Energy Transition & Power Demand

GULF plans to offer 4 tranches of bonds to the general public, including a 7-year digital bond via the Pao Tang app, with a minimum subscription of 1,000 baht. The subscription is expected to open from October 19-21, 2026. The funds raised will be used to repay existing bonds and support investments in renewable energy and digital infrastructure. TRIS Rating has assigned a credit rating of 'AA-' with a 'Stable' outlook. The four tranches have tenors of 4, 5, 7, and 10 years, with interest paid every 6 months. Tranches 1, 2, and 4 will be offered through 8 leading financial institutions, with a unit price of 1,000 baht and a minimum subscription of 100,000 baht. The digital bond (Tranche 3) will be offered via Pao Tang, with a unit price of 1,000 baht, a minimum subscription of 1,000 baht, and a maximum of 50 million baht per transaction. The proceeds will be used to repay existing bonds and invest in renewable energy and digital infrastructure. In Q2/2026, GULF achieved a record operating profit of 12.332 billion baht, up 74%, and total revenue of 50.294 billion baht, up 24%.

TRT has announced its move towards becoming a Global Energy Infrastructure Player, targeting 2026 revenue of 3.3 billion baht. The company is accelerating the delivery of transformer orders from Europe, Mexico, and the United States in the second half of the year, while partnering with key ally Siemens Energy to expand its export market. This is expected to increase the share of international revenue to 50%, up from the current 33%. Meanwhile, the domestic market accounts for 23% and the government sector 4.7%. The company is preparing to bid for new projects worth over 18 billion baht, comprising 3.652 billion baht in export work, 7.4 billion baht for MEA, 2.55 billion baht for domestic projects, 3.55 billion baht for PEA, and 750 million baht for EGAT. Currently, the backlog stands at approximately 3.433 billion baht. For the first half of the year, the company reported a net profit of 290.19 million baht, an increase of 259% from the same period last year, which saw a profit of 80.86 million baht.

CGS International (Thailand) or CGSI stated in its analysis that it maintains a positive view on the Thai refining group. Although China is increasing exports of refined oil products, it is expected to be a gradual easing, as China prioritizes domestic energy security. Meanwhile, the Middle East conflict may delay the start of operations at the Huajin Aramco refinery to October-November 2026. Excluding the recovery in refining volumes during the US-Iran ceasefire in July 2026, global refining volumes are likely to decline by more than 2 million barrels per day in 2026. Additionally, Iranian and Houthi attacks have reduced refinery utilization rates in Saudi Arabia and Kuwait since March 2026, and Russian refineries have been attacked by drones, turning Russia into a net importer of diesel. Although surging diesel prices may cause demand destruction of about 330,000 barrels per day, the supply reduction of more than 1 million barrels per day supports Asian crack spreads. Tight heavy crude supply pressures heavy distillate production, and Russia's LSFO export ban helps keep crack spreads elevated. Thai refinery stocks have risen significantly and may face profit-taking, but CGSI views any pullback as an accumulation opportunity, especially for TOP, SPRC, and BCP, as strong GRM in the first half of 2026 will generate cash flow and support attractive dividends. However, it maintains a Neutral rating on the Thai oil and gas group due to concerns over downstream petrochemicals.

Innovest X Securities stated that the new Power Development Plan (PDP2026) is nearly complete, with public hearings scheduled for September 8, and it is expected to be approved by the National Energy Policy Committee within the end of 2026. The first auction is expected to take place in 2027, which will be a catalyst for a re-rating of utility stocks. The plan increases the share of clean energy to at least 65% and lifts the cap on Direct PPA from the previous 2,000 MW for the industrial sector and data centers. GULF has potential for additional investment of around 240-290 billion baht under a net debt-to-equity ratio of 1.0 times, while GPSC has potential for additional investment of around 95-114 billion baht under a net debt-to-equity ratio of 0.8 times. GUNKUL has flexible financing capacity of 39-44 billion baht, while BGRIM has more financial constraints due to a high net debt-to-equity ratio of 2.1 times, allowing only 23-28 billion baht in additional investment. GULF remains the top pick in the group, and GUNKUL is the wildcard pick, while GPSC and BGRIM are secondary picks.

InnovestX Securities has raised its SET index targets for 2026 and 2027 to 1,696 and 1,715 points, respectively, from 1,600 and 1,648 points, following better-than-expected market earnings in the second quarter of 2026. The brokerage has also lifted its SET EPS forecasts for 2026 and 2027 to 106 and 107 baht, respectively, citing improved profit margins and higher selling prices, particularly in the energy and petrochemical sectors, which benefit from geopolitical risks. For 2027, it expects foreign direct investment (FDI) inflows and the data center megatrend to spark a private investment cycle. As a result, it recommends accumulating domestic plays across three main themes: Banking Re-rating Play (BBL, KBANK, KTB), Investment Play (WHA, AMATA, GULF, GPSC, BGRIM, GUNKUL, STECON, CK), and Consumption Play (CPALL, CRC, CPN, GLOBAL, TRUE, MTC, SAWAD, TIDLOR, BEM). FDI approved through the Board of Investment (BOI) grew to 1.3 trillion baht in the first half of 2026, equivalent to 5.9% of GDP, and is expected to boost electricity demand by 8,827 megawatts. Meanwhile, cumulative investment promotion applications have exceeded 2.9 trillion baht, indicating business loan demand of 150-220 billion baht per year from 2027 to 2029. SET earnings in the second quarter of 2026 grew 14.3% year-on-year, beating expectations.

The Government Housing Bank (GH Bank) and the Metropolitan Electricity Authority (MEA) have signed a memorandum of understanding to promote MEA's products and services in conjunction with the Ready Credit loan program and the GH Bank Big Family project, linking energy products with housing loans. The signing was attended by Dr. Mahattana Amornpisit, Managing Director of GH Bank, and Mr. Ditawat Chantai, Governor of MEA. This collaboration aims to increase options for the public to access funding for installing Solar Rooftop systems and improving homes for energy efficiency, helping to reduce long-term energy costs and supporting sustainable living. By combining GH Bank's strengths in housing finance with MEA's expertise in electrical systems and energy services, customers can more conveniently access products, services, and benefits related to energy savings. Additionally, the GH Bank Big Family will serve as a channel to connect customers with MEA's products, services, promotions, and benefits, furthering the collaboration to meet future housing and energy needs. This reflects the move towards becoming a Beyond Housing Bank, going beyond lending. GH Bank is a trusted partner for home-related matters, driving towards the goal of being 'the best bank for sustainable homeownership.'

Tisco Securities stated in its analysis that Thailand's Power Development Plan, or PDP2026, which is expected to be officially released within the next 1-2 weeks, will be a key support for the utilities sector, opening a new domestic growth cycle for renewable energy, energy storage systems, and gas-fired power plants. Despite an increased focus on clean energy, combined-cycle gas turbine (CCGT) plants remain a crucial component. The preliminary plan includes 9.1 GW of new CCGT capacity during 2026-2037, compared to Tisco's estimate of about 6.9 GW that remains unallocated under PDP2018 Rev.1. In terms of investment strategy, Tisco maintains a "Buy" recommendation for GULF and EGCO, with fair values of 82.00 baht and 144.00 baht, respectively. Meanwhile, it maintains a "Hold" recommendation for RATCH, GPSC, and BGRIM, with fair values of 37.00 baht, 51.00 baht, and 14.80 baht, respectively. Key risks include weak macroeconomic conditions, lower-than-expected electricity tariffs, and higher-than-expected gas costs.

Mr. Koraphat Vorachet, Assistant Managing Director and Head of Research at Krungsri Securities (KSS), revealed that Thailand Focus 2026 sends a positive signal to the Thai capital market, with increased interest from foreign investors and Thailand's readiness as a new investment base, especially in the data center business amid the accelerating AI adoption trend. KSS assesses that the Fed is likely to hold interest rates until the end of the year and may cut rates later in the year, which would be positive for capital flows into emerging markets, including the Thai stock market. It views that foreign net selling on some days should not be used to judge the direction of fund flows based on a single day's data, while the return to long positions in TFEX is a signal to watch. On fundamentals, Thai listed companies' earnings have grown for six consecutive quarters and have the potential to expand further in Q3/2026, with this earnings cycle possibly longer than the 2010-2011 cycle, which saw growth for about seven consecutive quarters. KSS favors sectors that benefit from the investment cycle, including commercial banks, power plants, industrial estates, construction, and power grid businesses, and selects DELTA and GULF as top picks. DELTA is supported by the AI investment cycle, while GULF benefits from data center investment and the country's energy policy.

Kiatnakin Phatra Securities (KKPS) has raised its 2026 Singapore refining margin forecast to $19.60 per barrel from $5.40, and for 2027 to $9.60 per barrel, citing tight refinery supply due to limited new capacity, the Russia-Ukraine conflict, and damage to refineries in the Middle East. For Q3 2026, the Singapore refining margin is expected to rise to $25.20 per barrel before gradually declining to $16.80 in Q4. KKPS has selected Thai Oil (TOP) as its top pick, maintaining a "Buy" recommendation and raising its target price by 7.3% to 80.50 baht, implying 33.6% upside and an expected dividend yield of 9.6%. Star Petroleum Refining (SPRC) is the next top pick, with its target price raised by 64.4% to 14.80 baht, implying 21.3% upside and a dividend yield of 14%.

AMATA shares surged 10.74% to 33.50 baht, leading industrial estate stocks, while WHA rose 1.65% to 4.94 baht, after the first day of Thailand Focus 2026 drew interest from foreign investors, including from Switzerland, New Zealand, and Israel. TTB Wealth views that the government is signaling a restoration of confidence and restructuring the economy toward becoming a future industrial production base, while adjusting measures to support Data Center investment by having new investors bear the additional natural gas costs and offering the option to purchase clean energy through Direct PPA, which is a positive factor for industrial estate stocks and the AI supply chain such as AMATA and WHA.

The United States and Russia are fiercely competing for market share in India's energy market, the world's third-largest. Russia holds the position of the largest crude oil exporter to India, while the US has become the top supplier in India's liquefied natural gas (LNG) and liquefied petroleum gas (LPG) markets, according to a CNBC report on August 27, 2026. The Iran war has tightened supplies from the Middle East and significantly altered India's energy import structure. Russia accounted for over 50% of India's crude oil imports in June and July, before declining to nearly 43% in August. Meanwhile, the US held over 70% of LPG and nearly one-third of LNG imports in July. However, replacing Russian oil remains challenging, as many Indian refineries are designed to process medium to heavy crude, while US oil is lighter in quality. India must balance between the two superpowers amid potential trade pressures that could resurface in September.

The House of Representatives has approved a royal decree authorizing the Ministry of Finance to borrow up to 400 billion baht to address the energy crisis and drive the country's energy transition. The government has allocated 200 billion baht for the energy restructuring plan, covering the reduction of fossil fuel use, expansion of renewable energy, development of the power grid, promotion of electric vehicles, and workforce skill development. Government spokesperson Ms. Ratchada Thanadirek stated that the government has set a Negative List prohibiting the use of loan funds for hiring consultants, study trips, or purchasing materials for public distribution, and the funds must not duplicate the annual budget. Projects must have clear goals and indicators under the New e-Budgeting system.

The House of Representatives has approved, by a majority vote, the emergency decree authorizing the Ministry of Finance to borrow 400 billion baht to address the energy crisis and lay the foundation for the energy transition. The vote was 285 in favor, 141 against, and 52 abstentions, out of a total of 478 votes cast. Prime Minister Anutin Charnvirakul thanked the House and affirmed that the government will use the funds transparently, efficiently, and without favoring any group, while closely monitoring expenditures. Meanwhile, Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas explained that the energy crisis has had three waves of impact: diesel prices, cost of living, and purchasing power. He stressed that this decree is not about borrowing a lump sum but will be drawn down as needed. He also noted that the reported interest rates are still higher than the actual rate used in this decree, which is approximately 1.2%.

GULF expects continued growth in H2 performance due to rising electricity demand from data center and electric vehicle expansion. It plans to commercially operate new power plants with a combined capacity of about 700 megawatts, including six solar and solar-plus-battery projects totaling 623 megawatts, which will gradually reach COD in September, November, and December, adding 600 million baht in annual profit. This includes the Chiang Mai community waste-to-energy plant (10 megawatts) slated for operation in October 2026, contributing 120 million baht annually, and 60-70 megawatts of rooftop solar under GULF1. The LNG import business is expected to import 5 million tons, generating 1.5 billion baht in profit, along with increased profit sharing from ADVANC. This year, total revenue and EBITDA are expected to grow 12-15%. The company also unveiled a five-year investment plan (2026-2030) worth 130-140 billion baht, focusing on renewable energy, natural gas power plants, LNG terminals, and digital businesses under Gulf Edge, such as data centers, cloud, and AI, as well as the Laem Chabang deep-sea port Phase 3 project. It plans to offer 20 billion baht in bonds in October 2026 to institutional, high-net-worth, and retail investors, including via the Paotang app, to refinance existing bonds and fund working capital and business expansion, with emphasis on overseas projects and data centers.

The Ministry of Energy has unveiled a new Power Development Plan (PDP), targeting a renewable energy share of over 60%, and if carbon capture costs remain high, it could push renewables up to 80–90% to achieve the Net Zero goal by 2050. The plan will be officially launched next month, along with unlocking Direct PPA to allow all industries unlimited access to clean energy, after previously limiting it to data centers at 2,000 megawatts. The government reaffirms the 'pay-as-you-use' principle to avoid burdening the public with electricity costs, and plans to invest through borrowing over 220 billion baht to support the transition to clean energy. The government plans to borrow 200 billion baht to support citizens who lack capital for investment, particularly in renewable energy generation such as installing solar panels on rooftops and land. Meanwhile, B.Grimm Power and Digital Edge DC are preparing to invest in building two large data center campuses in Chonburi and Rayong to support the region's digital hub status.

Georgia Power announced that its contract to serve OpenAI's new project in Effingham County has been approved by the Georgia Public Service Commission, marking the latest step in a portfolio of large-load contracts expected to deliver approximately $950 million in annual savings beginning in 2029. The company now projects that typical residential customers will save at least $15 per month, or $180 per year, up from its December 2025 commitment of $102 per year. The increased savings stem from projected incremental revenue from new large-load customers, boosting customer benefits to $2.847 billion over 2029-2031. Under the OpenAI agreement, which includes 3,200 megawatts of new demand, OpenAI will pay the full cost of infrastructure and commit up to 1,000 megawatts of flexible demand response. This approval follows a base rate freeze in July 2025 and a plan to lower overall rates approved in May 2026, with CEO Kim Greene emphasizing that growth is not pushing rates up in Georgia.

B.Grimm Power (BGRIM) is currently studying participation in a wind power project in South Korea with a capacity of more than 300 megawatts, with clarity expected within this year or no later than Q4 2026. Meanwhile, the 365-megawatt Nakwol offshore wind farm is expected to commence commercial operation in late 2026, which will boost total capacity to approximately 5,000 megawatts from the current 4,600 megawatts, aligning with the 2030 target of 10,000 megawatts. The company views the new Power Development Plan (PDP), which includes an additional 20,000 megawatts of renewable energy, as a business expansion opportunity. Brokers recommend a "Buy" rating with a target price of 23 baht per share, citing opportunities from PDP2026, SMR, Direct PPA, and the EPaaS platform.

TPC Power Holding (TPCH) is preparing to commence commercial operation (COD) of its solar energy project in Laos, with a capacity of 100 megawatts, by 2026. Currently, construction progress stands at approximately 80%, with over 90% of solar panels installed. The company is in the process of installing transmission lines and substations, and has begun testing some systems. This project is a joint venture between TPCH and Mekong Power Company Limited (MKP), with TPCH holding a 40% stake. A power purchase agreement has been signed with Electricite du Laos (EDL). Meanwhile, TPCH is also advancing the development of biomass power plants in the country, including CRB, MWE, TSG, PGP, SGP, and PTG, with a total installed capacity of 71.2 megawatts. The company aims to enhance value from green businesses by selling T-VER carbon credits, which have the potential to generate up to approximately 81,000 TCO2e per year, and producing up to 570,000,000 RECs annually, along with selling I-RECs to generate sustainable revenue.

Banpu Public Company Limited (BANPU) has announced a major corporate repositioning through its Energy Symphonics strategy to support the growth of hyperscalers and data centers for AI. The strategy leverages the strengths of its four core business groups: natural gas business in the U.S. through its subsidiary BKV, which targets production capacity of 960 million cubic feet equivalent per day by 2026 and will install CCUS technology to capture 1.5 million tons of carbon per year by 2028; modern mining business focusing on strategic minerals such as nickel and bauxite; integrated power business combining CCGT power plants with renewable energy and energy storage systems; and future technology business investing through corporate venture capital in AI startups and net-zero solutions. This strategy aims to lay the foundation to address the energy transition and the growth of the digital world.

President Trump signed an emergency order Wednesday that aims to keep some foreign-made transformers and other critical energy equipment out of U.S. electric grids, as reported by Bloomberg. The order generally bars the purchase, importation, or installation of certain foreign-made bulk-power system electrical equipment and associated software where it could pose cybersecurity or operational risks, and sets the stage for potentially new conditions on the continued use of equipment already installed. China accounts for about 80% of the world's battery and solar inverter manufacturing capacity, according to the International Energy Agency, and scores of Chinese large power transformers have been imported into the U.S. over the past decade, per a 2020 Commerce Department investigation. The executive order warned of "certain foreign actors" who are "increasingly creating and exploiting vulnerabilities in the United States bulk-power system." Power utilities and other companies using such equipment are effectively put on notice while the Department of Energy develops rules to implement the ban. Analysts say the move could benefit domestic manufacturers and companies like SolarEdge Technologies, Enphase Energy, and Tesla.

US manufacturing rose to its highest level since 2022 last month, driven mainly by demand from AI data centers, with industrial giants including Caterpillar, Cummins, and Ford shifting their businesses to capture the opportunity. Caterpillar's electricity generators have become its most profitable segment, and the company is investing $725 million to expand generator production at an Indiana plant while converting a Kansas plant to produce turbine engines and resuming production of 10-megawatt generators. Cummins is investing $450 million to expand generator production on top of a $200 million expansion completed last year, and expects data center-related sales to rise 80% to $9 billion by 2030. Ford was also named among manufacturers pivoting toward AI-data-center-adjacent opportunities, though it revealed fewer specific investment figures. Both Caterpillar and Cummins are now more exposed to a single fast-moving market than they've ever been, and any slowdown in AI infrastructure spending would hit their generator segments.

US artificial intelligence developer Anthropic is set to pay $45 billion to lease AI cloud computing capacity from UK-based AI cloud company Nscale's data center campus in West Virginia, according to sources familiar with the agreement. To meet Anthropic's demand, Nscale will deploy Nvidia's new chip, "Vera Rubin." The contract spans six years and corresponds to approximately 460 megawatts of power supply capacity. As Anthropic prepares for a potential large-scale initial public offering (IPO), it is expanding its computing capacity to meet growing demand for its AI coding tool "Claude Code," and this agreement is part of that effort. Anthropic declined to comment. The deal was first reported by Bloomberg News.

BWX Technologies has been selected to deploy its BWXT Advanced Nuclear Reactor (BANR) for the U.S. Army's Janus program, a next-generation nuclear energy initiative led by the Army in partnership with the Defense Innovation Unit. The first BANR will be installed at Fort Campbell, Kentucky, with groundbreaking targeted for late 2028 and reactor operations expected in the early 2030s. The 20-megawatt electric reactor uses TRISO fuel and is designed for critical infrastructure, operating behind the meter or integrating with the grid. BWXT will execute the program under a phased contracting approach, including site selection, regulatory processes, and TRISO fuel fabrication at existing facilities. The Army down selected five vendors to own, construct, and operate nuclear microreactors at several military installations, with BWXT among them.

SolarEdge Technologies rose 7.2% in Wednesday's trading after UBS upgraded the stock to Buy from Neutral, raising its price target to $42 from $36, citing the company as a key beneficiary of the U.S. Federal Communications Commission's ban on new foreign-produced power inverters. The ban, announced in July, applies to new models of foreign inverters that connect to communication networks and impacts more than half of the U.S. inverter market, according to UBS Evidence Lab data. Analyst Jon Windham expects the ban to create a supply-constrained U.S. market, driving share gains and potential pricing power for SolarEdge, prompting him to raise his 2027 and 2028 adjusted EBITDA estimates to $110 million and $190 million, respectively, from $101 million and $173 million. Windham also sees the ban creating a market opportunity for SolarEdge's 330kW TerraMax utility-scale inverter product, which had limited adoption before, and anticipates the company will articulate its recovery story at its September 10 analyst day.

Core Scientific, Inc. (NASDAQ:CORZ) completed its acquisition of Polaris DS for roughly $444 million in cash on August 14, 2026, adding about 440 megawatts of grid-connected power capacity in Oklahoma as part of its push to expand its Muskogee campus to 1.5 gigawatts of gross power. CEO Adam Sullivan said the deal is "another example of how we are strategically expanding our power portfolio," noting the company has added more than 600 megawatts of leasable power through site acquisitions this year alone. Core Scientific is already contracted to deliver the next roughly 82 megawatts at Muskogee to a customer starting in the second half of 2027, and it signed a deal with AMD in July that gives AMD access to more than 500 megawatts of AI-ready data center capacity starting in 2027, expandable to 2.5 gigawatts, with AMD receiving market-priced warrants to purchase Core Scientific stock. However, the company is still repurposing former bitcoin-mining sites into AI hosting capacity, a shift that isn't fully complete, and it hasn't disclosed the financing terms behind its acquisition spree, including this latest $444 million deal. Competition for power and data center capacity has intensified sharply, with AMD, Nvidia, and other chipmakers signing similar megawatt-scale deals across multiple providers, meaning Core Scientific's newly acquired capacity might not stay rare or valuable for long. As of Q1 2026, 81 hedge funds held Core Scientific, up from 76, while Riot Platforms was held by 49 hedge funds, down from 55, and CleanSpark by 37, up from 32.

Dimension Energy, a U.S. developer and operator of distributed energy infrastructure, has secured an $857-million capital infusion to accelerate its distributed solar program. The funding includes a $200-million upsize of its corporate credit facility, bringing the total to $650 million, and a $657-million construction-to-term debt and tax equity financing package for 29 solar projects totaling 149 MW across five states. Lead lenders include Nuveen Energy Infrastructure Credit and HPS Investment Partners, with Advantage Capital as tax equity investor and MUFG Bank, First Citizens Bank, ING Capital, and National Bank of Canada as coordinating lead arrangers. The company, which owns over 600 MW of distributed energy assets, aims to reach 1 GW of operating assets by 2028 and is backed by Partners Group.

Camus Energy, a software provider for AI data centers, has been selected for the North American Google for Startups Accelerator focused on AI solutions for the energy industry. The 10-week program, running from September 8 to November 12, 2026, will help Camus accelerate development of its FlexConnect software, which enables AI data centers to connect to the grid three to five years sooner using flexible operating limits and existing infrastructure. As part of the program, Camus will demonstrate its software to utility providers including Duke Energy, Edison International, and PG&E, providing a blueprint for interconnecting data centers while protecting grid reliability. CEO Astrid Atkinson, a former Google engineer, said the program gives hyperscalers a chance to move past the all-or-nothing approach to grid access, proving it is possible to unlock massive new capacity while keeping the grid stable, clean, and affordable.

Mr. Chaiwat Kovavisarach, Chief Executive Officer of Bangchak Corporation Public Company Limited and President of the Bangchak Group, stated at the event "New Energy for Thailand: Energy Transition, Betting on Thailand's Future" that increasing the share of drop-in biofuels to 20% has the potential to create economic value equivalent to approximately 2% of GDP, driven by an increase in domestic spending of about 153 billion baht and a reduction in oil imports of about 63 billion baht. This would also help create jobs, distribute income, and enhance energy security. The transport sector accounts for 41% of Thailand's final energy consumption and uses about 76% of primary oil consumption. Bangchak Group has continuously developed its biofuel business, now producing HEFA-SPK sustainable aviation fuel with a capacity of 1 million liters per day, HVO or green diesel for road transport, and B24 for the maritime sector.

Defiance ETFs has launched the Defiance AI Capacitors Leaders ETF (Cboe: CAPA), the first U.S.-listed ETF targeting the capacitor supply chain powering AI infrastructure. The fund tracks the BITA AI Capacitors Leaders Index, which holds companies deriving at least 50 percent of revenue from advanced capacitors and passive components used in AI servers, accelerators, and data centers. Top holdings include TDK Corp at 23.0 percent, Samsung Electro-Mechanics at 20.2 percent, and Murata Manufacturing at 18.3 percent. Industry reporting cited by Defiance indicates a single AI server built on Nvidia's GB300 platform can require roughly 30,000 multilayer ceramic capacitors, and Murata expects MLCC shipments into AI servers to grow about 30 percent annually through 2030. Defiance CIO Sylvia Jablonski said the market has spent three years pricing the chips, while CAPA focuses on what powers them, as rack power architectures move from 12 volts to 48 and even 800 volts.

NuScale Power, the only U.S. company with regulatory approval for small modular reactors, is pursuing a 6-gigawatt project with the Tennessee Valley Authority that, if built, would be the world's largest SMR facility by a large margin. The key catalyst for investors is whether a power purchase agreement with TVA is signed, potentially as early as the company's next earnings announcement on November 5. A PPA would lock in TVA's commitment and allow construction to begin, lifting the uncertainty that has kept NuScale's market cap under $4 billion. However, NuScale's history includes a failed 2019 project with Utah Associated Municipal Power Systems, which was canceled in late 2023 after cost overruns and delays, causing its stock to fall nearly 80% that year. Bank of America analysts see nuclear energy as a $10 trillion opportunity over coming decades, driven by surging electricity demand from AI and data centers, with SMRs poised to reshape supply chains.

Deputy Prime Minister and Minister of Finance, Ekniti Nitithanprapas, explained to the House of Representatives regarding the emergency decree authorizing a 400 billion baht loan, confirming that it is a necessary measure for economic stability and that every step will be open to scrutiny. The economic figures for the second quarter of fiscal year 2026 reflect the necessity, as the economy has slowed, inflation has risen, and the current account deficit has reached nearly 600 billion baht due to higher energy import prices following the Middle East crisis. The objectives of the decree are twofold: to assist the public through the Thai Helps Thai Plus measures, where the government covers 60% and citizens pay 40%, and to accelerate the transition to renewable energy to reduce import dependence. The approach is based on three principles: supporting the economy today, turning the crisis into an opportunity, and attracting private investment in clean energy, while unlocking Direct Power Purchase Agreements and Third Party Access. Ekniti affirmed that this is not a blank check, but borrowing based on actual needs, with strict, transparent, and auditable central regulations for project screening. Meanwhile, credit rating agencies remain confident in Thailand, showing more interest in the investment in energy transition than concerns about debt approaching the ceiling.

Industry Minister Varawut Silpa-archa explained to the House of Representatives that the government will strictly enforce standards for solar rooftop equipment, emphasizing that all devices must pass Thai Industrial Standards (TIS) and that license applications will take no more than 7 days. He also urged entrepreneurs to expedite registration, especially the 5 domestic solar cable manufacturers, of which only 2 currently hold licenses. Meanwhile, domestic production capacity remains limited; for example, batteries have only 1 manufacturing plant but 44 importers, and solar panels have 8 factories but 260 importers. Under the 200 billion baht project aiming to install solar rooftops for about 1.5 million households, additional equipment imports must meet international standards and be properly registered with the Thai Industrial Standards Institute (TISI) to ensure public safety and a stable transition to a Green Economy.

Siam Cement Public Company Limited (SCC) is confident that its performance in 2026 will be bright, expecting Adjusted Cash EBITDA to exceed the target of 56 billion baht, after already achieving more than 42.913 billion baht in the first half of the year. This is supported by foreign direct investment (FDI) inflows and the data center group, which are driving growth in the industrial infrastructure segment, countering the real estate slowdown. Meanwhile, the petrochemical business can pass on naphtha costs more quickly, and the LSP project in Vietnam is expected to start operations by mid-next year, earlier than the original plan of late next year. If it runs at full capacity, it could generate an additional 9 billion baht in EBITDA per year.

Energy Minister Eknat Prompan said at the Thailand Focus 2026: Reignite Thailand event that the government has improved measures and regulations to ensure that the arrival of data centers does not burden the public. New investors will be responsible for the additional costs of importing gas for electricity generation, and more options will be provided through direct power purchase agreements (Direct PPA). Meanwhile, the new Power Development Plan (PDP), covering 25 years until 2050, sets a roadmap towards the Net Zero target by 2050, with renewable energy accounting for more than 60%, combined with carbon capture technology, and could push the share of clean energy up to 89% if carbon capture faces cost constraints. The government also has a 200 billion baht loan facility for energy transition to support the public and small entrepreneurs, such as rooftop solar installations under the Net Billing system, while modernizing the power grid. The National Energy Policy Committee has completely lifted the previous 2,000 megawatt quota restriction on access to the clean energy market. Harald Link, Chairman of B.Grimm Power Public Company Limited, said that society should not panic over data centers competing for water resources, as most operators use air cooling systems, and Thailand can rely on seawater desalination plants in the Gulf of Thailand. Yaniv Ghitis, Chief Commercial and Investment Officer of Digital Edge DC, said that the data center and AI business is a 20-year long-term game, and praised the Ease of Doing Business measures under the leadership of BOI. Large data center campus projects in Chonburi and Rayong will create significant employment, and the company proposed establishing an industry association to strengthen cooperation between the public and private sectors.