that can be transported by truck and connected to large power sources almost anywhere. The raise comes 10 months after Crusoe raised $1.38 billion at a $10 billion valuation last October, and follows a reported $13 billion, five-year cloud contract to supply quantitative trading firm Jane Street with GPUs and AI infrastructure.
Oklo Jumps 13%, NuScale Climbs 10% After House Passes Ratepayer Protection Act
The U.S. House of Representatives passed the Ratepayer Protection Act by a near-unanimous margin, sending shares of nuclear reactor developers Oklo and NuScale Power sharply higher in Thursday morning trading. Oklo stock rose 13% to $40.37, while NuScale Power stock climbed 10% to $9.14, far outpacing the Global X Uranium ETF, which gained 4% to $42.92, and the SPDR S&P 500 ETF Trust, which rose 1% to $762.04. The bill would require large data centers to pay for the power generation and transmission upgrades their electricity demand creates rather than spreading those costs across other utility customers, though it still needs Senate approval before becoming law. Oklo's bull case rests on a signed pipeline that includes a 12 GW master power agreement with Switch and a 500 MW letter of intent with Equinix that included a $25 million pre-payment, but the company targets first commercial power delivery only in late 2027 to early 2028 and remains pre-revenue in its core reactor business, with shares down 44% year to date. NuScale Power, the only U.S. NRC design-certified small modular reactor technology provider, ended Q2 2026 with $1.9 billion in cash and investments, and its growth story centers on ENTRA1 Energy advancing discussions with TVA toward a definitive PPA for up to 6 GW of capacity, described as potentially the largest nuclear deployment program in U.S. history, though its stock is down 36% year to date and trades near its 50-day moving average of $9.06.
BWX Technologies Expands Nuclear Manufacturing as 2025 Revenue Rises 18.3%
BWX Technologies is expanding its manufacturing and technology capabilities across advanced nuclear, commercial nuclear and government programs. The company has expanded its Cambridge, Ontario, facility to increase heavy commercial nuclear component manufacturing capacity, and is developing capabilities for high-purity depleted uranium along with investments in uranium processing and advanced manufacturing facilities. Its Innovation Campus in Lynchburg, VA, brings together design, research, engineering, testing and fabrication for advanced nuclear technologies, with R&D spanning advanced reactors, nuclear fuel, additive and autonomous manufacturing, medical radioisotopes and radiopharmaceuticals. BWXT's 2025 revenues increased 18.3% to $3.2 billion. The Zacks Consensus Estimate points to 2026 and 2027 earnings per share growth of 18.45% and 10.73%, respectively, while the stock trades at a forward 12-month price-to-sales of 3.31X versus the industry average of 7.14X.
Microsoft and Blykalla Partner to Apply AI to Nuclear Reactor Licensing
Microsoft and Swedish nuclear company Blykalla announced a partnership to apply AI to nuclear reactor licensing processes. The collaboration will deploy Microsoft's GenAI for Energy Permitting Solution Accelerator within Blykalla's regulatory workflows in Sweden and the U.S., targeting faster permitting and licensing for advanced nuclear reactors, a frequent bottleneck for clean energy deployment timelines. Microsoft is a US based technology giant with a US$3.7 trillion market cap whose software and cloud tools are used by governments, utilities, and enterprises. The deal also connects to Microsoft's push to secure reliable power for its own data centers, since reactors like SEALER are described as potential co located sources of energy for AI facilities. The early test will be whether regulators and utilities adopt Microsoft's GenAI for Energy Permitting tools into their own workflows in Sweden and the U.S.
N Shengu listed today, opening at 13.00 yuan, up 196.13% from its issue price. The company issued a total of 311 million shares, of which 152.3905 million were offered online, at an issue price of 4.39 yuan per share, with an issue price-to-earnings ratio of 29.81 times, compared with an industry average of 40.94 times. The number of valid online subscription accounts was 15.7247 million, and the final online lottery winning rate was 0.04703721%. The company raised 1.365 billion yuan in its initial public offering, mainly for a green and efficient major technical equipment industrialization project, a Shengu Group research and development and digitalization project, a clean energy green factory project, and a nuclear pump pilot base project. The company's main business focuses on key areas safeguarding national defense security, food security, ecological security, energy security and industrial security. With the mission of localizing major critical equipment for the energy and chemical industry, it operates across three business segments: energy and chemical equipment manufacturing, industrial services, and strategic emerging industries, specializing in the research, development, design, manufacturing, sales and full-life-cycle services of major technical equipment products such as centrifugal compressors, reciprocating compressors and nuclear pumps.
WHAUP second-quarter profit surges 275.8%, presses ahead with small nuclear power plant investment
WHA Utilities and Power Public Company Limited, or WHAUP, reported net profit of 531.8 million baht for the second quarter, up 275.8% from 141.5 million baht in the same period a year earlier. That brought first-half net profit to 834.9 million baht, up 128.6% from 365.3 million baht a year earlier. Its parent company, WHA Corporation Public Company Limited, or WHA, posted second-quarter net profit of just 659.2 million baht, down 32.7% from 980.1 million baht a year earlier, while first-half net profit came to 2.1675 billion baht, down 29.1% from 3.0555 billion baht a year earlier. In its latest development, WHAUP is building a new growth engine by preparing to invest in small nuclear power plants, or Small Modular Reactors, as well as Carbon Capture and Storage technology, in line with the PDP 2026 plan, which emphasises raising the share of renewable and clean energy to more than 65%. Meanwhile, Krungsri Securities has raised its profit forecasts for WHAUP for 2026 to 2028 by 6%, 3% and 8% respectively, and Kasikorn Securities expects WHAUP's profit to grow at a compound annual rate of 19% over 2026 to 2030, far above the sector average.
GULF Says Foreign Investors Flocking for Information, Invited to Co-Invest After Gastech
Sarath Ratanavadi, Chief Executive Officer of Gulf Development Public Company Limited, or GULF, revealed that GULF shares have drawn interest from institutional investors and funds both at home and abroad, who have been continuously requesting information on the company's growth plans. After taking part in Gastech 2026, the company received invitations to co-invest in several energy and natural gas projects overseas, but it will weigh them carefully, prioritising confidence that there is sufficient gas supply for its own power plants. As for natural gas prices, the rise this time is still far smaller than during the Russia-Ukraine war, and the company views it as a short-term factor tied to crude oil prices rather than a supply shortage. The company is also pressing ahead with developing a Data Center in the form of a Data Center industrial estate, with a scale designed to support as much as a thousand megawatts, and expects to reach a conclusion on the site within this year. Meanwhile, its submarine cable project linking Vietnam, Singapore, Thailand and ASEAN, valued in the tens of billions of baht, is in the process of seeking permits. GULF invests in the infrastructure while ADVANC handles marketing and service sales, and the company expects a good level of return on investment. In addition, the company is studying small modular nuclear reactor technology, or SMR, and expects it will take roughly another two to three years. The upward trend in interest rates does not affect GULF, as shown by the results of its most recent bond offering, which drew subscriptions far exceeding the target.
NuScale Fabricates Boron-Oxide Pellets for Passive Emergency Cooling System
NuScale Power said it successfully fabricated specialized boron-oxide pellets, a critical component of its passive emergency cooling system, in collaboration with MilleniTEK on Sept. 1. The pellets, which automatically dissolve in reactor coolant to control core reactivity without operator intervention, are used in NuScale's 77 MWe Small Modular Reactor design and its Emergency Core Cooling System. The company said the fabrication milestone moves the pellets beyond a paper concept and one step closer to mass production and commercial deployment, and that producing the components before construction begins can shorten the supply process up front; NuScale has secured master service agreements with over 60 specialized suppliers. NuScale, the only small modular reactor developer to receive a Standard Design Approval from the Nuclear Regulatory Commission, currently has one project, the RoPower Doicești Project in Romania, where it plans to deploy up to six NuScale Power Modules with the first projected to come online in 2033. The company is also working with ENTRA1 Energy and hopes to close a deal with the Tennessee Valley Authority by year-end to explore deploying up to 6 GW, about 72, of its SMRs, though no firm commitment has been made.
UBS Downgrades NuScale Power to Sell, Cuts Price Target to $6 on 40% Downside
UBS downgraded NuScale Power to Sell from Neutral and cut its price target to $6 from $10, implying roughly 40% downside from the stock's level when the analyst call was issued. The bank's negative argument centers on execution, noting competitors are entering construction while NuScale faces an expected build time of more than five years and no concrete client commitments, and it now forecasts just one NuScale project breaking ground in 2028 with a cumulative cash burn of $700 million from 2026 through 2028. NuScale reported $766.5 million in cash and cash equivalents as of June 30, 2026, plus $305.7 million of short-term investments and $820.8 million of investments, totaling over $1.89 billion with no debt, but it recorded a cumulative deficit of $824.4 million and used $372.9 million of cash in operating activities in the first half of 2026, up from $56.1 million a year earlier, largely due to a $259.9 million payment to commercialization partner ENTRA1. Counterarguments include NuScale's US460 standard plant design, which received U.S. Nuclear Regulatory Commission approval in May 2025 with six modules of 77 megawatts each for 462 megawatts total, and the Doicești project in Romania with RoPower Nuclear, where shareholders approved the final investment decision on Feb. 12, 2026, alongside an ENTRA1 Energy initiative with TVA for up to 6 gigawatts of NuScale capacity. The Energy Department has projected the U.S. may need as much as 200 gigawatts of new nuclear capacity by 2050, and in March 2025 published a request for $900 million to assist development of American-made Generation III+ small modular reactors.
NuScale Power Faces Higher Cost Estimates and Delayed Customer Funding
NuScale Power is contending with rising operational expenses that a recent study suggests exceed earlier internal projections, with the same analysis indicating potential operating costs could surpass prevailing electricity market prices and casting doubt on project-level profitability. The company has not yet secured a binding financial commitment from its primary customer ahead of planned construction on its flagship small modular reactor project. Regulators and investors are watching how NuScale addresses the higher cost estimates and the missing customer funding agreement before the end of 2026, even as the company continues to promote its small modular reactor ambitions. The most concrete signpost from here is whether NuScale can secure a binding financial agreement with its flagship customer before the end of 2026, as previously signaled, a contract timing that will show whether counterparties accept the updated cost picture and are willing to lock in SMR capacity on commercial terms. NuScale Power sells small modular reactor technology in the US electrical industry, positioning its design as a compact alternative to conventional large-scale nuclear plants and to other low carbon power sources at utility scale.
BWXT Wins $4 Million NNSA Contract for Lithium Processing Facility Design
BWX Technologies announced on September 3 that it secured a $4 million contract to develop a conceptual design for the first module of a new Lithium Processing Facility for the U.S. National Nuclear Security Administration. The planned facility is meant to modernize and replace aging infrastructure used for lithium reprocessing while supporting purification, component production, and other nuclear security activities. Heatherly Dukes, president of BWXT's Technical Services Group, said the project represents an important investment in modernizing the nation's nuclear security infrastructure. The $4 million award is small relative to BWXT's more than $8.6 billion backlog at the end of the second quarter and is unlikely to significantly affect near-term earnings and cash flows, but it could lead to follow-on work: after the initial four-month first phase, the NNSA plans to select one of two companies for the next design phase and potential construction contract. The win also fits a broader expansion of BWXT's government business, which includes a near-sole-source monopoly supplying nuclear reactors and high-assay enriched fuel for the U.S. Navy's submarine and aircraft carrier fleet, and its BWXT Advanced Nuclear Reactor technology was recently selected by the U.S. Army for its Janus program.
NuCube Energy and Launch Two File Form S-4 for Proposed Business Combination
NuCube Energy and Launch Two Acquisition Corp. jointly announced that Launch Two has publicly filed a registration statement on Form S-4 with the U.S. Securities and Exchange Commission on September 11, 2026, with NuCube named as a co-registrant, in connection with their proposed business combination. The filing follows the confidential submission of a draft registration statement on Form S-4 by the two companies, which was previously announced on August 4, 2026. The Registration Statement includes a preliminary proxy statement and prospectus and has not yet been declared effective by the SEC. The proposed business combination was announced on June 25, 2026, and closing remains subject to approval by Launch Two's shareholders and NuCube's stockholders, among other customary closing conditions. Launch Two's units, Class A ordinary shares and warrants are listed on the Nasdaq under the ticker symbols LPBBU, LPBB and LPBBW, respectively.
EGAT signs with USTDA to study feasibility of SMR power plant
The Electricity Generating Authority of Thailand, or EGAT, has signed an agreement to receive grant funding for a preliminary feasibility study of an SMR power plant project, together with the United States Trade and Development Agency, or USTDA. The signing ceremony was held on 14 September 2026 at the Gastech 2026 event at the Bangkok International Trade and Exhibition Centre in Bangkok. Witnessing the ceremony were Mr. Ekkanat Promphan, Minister of Energy; Mr. Prasert Sinsukprasert, Permanent Secretary of the Ministry of Energy; and Ambassador Sean K. O'Neill, United States Ambassador to Thailand, along with Mr. James Danly, Deputy Secretary of the United States Department of Energy. Mr. Thomas R. Hardy, Deputy Director and Acting Director of USTDA, and Mr. Narin Phoawanich, Governor of EGAT, signed the agreement. Mr. Narin said this support marks an important foundation for Thailand in assessing the feasibility of SMR power plant technology, and will help EGAT evaluate potential sites, costs, as well as the regulatory procedures and requirements needed to adopt such technology in Thailand.
EGAT signs with USTDA to study feasibility of small modular nuclear reactors
The Electricity Generating Authority of Thailand, or EGAT, has signed an agreement to receive grant funding for a preliminary feasibility study of an SMR power plant project together with the United States Trade and Development Agency, or USTDA. EGAT Governor Narin Phoawanich said the support marks an important foundation for Thailand in assessing the feasibility of SMR power plant technology. Mr. Thomas R. Hardy, Deputy Director and Acting Director of USTDA, said the cooperation reflects the United States' leadership role in nuclear energy and aligns with the policy of expanding access to energy technology while strengthening energy security in the Indo-Pacific region. The signing will help EGAT assess preliminary potential sites, costs, as well as the regulatory procedures and requirements needed to adopt SMR power plant technology in Thailand, amid electricity demand that continues to trend higher.
Anutin Declares Thailand Will Not Choose Between Security and Sustainability, Backs Rooftop Solar with 50 Billion Baht Fund
Prime Minister Anutin Charnvirakul declared on the Gastech 2026 stage that Thailand will not choose between security and sustainability alone, but must have both at a price that people and businesses can afford. Natural gas and LNG remain the backbone during the transition, while energy sources are being diversified to reduce risks from global market prices. The government is preparing a 50 billion baht fund starting in mid-October to support households installing rooftop solar to cut electricity bills. Energy Minister Akanat Promphan is pursuing an LNG strategy alongside hydrogen, ammonia, and CCS, aiming for Net Zero 2050. Thailand is also opening applications for the 26th petroleum exploration and production licensing round covering over 60,200 square kilometers. In the first half of the year, the BOI received investment promotion applications exceeding 1.43 trillion baht, up 37% driven mainly by digital, clean energy, and technology.
Warut Thammavaranucupt, Chief Executive Officer of Sermsang Power Corporation Public Company Limited, or SSP, is preparing to bid on projects under the draft PDP 2026, which sets new generating capacity in the first 12 years from 2026 to 2037 totaling over 50,900 megawatts, divided into 9,100 megawatts of CCGT, 300 megawatts of SMR, 24,300 megawatts of solar, 2,700 megawatts of wind, and 14,500 megawatts of BESS. SSP previously won FiT projects for 2022 to 2030 totaling 170.5 megawatts and currently has about 420 megawatts of projects in hand, including solar in Thailand and the Bago wind farm in the Philippines. It is preparing for commercial operation of two community waste-to-energy plants totaling 19.8 megawatts in the fourth quarter of 2026, with more than 146 megawatts of projects gradually coming online through 2030. The company aims to push its renewable energy generating capacity to 1,000 megawatts by 2032.
The Securities and Exchange Commission has appointed Apisit Suksakorn as Assistant Secretary-General for the Digital Technology line, effective January 1, 2027, responsible for overseeing information technology risk, data management and analytics, and information technology. Meanwhile, Jintana Kingkaew, Deputy Managing Director of Siam Gas and Petrochemicals Public Company Limited, or SGP, received the Carbon Footprint for Organization, or CFO, certificate for the second consecutive year after the company began its carbon footprint assessment project in 2021.
Oklo Shares Slide After $1 Billion At-The-Market Offering
Oklo announced an at-the-market offering to sell up to $1 billion in stock on Sept. 11, sending its share price down close to its 52-week low of about $36. By Sept. 11, the stock was trading about 9% lower since the start of the month, a sharp reversal from its more than 12% gain through Sept. 8. The nuclear company is operating mostly pre-revenue, without a commercial reactor or the licensing to operate one, yet carries a roughly $7 billion market valuation. Since peaking at $193 a share last October, Oklo has struck a landmark deal with Meta Platforms to support the tech giant's 1.2 gigawatt nuclear campus in Ohio, signed a critical fuel-supply agreement with Centrus, and achieved first criticality at its Groves isotope test reactor. At $37, the lower price could make a small, speculative position more appealing for investors willing to accept the risks, including securing regulatory approval for its reactors and the possibility of further dilution.
SSP ready to bid in PDP 2026, which seeks 50,900 MW of new capacity, targets 1,000 MW portfolio by 2032
Worut Thammawaranukup, Chief Executive Officer of Sermsang Power Corporation Public Company Limited, or SSP, said the company is ready to bid for work under the draft national power development plan, or PDP 2026, which sets total new capacity of 50,900 megawatts over the first 12 years, from 2026 to 2037. Of that, 9,100 megawatts is combined-cycle power plants, 300 megawatts small nuclear power plants, 24,300 megawatts solar energy, 2,700 megawatts wind energy and 14,500 megawatts battery energy storage systems, before branching into options toward clean energy targets after 2037, with every option setting a clean energy share of no less than 65% in 2050. Previously, SSP was among the winners of the auction for renewable energy power purchase projects under the Feed-in Tariff scheme for 2022 to 2030, totaling 170.5 megawatts, out of the first phase that opened for purchases totaling 5,203 megawatts. That comprised seven solar power plants with total contracted capacity of 154.5 megawatts and two wind power plants with total contracted capacity of 16 megawatts. At present, the company is preparing for commercial operation dates for two community waste-to-energy power plants with total installed capacity of 19.8 megawatts, expected to begin generating and selling electricity in the fourth quarter of 2026, and it has about 420 megawatts of projects in hand. These comprise three solar farms in Thailand totaling 108.6 megawatts and the 150-megawatt Bago wind farm in the Philippines, which will gradually reach commercial operation in 2027, along with plans for other projects to reach commercial operation continuously through 2030 for more than 146 megawatts, not yet including opportunities to win auctions under the PDP 2026. The company has a strong capital base and is fully ready for the new round of auctions, which is expected to be a key positive factor driving SSP to achieve its goal of expanding renewable power generation capacity of all types to 1,000 megawatts by 2032, and possibly sooner than expected.
PDP 2026 Opens 25-Year Investment Round with 50,900 MW of New Power Generation, Spotlighting GULF, GUNKUL, GPSC and BGRIM
The draft national power development plan, or PDP 2026, is entering the public consultation process, setting out a 25-year long-term framework aimed at reaching the Net Zero target by 2050. The highlight is the first 12 years, from 2026 to 2037, which sets total new generating capacity of approximately 50,900 MW, comprising 9,100 MW of combined-cycle power plants, 300 MW of small nuclear power, 24,300 MW of solar, 2,700 MW of wind, and 14,500 MW of large-scale battery energy storage systems, or BESS. If the plan proceeds as laid out, cumulative generating capacity in 2037 will rise to approximately 115,635 MW, with investment across the various projects in a range of roughly 360 billion to 700 billion baht. Yuanta Securities (Thailand) sees the new PDP draft as aiming to raise the share of renewable energy from about 15% of generating capacity at present to approximately 60–70%, and possibly as high as 80% when other zero-carbon energy sources are included. InnovestX, meanwhile, has picked GULF as its top stock in the group and sees GUNKUL as having the potential to surprise on both its renewable power plant business and its power transmission system construction work. Asia Plus Securities assigns GULF a fundamental value of 80 baht and GUNKUL 6.40 baht, with brokers favouring the group of GULF, GUNKUL, GPSC and BGRIM. GPSC is currently studying the development of small modular nuclear reactors, or SMRs, together with Denmark's Seaborg Technologies. Power plant stocks have risen sharply since the start of the year, and as of 9 September 2026, GUNKUL stood at 5.20 baht, up 173.68%; TSE at 0.92 baht, up 95.74%; SSP at 6.05 baht, up 86.73%; BGRIM at 21.00 baht, up 48.94%; and GPSC at 51.25 baht, up 42.36%.
Peter Thiel's Thiel Macro Discloses $418.67 Million Q2 Portfolio Betting on AI Power Infrastructure
Peter Thiel's investment firm Thiel Macro LLC disclosed a $418.67 million equity portfolio across eight companies in the second quarter, bypassing semiconductor manufacturers to allocate capital toward electrical grid operators, nuclear developers, tech infrastructure, and conventional energy. According to its 13F filings, Thiel Macro returned to the disclosed U.S. equity market in Q2 after reporting no 13F holdings for two consecutive quarters, directing approximately $162 million across four major electric utilities: American Electric Power Company Inc., DTE Energy Co., FirstEnergy Corp., and CMS Energy Corp. The firm also established positions in power supplier Vistra Corp. and nuclear developer X-Energy Inc., and secured conventional assets via Argentine shale oil producer Vista Energy S.A.B. de C.V. Amazon.com Inc. is Thiel Macro's largest single position at $117.98 million, representing 28% of total reported assets, a stake tied to energy through data center expansion and long-term power purchase agreements including Vistra's 20-year deal to supply nuclear energy to Amazon Web Services. The firm's $75.9 million investment in Vista Energy, an 18% portfolio allocation, arrives as global crude inventories decreased by 400 million barrels this year, according to Reuters, with Brent crude exceeding $100 per barrel.
Jane Street Opens New Positions in X-Energy and TotalEnergies
Jane Street disclosed two new energy stock positions in its second-quarter filings, buying about 3.86 million shares of X-Energy Inc. worth roughly $70.8 million and about 1.21 million shares of TotalEnergies SE worth roughly $94.1 million. X-Energy is an advanced nuclear company developing small modular reactors, with its first commercial project being developed with Dow in Texas, where four Xe-100 reactors are expected to provide electricity and industrial steam. The US Department of Energy has committed up to about $2.1 billion toward the demonstration program under a cost-sharing arrangement, and X-Energy and Amazon are working toward more than 5 gigawatts of new nuclear capacity. Bears note the company is still early-stage, with commercial reactors years from operation and significant regulatory and execution risk. Jane Street is a private New York trading firm and one of the world's largest market makers, with over $1 trillion in managed 13F securities as of the end of June.
FTI Submits 5 Proposals on PDP2026 to Address Data Centers, Fears Cost Burden Shift to Ratepayers
The Federation of Thai Industries (FTI), led by its president, Pimjai Leesassaranukul, together with its executive committee, met with Energy Minister Akanat Promphan on September 10 to submit recommendations on the draft Power Development Plan of Thailand for 2026-2050, or PDP2026, proposing five key approaches. These include enhancing energy security through domestic energy potential, both domestic and regional natural gas, biomass, and biogas, in order to reduce reliance on imported LNG; managing electricity system costs by considering overall system costs and the value each technology provides to the system, not just LCOE; opening the way for the industrial sector to access clean energy through Direct PPA, while expediting clear rules for Third Party Access and Wheeling Charge, and allowing self-generation and Independent Power Supply to play a greater role; allocating the costs of new electricity demand and new generating capacity under the Causer Pays principle so that the burden of new investment is not passed on to existing electricity users; and making the PDP a flexible and adaptable plan with decision points set before investment, such as actual electricity demand, Data Center investment, BESS costs, the readiness of CCS and SMR, and natural gas and LNG prices. Mongkol Hengrojanasophon, president of the FTI's Institute of Energy for Industry, said PDP2026 is a crucial period for setting Thailand's long-term electricity direction over the next 25 years, amid the rise of renewable energy and global market pressure to cut greenhouse gas emissions. The FTI also proposed accelerating preparations of infrastructure and rules to accommodate future energy technologies, including Smart Grid, Smart Meter, Demand Response, and Distributed Energy Resources, as well as drawing up a Roadmap to support BESS, CCS, and SMR in terms of law, standards, and safety before investment decisions are made.
Microsoft Plans to More Than Triple Data Center Capacity by 2032
Microsoft plans to more than triple its global data center capacity to more than 38 gigawatts by 2032, up from about 12 gigawatts currently, Bloomberg News reported Thursday, citing people familiar with the plans. The roadmap covers Microsoft-owned and leased facilities but excludes computing capacity rented from so-called neocloud providers such as Coreweave. Microsoft spent $145B on capital expenditures in its latest fiscal year as it expands computing infrastructure to meet demand for artificial intelligence and cloud services, and the company has faced capacity constraints that limited its ability to take on some AI and cloud business. In July, CEO Satya Nadella said the company is bringing capacity online faster than ever and finding ways to make existing hardware more efficient and thus more profitable. The plans could change as data center projects take years to develop and technology and customer demand evolve, Bloomberg reported.
Piper Sandler Splits Nuclear Sector, Oklo, NuScale and X-Energy Fall 5%
Piper Sandler initiated coverage on advanced nuclear developers Thursday with opposing calls, sending Oklo, NuScale Power and X-Energy shares down about 5% each. Analyst Dimple Gosai started Oklo at a Buy rating with a $55 price target, calling its business model bankable by design, while starting X-Energy at a Sell rating with a $9 price target on the view that its asset-light approach leaves customers carrying more technology and project risk. Oklo fell 5% to $40.50, extending its year-to-date decline to 44%, NuScale Power dropped 5% to $10.32, and X-Energy slid 5% to $16.42. The selling was concentrated in the nuclear group, with the Global X Uranium ETF down 3% while the SPDR S&P 500 ETF Trust slipped just 0.5%. Oklo is targeting first commercial power at its Aurora powerhouse at Idaho National Laboratory in late 2027 to early 2028 with a roughly 14 GW customer pipeline anchored by a 12 GW Switch agreement, NuScale holds the only U.S. Nuclear Regulatory Commission design certification in the small modular reactor industry and ended Q2 2026 with $1.9 billion in cash and investments, and X-Energy came public in April 2026, raising roughly $1.1 billion in net proceeds with Dow, Amazon and Centrica among its anchor customers.
Google Signs First Nuclear Deal, Extending Finland's Loviisa Reactor to 2050
Alphabet signed the first nuclear agreement in Google's history, a partnership with Fortum to extend and uprate Finland's Loviisa nuclear plant through 2050. Loviisa already supplies 10% of Finland's electricity and could not have continued operating beyond 2030 without the investment; Fortum is running a 1 billion euro investment programme, with roughly 80% of projects and 700 million euros of capital expenditure still pending final decisions. Google paired the deal with 629 MW of contracted onshore wind, a 94 MW battery near Kajaani due to be operational in late 2027, and demand response capabilities, and the same morning committed 13 billion euros to AI infrastructure in Finland. The move came six days after Jim Cramer said on air that building a nuclear plant is "a lot harder" than the market appreciates, and one day before Holtec Nuclear filed its S-1 to list on Nasdaq under ticker HNUC with proceeds earmarked for accelerating SMR-300 licensing, deployment, and manufacturing capacity. Alphabet trades at $330.56, down 7.48% over the past month but up 38.31% year over year, on a P/E of 15.
WHA pushes ahead with multi-thousand-rai Data Center Park, highlighting EEC and Saraburi locations
WHA Corporation Public Company Limited, or WHA, is pressing ahead with the development of a Data Center Park spanning several thousand rai to build an ecosystem supporting comprehensive Data Center investment, covering Data Centers, supply chains, training centers, as well as energy and water infrastructure. Jareeporn Jarukornsakul, Chairwoman of the Executive Committee and Group Chief Executive Officer, said the project will focus on locations in the Eastern Economic Corridor, or EEC, namely Chonburi and Rayong, as well as Saraburi, where the company has existing industrial estate land and is expanding by nearly 3,000 rai to accommodate both the PCB and Data Center businesses. WHA is currently in talks with one to two domestic and international partners to jointly develop energy systems and infrastructure for the Data Center Park. Large Data Centers require roughly 1,000 to 2,000 rai or more of land and need clean energy, which currently focuses on solar power, with plans over the longer term to accommodate SMR technology for Thailand. Thailand currently has total power generation capacity of about 49,000 megawatts, with actual usage of 35,000 megawatts and reserves of about 15,000 megawatts. WHA agrees with the government's establishment of a committee to set clear Data Center criteria within a timeframe of about one month, including zoning that places projects in purple urban planning areas. It also agrees with pricing Data Center electricity based on imported liquefied natural gas at global market prices, without averaging it with lower-cost gas from the Gulf of Thailand. WHA views Thailand as still being in the early stage of the Data Center industry compared with the United States, which has more than 4,000 facilities, as well as Singapore and Malaysia. It therefore believes electricity usage quotas should be set in megawatts and that only large investors who create economic benefits should be selected, supporting Thailand's upgrade toward an AI Hub and preventing speculation in the Data Center market.
Terrestrial Energy Posts $9.4 Million Quarterly Loss as It Raises Per-Plant Revenue Estimate to $2.7 Billion
Terrestrial Energy Inc. reported a second-quarter net loss of $9.4 million on August 11, an improvement from its $10.5 million first-quarter loss, as the pre-revenue small modular reactor developer continued to fund a long development runway. The company raised its estimate of cumulative lifetime revenue per IMSR Plant to $2.7 billion from $2.1 billion, at a blended gross margin of 33%, and lifted its 2050 serviceable addressable market estimate to $2.3 trillion. The US Nuclear Regulatory Commission approved Terrestrial Energy's Postulated Initiating Events methodology Topical Report, following its earlier approval of the Principal Design Criteria Topical Report, and the company signed ground lease and research agreements with the Texas A&M University System covering 77 acres at the Texas A&M-RELLIS site, while bringing on Zachry Nuclear under an engineering service agreement. Terrestrial Energy also signed a memorandum of understanding with Riot Platforms Inc. to explore co-locating IMSR plants with Riot data centers, including a natural gas bridge for early power supply, and added Kathy McCarthy to its board and Pamela Cowan as EVP of Engineering. Cash burn came in at $6.4 million, down $1.5 million from the prior quarter, with the company attributing part of the decline to the timing of testing activities rather than a structural reduction in spending, while general and administrative expenses rose $0.7 million on higher personnel costs and stock-based compensation. The company disclosed that 79% of lifetime revenue per plant is expected to come after a plant is built, from Core-unit and Fuel Salt supply contracts that do not yet exist in operating form, and its cash balance stood at $283.4 million with share count steady at 105.9 million shares.
Bluecore Energy Raises $50M Seed Round for Floating Nuclear Power
Bluecore Energy, a maritime nuclear energy company based at the Port of Long Beach in California, has raised $50 million in seed financing to scale development, testing, and deployment of its floating nuclear energy systems. This round follows a $10 million oversubscribed pre-seed round announced in July, and brings the company's total funding to $60 million. The latest round was led by Silverton Partners, with participation from existing investors including Slauson & Co., Harlem Capital, Precursor Ventures, LMNT, Visible Hands VC, Karman Ventures, and Hartbeat Ventures, as well as new investors such as MaC Ventures, Collab Capital, Vanderbilt, Black Angel Group, and NBAYoungboy. The company, founded by Kofi Asante, is developing small, modular, water-cooled nuclear power reactors intended to operate aboard floating energy barges, delivering zero-emission power to ports, critical infrastructure, and cargo ship propulsion. Asante noted that the company has already secured a port terminal, delivered barges, and initiated engagement with the Nuclear Regulatory Commission and the US Coast Guard.
EPPO opens PDP2026 hearing, adding 50,900 MW capacity, pushing clean energy to 65% by 2050
The Energy Policy and Planning Office (EPPO) has opened a public hearing on the draft Power Development Plan of Thailand 2026-2050, or PDP2026, with the Permanent Secretary of the Ministry of Energy presiding over the opening ceremony. The public can submit comments until September 15, 2026. The plan sets a total new power generation capacity of approximately 50,900 megawatts over the first 12 years (2026-2037), comprising 9,100 MW of combined-cycle natural gas power plants, 300 MW of small modular reactors (SMRs), 24,300 MW of solar power, 2,700 MW of wind power, and 14,500 MW of battery energy storage systems (BESS). All options require that clean energy account for at least 65% of the mix by 2050, aiming toward the country's Net Zero target.
Holtec Nuclear Launches IPO Roadshow for 50 Million Shares
Holtec Nuclear Corporation has announced the launch of the roadshow for its initial public offering of 50 million shares of Class A common stock, with an expected price range of $15.00 to $18.00 per share. The company also plans to grant underwriters a 30-day option to purchase up to an additional 7.5 million shares. Holtec intends to list on the Nasdaq Global Select Stock Market and Nasdaq Texas under the ticker symbol "HNUC." J.P. Morgan, Guggenheim Securities, Goldman Sachs & Co. LLC, Citigroup, and BofA Securities are serving as joint book-running managers, with Morgan Stanley, Cantor, BMO Capital Markets, and Oppenheimer & Co. also acting in that role. The offering is subject to SEC registration effectiveness, and the company is the owner/developer of the SMR-300 small modular reactor and is recommissioning the Palisades nuclear plant in Michigan.
Thailand Sets Rules for SMR Nuclear Power Plants in Line with IAEA Standards
The meeting of the Peaceful Nuclear Energy Committee (PNEC), chaired by Professor Dr. Yoschanan Wongsawat, Deputy Prime Minister and Minister of Higher Education, Science, Research and Innovation, approved a policy framework for regulating Small Modular Reactors (SMRs) in accordance with the international standards of the International Atomic Energy Agency (IAEA). This is to prepare for the draft Power Development Plan of Thailand (PDP 2024). The readiness assessment based on the IAEA's 19 criteria found that Thailand is ready on 10 points, needs further development on 6 points, and has 3 points requiring urgent action: setting national policy, establishing a Nuclear Energy Program Implementing Organization (NEPIO), and planning for investment funding. The meeting also endorsed a four-pronged approach: on the legal front, the Office of Atoms for Peace (OAP) is to expedite drafting the Nuclear Damage Civil Liability Act for submission to the Cabinet; on human resource development, relevant agencies are to create long-term curricula; on radioactive waste management, the OAP is to develop a comprehensive national policy framework; and on the supply chain, the Board of Investment (BOI), together with the OAP, is to promote Thai entrepreneurs' entry into the global SMR supply chain, particularly in reactor component industries such as high-performance pumps and valves, radiation-resistant construction materials, and intelligent simulation technology (AI Digital Twin). Professor Dr. Yoschanan emphasized that this meeting was not a decision to build a power plant, but rather an advance preparation to enable Thailand to transition from a technology buyer to a technology value creator.
PDP2026 Boosts Power Plants; Brokers Highlight GULF and GUNKUL as Top Picks
Brokers view the PDP2026 plan as positive for the power plant sector. The plan adds 50,900 megawatts of capacity in the first 12 years (2026-2037), focusing on solar power at 24,300 megawatts, solar with battery storage at 14,500 megawatts, natural gas at 9,100 megawatts, wind at 2,700 megawatts, and small nuclear at 300 megawatts. For the latter 13 years, there are four scenarios, including a maximum infrastructure investment of 700 billion baht. Auctions for power plants are expected to open in 2027. Brokers indicate that GULF and GUNKUL are the standout stocks that will benefit from this plan.
Gates-backed TerraPower aims to start UK reactor by 2034
TerraPower, the U.S. nuclear development company backed by Bill Gates, expects its Natrium reactor to begin generating electricity in the UK by 2034, according to CEO Chris Levesque in an interview with Reuters. The UK will be the company's first market outside the U.S. The UK is promoting the development of small modular reactors (SMRs) to bolster energy security and meet climate goals, and earlier this year launched a framework to support privately funded projects. Levesque said that given the progress of the company's first Natrium reactor, which is due for completion in 2031, "there is a good chance" of achieving nuclear power generation with Natrium in the UK by 2034. The technology has cleared regulatory requirements in the U.S., and the first unit is under construction in Wyoming. In the UK, it is currently undergoing a review under a process known as the Generic Design Assessment (GDA). The sodium-cooled reactor generates 345 megawatts of baseload power per unit and has a storage capability that can boost output to 500 megawatts for more than five hours. It uses high-assay low-enriched uranium (HALEU) as fuel. Until now, this fuel could only be sourced commercially from Russia, but the U.S. and UK are now building manufacturing facilities. TerraPower has not yet chosen a site for its first UK project, but it says its UK subsidiary is likely to be based in Liverpool, northwest England, close to the country's nuclear regulator. In the U.S., the company has a contract with Meta Platforms to develop up to eight reactors. Levesque said the company may seek similar partnerships in the UK.
Three Economic Giants Accelerate SMR Nuclear Plans to Meet AI's High Energy Demand
Three major economic powers are adjusting their plans to promote small modular reactors (SMRs) to meet the surging energy demand from AI technology. Reports indicate that the United States, China, and Japan are all accelerating the development and investment in SMRs as part of their broader nuclear energy strategies. Meanwhile, investors are watching whether Thailand's Power Development Plan (PDP) will follow this approach, particularly the adoption of SMRs to enhance future energy security.
Jefferies Initiates Buy Ratings on Cameco and BWXT
Jefferies turned bullish on the nuclear energy sector on September 3, initiating coverage of Cameco Corporation and BWX Technologies with 'Buy' ratings and price targets of $138 and $181, respectively, implying upside of over 31% for Cameco and 13% for BWXT. The investment bank's confidence stems from growing demand for low-carbon electricity, with more than 30 countries pledging to triple nuclear capacity by 2050 and President Trump signing an executive order to quadruple U.S. capacity by that year. Cameco, the world's second-largest uranium miner with 15% of global output in 2025, holds long-term contracts for about 230 million pounds of uranium through 2030 and a stake in Westinghouse Electric, positioning it to secure higher prices through 2040. BWXT, the sole provider of naval nuclear reactors for U.S. submarines and aircraft carriers, was selected for the U.S. Army's $2.2 billion Janus program to build microreactors on military bases, with Jefferies expecting annual sales growth of 6%-7% and earnings growth of 13%-17% through 2030. Risks include uranium price volatility for Cameco and execution challenges for BWXT, particularly the aggressive timeline for the Janus reactor by September 2028.
WHAUP Q2/2026 Profit Grows 276%, Prepares to Expand New S-Curve Investments
WHA Utilities and Power (WHAUP) announced its Q2/2026 operating results with strong growth, reporting total revenue and normal profit share of 1,258 million baht, up 36% year-on-year. Normal profit stood at 532 million baht, up 276% from the previous year, driven by higher water sales in both Thailand and Vietnam, as well as the recovery of the Gheco-One power plant after returning to full operation following maintenance shutdown in the previous quarter. Meanwhile, WHAUP is accelerating investment expansion to support future industries, creating a New S-Curve for long-term business growth. The water business will cater to increasing demand through water reuse solutions and water management efficiency technologies, while the power business is preparing infrastructure for direct clean energy power purchase agreements (Direct PPA) to be ready for implementation once the government lifts policy restrictions. Additionally, the company is studying future energy innovations such as Small Modular Reactors (SMR) and carbon capture technologies to create new business opportunities and drive sustainable growth.
NuScale Power Stock Could Rise 23.7% on TVA Deal, Says BofA Analyst
Bank of America analyst Rinny Singh reiterated a buy rating on NuScale Power with a $12 price target, implying about 24% upside over the next 12 months, despite the stock falling nearly 40% since 2026. Singh's bullish thesis hinges on NuScale converting its 6-gigawatt project with financing partner ENTRA1 and utility Tennessee Valley Authority into a firm deal, which would require signing a power-purchase agreement. NuScale, the only U.S. company with regulatory approval for small modular reactors, has improved its cash position to about $1.9 billion, easing funding concerns. Management hopes a PPA could be signed by the end of 2026, and the consensus price target also stands near $12 per share.
PDP2026 Plan Unveils 3 Pathways to Net Zero After 2581
Kasikorn Research Center revealed that the National Power Development Plan (PDP2026) has a different drafting approach, divided into two periods and offering three flexible options depending on the situation: the period from now to 2580, which focuses on building the basic system, and the period from 2581 to 2593, which will consider the CCS-Driven (76.35 GW), Balance Net Zero (96.25 GW), and RE-Led (149.9 GW) options. The options are left open because technology costs, electricity demand, or Net Zero rules may change. However, battery energy storage systems (BESS) are considered a key tool, as all options during the period 2581–2593 have similar BESS requirements at around 40–40.5 GW. For clean power generation such as solar and wind, all pathways involve additional investment in generation, with the capacity expansion plans of the three options varying significantly, from 39.35 to 114.0 GW. But renewable energy business operators should prepare in advance without waiting for government decisions. The key issue to monitor is the trend of increasing generation with CCGT, CCS, and SMR technologies, and how flexible and large they will be, which depends on whether technology prices approach maturity. This will allow the government to know the exact cost of power purchase and will affect the adaptation of businesses and consumers in the future.