Hydropower & Pumped Storage

Pacific Gas and Electric Company announced new grant agreements for community microgrid projects moving into development and the selection of six new projects in the second application window of its Microgrid Incentive Program. The second wave directs $30 million to projects serving more than 2,200 customers and supporting critical facilities including schools, fire stations and health centers, with individual awards ranging between $2-6 million each. That $30 million is the second tranche of the program's PG&E funding, following the $43 million PG&E announced in 2025 for nine initial projects, bringing the combined authorized community microgrid investments to more than $73 million. In the first round, three proposed projects in Lake County are advancing a first-of-its-kind approach known as Firemain Linked Auxiliary Supply/Hydraulic Energy Storage, pairing tens of megawatts of locally generated solar with pumped hydroelectric storage, and are moving into early development with geotechnical core boring and initial test well drilling planned. In the second round, the Pescadero project in San Mateo County will be led by WestLight Energy, formerly Peninsula Clean Energy, and will integrate a roughly 1.5 megawatt solar system and a 2 megawatt battery energy storage system to support at least 24 hours of standalone operation. The Microgrid Incentive Program is a statewide $200 million competitive grant program, with $79.2 million allocated to PG&E, $83.3 million to Southern California Edison and $17.5 million to San Diego Gas and Electric, and awards of up to $14 million each.

The Energy Policy and Planning Office expects primary energy demand for all of 2026 to average 2.042 million barrels of crude oil equivalent per day, up 1.4% from 2025, when it fell 1.6%. The forecast assumes the Thai economy grows 2.0-2.5%, Dubai crude prices of 80-90 US dollars per barrel, and an exchange rate of 32.50-33.50 baht per US dollar. Wattanapong Kurovat, director of the Energy Policy and Planning Office, said that in the first six months of 2026, Thailand's primary commercial energy use was about 2.062 million barrels of crude oil equivalent per day, up 0.9% from the same period a year earlier, in line with first-half economic growth of 2.4%. For the full-year trend, oil use is expected to rise 0.1%, natural gas 8%, and hydropower and imported electricity 5.9%, while coal and lignite use will fall 15.6%. However, developments still to be watched include Middle East conflicts, uncertainty over US trade measures, and weather conditions, which could affect energy prices and the country's energy demand over the remainder of the year.

Blockfusion USA, Inc. announced that its wholly owned subsidiary, North East Data, LLC, has entered into a definitive anchor lease with CoreWeave, Inc. for capacity at Blockfusion's Niagara Falls, New York campus, alongside a companion expansion agreement. The two agreements convert the non-binding letter of intent announced on June 30, 2026, into definitive agreements, and the lease carries a 15-year initial term with two five-year renewal options. Blockfusion has transformed a decommissioned power plant into a low-carbon data center powered predominantly by hydroelectric power and is now adapting the campus for high-density, liquid-cooled AI infrastructure, benefiting from an existing grid interconnection, clean energy and redundant fiber infrastructure. Chief Executive Officer Alex Martini-Lo Manto called the agreement a defining milestone for Blockfusion and strong validation of the Niagara Falls campus, while Mayor Robert Restaino said the commitment creates opportunities for residents and businesses. The agreements also mark a step in Blockfusion's proposed business combination with Blue Acquisition Corp., which is expected to result in Blockfusion Digital Infrastructure, Inc. becoming a publicly traded company listed on the Nasdaq Stock Market under the ticker symbol BDI, with additional information to be included in an amendment to the registration statement on Form S-4 filed with the U.S. Securities and Exchange Commission.

The Cabinet has approved a project by the Electricity Generating Authority of Thailand to refurbish Unit 4 of the Sirikit Dam hydropower plant, with a total investment of 2.088 billion baht, according to Ms. Ploytalay Luksameesangchan, Deputy Government Spokesperson, who announced the decision after the meeting. Unit 4 has been in service for about 31 years, its generating equipment has deteriorated below safety standards, and some parts can no longer be sourced for maintenance. The upgrade will cover mechanical equipment such as water turbines, speed governors and inlet valves, as well as electrical equipment and control systems including generators, electromagnetic excitation systems and main power transformers. It will extend the plant's service life by no less than 30 years and increase electricity output from 242.42 million units per year to 251.28 million units per year. As for funding, the Electricity Generating Authority of Thailand will mainly consider raising capital domestically through infrastructure funds, bond issuance and its own revenue. The Sirikit Dam hydropower plant is located in Tha Pla district of Uttaradit province and has four generating units with a capacity of 125 megawatts each, 500 megawatts in total, producing an average of 1,018.12 million units of electricity per year.

CK Power Public Company Limited, or CKP, disclosed that rising water levels in the Mekong River basin will support the operating performance of the Xayaburi hydropower project, or XPCL, in the second half of 2026. It expects water releases from upstream areas in China to be at high levels during October to November 2026 and possibly increase at times in December. Meanwhile, the Nam Ngum 2 power plant, or NN2, is managing power generation cautiously, with the reservoir level at 368 metres above sea level in August 2026, close to normal levels. The Bang Pa-in Cogeneration power plant, or BIC, returned to normal operation from July 2026 after a maintenance shutdown in the first quarter. The fuel adjustment charge, or Ft, for September to December is around 0.16 baht per kilowatt-hour, slightly higher than the same period last year. For its clean energy business expansion, the solar farm project with BEM in phase 2 comprises two sites with total installed capacity of about 6.71 megawatts and began commercial operation, or COD, in early September 2026. As for the new Power Development Plan, or PDP 2026, CKP is mainly interested in participating in hydropower plant auctions, and is studying and seeking project development areas in Laos or Vietnam to transmit electricity back for sale in Thailand. Meanwhile, the Luang Prabang hydropower project, or LPCL, had construction progress of 77% as of June 2026 and remains scheduled to start commercial operation, or SCOD, in early 2030. Currently, CKP has invested 13,344 million baht in equity out of a total investment obligation of 20,934 million baht, leaving 7,590 million baht of investment during 2026 to 2029.

EGCO announced the closing of a deal to sell a 49% investment stake in the BPU and KLU power plants for approximately 2.8 billion baht, retaining a 51% holding totaling 162 megawatts. Analysts at Yuan Ta Securities (Thailand) estimate that EGCO will recognise a special profit from the transaction of about 1 to 1.4 billion baht during the third quarter of 2026. For the normal profit outlook in the third quarter of 2026, growth is expected both quarter-on-quarter and year-on-year, supported by seasonal factors from hydropower projects in Laos and natural gas-fired power plants in the United States, a full quarter of higher capacity payments in the United States at 329 US dollars per MW per day, and the return to operation of the QPL power plant in the Philippines after it spent last year awaiting a new PPA contract. The brokerage maintains a "Buy" recommendation with a fair value of 187 baht.

EnergyPathways has appointed Jacobs to provide consenting, regulatory, and Development Consent Order services for its Marram Energy Storage Hub project in the UK. The project, located in the Irish Sea and connecting onshore at Barrow-in-Furness, aims to enhance UK energy security and flexibility. Jacobs will manage planning and DCO strategy, oversee environmental planning, and lead stakeholder engagement. EnergyPathways targets operational status by 2031, pending consents and financing. The MESH project, expected to be one of the UK's largest integrated energy storage schemes, will have a capacity of 300MW/55GW-hours, combining compressed air energy storage with natural gas and hydrogen storage for ultra-long-duration storage exceeding 190 hours. Jacobs will also advise on EnergyPathways' submission to Ofgem's Long Duration Electricity Storage Cap & Floor scheme and support grid connection applications.

Mr. Ekanat Promphan, Minister of Energy, revealed the draft of Thailand's Power Development Plan for 2026–2050 (PDP2026), which is the most important national agenda at this time, to address geopolitical crises and unlock the Thai economy from the 2-3% growth trap towards the digital and AI era. The plan has three key highlights: cleanest, most secure, and most equitable in Thai history. Within the first 10 years, it will increase the share of clean energy from below 20% to 50% of total generation capacity, and in the following 15 years, it will rise to at least 65%, possibly reaching 89-90%. It also introduces concrete carbon capture and storage technology to reduce reliance on volatile spot LNG imports. The plan will shift towards relying more on gas from the Gulf of Thailand and Myanmar, with estimated potential of about 2,000-2,500 million cubic feet per day from the Gulf and an additional 700-800 million cubic feet per day from new fields in Myanmar, totaling over 3,000 million cubic feet per day, sufficient for 21,000 megawatts of power generation. Meanwhile, it will establish a new type of electricity user for data centers, which would bear the cost burden if additional LNG imports are needed, and liberalize direct clean energy power purchase agreements (Direct PPA) without limiting the quota to just 2,000 megawatts or restricting it only to data centers. It also allocates a quota of 10,000 megawatts out of the total 24,000 megawatts for public ownership of power plants, with the government potentially supporting rooftop solar installation and purchasing electricity at fair prices. The Ministry of Energy will continue to accept public comments on the draft PDP2026 for another week.

EGCO expects its Q3/69 performance to grow seasonally, benefiting from the high season of hydropower plants in Laos and large power plants in South Korea and the United States. It is also set to recognize profits from the sale of BPU and KLU shares under its Asset Recycling strategy. Meanwhile, the company is accelerating M&A negotiations using its 30 billion baht investment budget to increase generating capacity this year. The company is confident that generating capacity will increase despite the partial share sales, and it also has plans to accommodate data centers interested in investing in the ERIE industrial estate.

Henan Yunnan Energy Holdings Co., Ltd. announced that Unit 1 of the Henan Lushan Pumped Storage Power Station project, invested and constructed by its subsidiary, completed a 15-day assessment trial run and was successfully put into operation on August 30, 2026. The project has a planned total installed capacity of 1.3 million kilowatts, with four units of 325,000 kilowatts each. Currently only Unit 1 is in operation, while the other three units are still under construction. The company stated that the commissioning of Unit 1 marks phased progress for the project and will expand its in-service power installed capacity, but it will still take time for the project to reach its designed output, and there is uncertainty regarding the impact of factors such as capacity price settlement and the electricity spot market on economic benefits.

CK Power Public Company Limited (CKP) is moving forward with the Luang Prabang hydropower plant project, expected to commence commercial operations in early 2030. The company aims to increase its renewable energy share to no less than 95% by 2043. Currently, its investment portfolio includes 18 power plants with a total capacity of 3,640 megawatts, comprising 3 hydropower plants, 2 combined-cycle thermal power plants, and 13 solar power plants. The current renewable energy share stands at 93%, with natural gas accounting for 7%. For the Luang Prabang project, CKP holds a 50% stake, with an investment commitment of approximately 21 billion baht. About 10 billion baht has already been paid, leaving 7.5 billion baht to be funded in the second half of 2026 through 2029, which will be raised through additional bond issuances over the next 2-3 years. The company expects its long-term return on equity to improve, driven by new revenue from the Luang Prabang project after 2030 and the gradual repayment of loans for its major projects, including Xayaburi, Nam Ngum 2, and Bang Pa-in Cogeneration, which will significantly reduce interest expenses.

Hunan Development released its 2026 interim report, achieving a leapfrog expansion in hydropower installed capacity through a major asset restructuring, with explosive growth in performance during the reporting period. The company achieved operating revenue of 534 million yuan, up 31.20% year on year; net profit attributable to the parent company was 185 million yuan, up 77.45% year on year; and non-GAAP net profit was 124 million yuan, up 202.86% year on year. Clean energy business revenue accounted for 92.65% of total revenue, with a gross margin of 69.92%, mainly thanks to the completion of the restructuring of four hydropower stations: Gaotan, Tongwan, Qingshuitang, and Xiaoxi. Total controllable installed capacity jumped from 245,000 kilowatts to 745,000 kilowatts, and abundant water inflows boosted power generation. The sand and gravel business came under pressure from market supply and demand, with revenue of only 32.61 million yuan. Looking ahead, the company needs to watch electricity price marketization fluctuations and water inflow risks. The 80-megawatt tea-light complementary project in Hengdong County has started pile foundation construction and is expected to become a new growth point.

Sermsang Power Corporation Public Company Limited, or SSP, reported first-half 2026 results with net profit attributable to shareholders of 325.1 million baht, up 44.8 percent from the same period last year, while core operating profit was 311.5 million baht, up 18.5 percent. For the second-half outlook, the company expects continued growth. The third quarter of 2026 will be supported by the high season for solar power generation in Japan, before wind power plants in Thailand and Vietnam enter their high generation season in the fourth quarter of 2026. SSP is also preparing to begin commercial operation of two community waste-to-energy plants in late 2026, which can generate and sell electricity around the clock while also earning revenue from waste disposal fees. The company aims to push total capacity to 720 megawatts by 2027, before increasing to 1,000 megawatts by 2032.

Shinichiro Takiguchi of the Japan Research Institute has released an independent estimate showing that Japan's hydropower generation could be raised to roughly double its current level if operational improvements and facility upgrades are carried out at flood-control dams nationwide. According to Ministry of Finance ordinary trade statistics, Japan relied on the Middle East for 92.5 percent of its crude oil imports in fiscal 2025, making reduced oil dependence and greater use of domestic resources an economic security challenge. He noted that hydropower in particular has major potential as a resource of a mountainous country that can make use of existing rivers, dams, and transmission networks, and that generation capacity can be increased through hybrid dams and equipment renewal without building new dams. He further proposed that forming regional economic zones centered on hydropower would strengthen energy security and help address population decline and regional decay.

Power plant stocks rose after KKPS turned more positive on Thailand's utility sector, citing the PDP 2026 plan and direct power purchase agreements to support data centers. At 10:58 a.m., BGRIM stood at 19.30 baht, up 3.76 percent, GULF at 63.75 baht, up 1.19 percent, and GPSC at 52.75 baht, up 4.46 percent. KKPS raised its profit forecasts for 2027 to 2030 for GULF by 12 to 26 percent, for GPSC by an average of 6 percent, and for BGRIM by an average of 15 percent. It also raised target prices for GULF to 75 baht, GPSC to 60 baht, and BGRIM to 25 baht, maintaining buy recommendations on all three. KKPS views the draft PDP 2026, expected to be released in September 2026, as potentially opening the way for additional capacity investment and marking the start of a re-rating for the whole sector. Meanwhile, Krungsri Securities said the draft PDP 2026 is being submitted to the energy minister for consideration, with public hearings expected in September 2026 before it goes to the National Energy Policy Council for review in October to November 2026. GPSC aims to capture about 25 percent of new capacity under PDP 2026, covering 2.2 gigawatts of solar power, 0.5 gigawatts of wind power, 0.5 gigawatts of hydropower, and independent power producer projects totaling 2 to 5 gigawatts. In the best-case scenario, this would require total investment of 195 to 236 billion baht and generate additional profit of 7.95 billion baht, adding 27.90 baht per share to the stock's fair value.

Ratch Group Public Company Limited, or RATCH, expects earnings before interest, taxes, depreciation and amortization, or EBITDA, for 2026 to meet its target of 15 billion baht. The second half is expected to be higher than the first half's 7.62 billion baht, driven by revenue recognition from a 71.05 megawatt solar power plant in the Philippines and a 5.5 megawatt hydropower plant in Vietnam, both scheduled to begin commercial operation in the fourth quarter of 2026. Group Chief Executive Officer and Managing Director Nitas Voraphanphiphat said the company is studying mergers and acquisitions of two power plant projects in Indonesia with combined capacity of about 340 megawatts, with clarity expected by December 2026. Current capacity stands at about 9,483.99 megawatts, comprising 68.57 percent fossil fuels and 31.43 percent renewable energy. The company has set an investment budget of 10 billion baht this year and is preparing to bid for projects under the PDP 2026 plan, while also showing interest in investing in a sustainable aviation fuel project in Turkey with capacity of 100,000 tonnes per year.

Arendals Fossekompani ASA reported second-quarter operating profit of NOK123 million, up from NOK32 million a year earlier, driven by strong hydropower, ENRX, and Tekna performances. Group revenue declined 2% to NOK884 million, while earnings after tax were negative NOK23 million due to impairments and a high effective tax rate. Volue revenue rose 15% to EUR37.6 million with recurring revenue up 17%, and Tekna posted its fourth consecutive quarter of positive adjusted EBITDA with record order intake. Hydropower production more than doubled to 124 GWh, contributing NOK104 million in operating profit at an 80% margin.

Bofei Electric disclosed its 2026 semi-annual report. In the first half, it achieved operating revenue of 263 million yuan, up 33.85% year on year, while net profit attributable to the parent company was 1.03 million yuan, down 87.95% year on year. After excluding share-based payment expenses of over 19 million yuan, the company's actual net profit was approximately 16.56 million yuan, a year-on-year increase of 67.12%. Revenue from the insulation system integration business grew 470.26% year on year, with a gross margin of 8.83%, representing the company's transformation from a component supplier to a system-level partner. The company also signed a comprehensive cooperation framework agreement with Dongfang Electric Machinery Company, a subsidiary of Dongfang Electric Corporation, to carry out full-chain collaborative innovation around insulation systems for large hydro generators and high-efficiency steam turbine generators.

Ratch Group Public Company Limited, or RATCH, has set an investment budget of 10 billion baht this year for existing and new projects, while preparing to bid for renewable power plant projects in Thailand and seeking investment opportunities in Indonesia. Mr. Nitas Voraphonpipat, Group Chief Executive Officer and Managing Director, said the company targets EBITDA growth this year at 15 billion baht and renewable energy revenue of no less than 15 percent of total revenue. It expects to recognize revenue from a solar power plant with equity capacity of 71.05 megawatts in the Philippines and a hydropower plant with equity capacity of 5.5 megawatts in Vietnam, both scheduled for commercial operation this year. For investment in Indonesia, the company has prepared an expansion plan for the Paiton power plant in East Java, a 1,000-megawatt combined-cycle power plant, and is studying the feasibility of investing in a 200-megawatt gas engine capacity expansion project and a 140-megawatt combined-cycle power plant with cooling system in Batam.

Brookfield Renewable has agreed to issue C$750 million of green medium-term notes in two series. The offering consists of C$400 million of Series 21 notes due 2036 with a 4.949% interest rate, and C$350 million of Series 22 notes due 2031 with a 4.256% rate. The offering is expected to close around August 24, 2026, subject to customary conditions. Proceeds will fund eligible investments under its Green Financing Framework, including repayment of related debt.

Qianyuan Power disclosed its 2026 semi-annual report on August 21. In the first half of the year, it achieved total operating revenue of 1.112 billion yuan, up 25.92% year on year. Net profit attributable to the parent company was 233 million yuan, up 83.14% year on year. Net profit after deducting non-recurring items was 231 million yuan, up 83.04% year on year. The company plans to distribute a cash dividend of 1 yuan per 10 shares, tax included, to all shareholders. Net cash flow from operating activities was 578 million yuan, up 16.76% year on year. Basic earnings per share were 0.5447 yuan, and the weighted average return on equity was 5.14%. The company's main businesses are hydropower generation and photovoltaic power generation.

Qianyuan Electric Power announced plans to invest in the project "Research and Demonstration of Key Technologies for a New Generation of Hydropower Units Based on New Power Systems." The project will be carried out at the Beipan River, Sancha River, and Furong River. The total planned investment is 95.05 million yuan, of which 8.3 million yuan is planned for 2026. The project breaks through the limitations of traditional single-station, single-unit, and single-component retrofits, pioneering a new paradigm for a new generation of hydropower units featuring basin-level benchmarking and assessment, digital reverse diagnosis, and systematic coordinated improvement. It fills a domestic gap in building health profiles for existing hydropower unit fleets and in comprehensive diagnostic technologies, reaching an industry-leading level.

Sanxia Water Conservancy released its 2026 semi-annual report, achieving operating revenue of 5.069 billion yuan, up 3.53% year on year. Net profit attributable to shareholders of the listed company was 378 million yuan, up 688.61% year on year. The profit growth was mainly driven by abundant water inflows in the hydropower segment, which boosted power generation. Grid-connected electricity from self-generated hydropower rose 52.13% year on year, hitting a four-year high for the same period, and profit from the power segment increased by 150 million yuan year on year. The company's second-quarter net profit was 346 million yuan, compared with 32 million yuan in the first quarter, representing a quarter-on-quarter increase of 969%.

Laos is accelerating the promotion of electric vehicles by leveraging its domestic hydropower, while announcing a temporary halt to petrol car imports after fuel shortages triggered by the war in Iran raised energy security concerns. The government aims to raise the share of electric vehicles to 30 percent of all vehicles by 2030, from the current combined total of 17,357 electric and hybrid vehicles, or just 0.5 percent of roughly 3 million vehicles. It is using an excise tax incentive of only 3 percent for EVs, compared with double-digit taxes for petrol cars with engines of 1,000 to 3,000 cubic centimetres. Most recently, the government notified ministries about the plan to suspend petrol car imports and urged transport companies to convert at least 10 percent of their fleets to EVs this year. Data from JETRO indicate that Laos had oil reserves sufficient for only two days in early March, because the landlocked country must rely on oil imports, which pressure its trade balance and currency. Lao Fuel Company and Electricite du Laos signed a memorandum of understanding in July to study the feasibility of expanding EV charging stations, converting existing petrol stations to include fast chargers supporting CCS Type 2 and GB/T standards.

Alpha Divisions Public Company Limited, or ALPHAX, reported net operating profit for the second quarter of 2026 swung to a positive 15.63 million baht from a loss of 19.18 million baht in the same period last year. Revenue from its core business was 72.96 million baht, up 23 percent, and gross profit rose 392 percent to 54.41 million baht. The financial business in Laos was a key driver, with revenue up 68 percent from aggressive loan expansion and new product launches. The energy business posted revenue of 40.94 million baht, up 2 percent, from hydropower plants with total installed capacity of about 30 megawatts under long-term power purchase agreements. For the first six months of 2026, the company recorded total revenue of 178.50 million baht, up 19 percent, and net operating profit of 19.79 million baht, recovering from a loss of 13.16 million baht a year earlier. Chief Executive Officer Kampol Trauburanakul said the outlook for the second half is bright, with the third quarter being the peak season for hydropower plants due to the rainy season, and the company is moving forward with a 100-megawatt solar power project in Pakxan district, Bolikhamxay province, Laos, targeting commercial power dispatch within 2026.

GD Power Development announced on the evening of August 19 that it plans to start work on acquiring some assets of its controlling shareholder, China Energy Investment Corporation. The assets to be acquired include equity stakes in several conventional energy power generation companies under China Energy, with total controlling installed capacity in operation of about 320,000 kilowatts, and controlling installed capacity under construction or planned for construction of 13.54 million kilowatts. GD Power Development plans to acquire with cash a 67 percent stake in Guoneng Hubei Songzi Pumped Storage Company Limited, a 100 percent stake in China Energy Anhui Energy Company Limited, a 65 percent stake in Guoneng Hengshui Thermal Power Company Limited, a 100 percent stake in Guoneng Diannan Kaiyuan Power Generation Company Limited, and a 100 percent stake in Guoneng Qinghai Delingha Coal Power Company Limited. Its controlling subsidiary, Guoneng Dadu River Basin Hydropower Development Company Limited, plans to acquire with cash a 51 percent stake in China Energy Jinsha River Benzilan Hydropower Company Limited and a 51 percent stake in China Energy Jinsha River Xulong Hydropower Company Limited. GD Power Development said the transaction is being planned to fulfill the commitment to avoid horizontal competition issued by China Energy in March 2018, and to further reduce and resolve horizontal competition issues with China Energy. As of the close of trading on August 19, GD Power Development's share price was 5.13 yuan per share, up 1.99 percent, with a total market value of 91.5 billion yuan.

Chuantou Energy announced that the company plans to take over the Sichuan Nanjiang Xingma pumped storage hydropower station project, for which its related party Nengtou Power is currently carrying out preliminary work, and to establish a project company to advance the preliminary work. The project has a planned installed capacity of 1.4 million kilowatts and a total investment of approximately 8.341 billion yuan. The company or the project company needs to pay Nengtou Power a total of approximately 58.5241 million yuan in preliminary expenses and interest.

Absolute Clean Energy Public Company Limited, or ACE, reported first-half net profit for 2026 of 593.1 million baht, up 58.2% from the same period last year, with total revenue of 3.36 billion baht. Second-quarter 2026 net profit was 278.7 million baht, up 87.3% year-on-year, and total revenue was 1.77 billion baht, up 7.8%. The main growth came from significantly higher gross profit at solar power plants and community waste-to-energy plants. In the second quarter, gross profit from solar power plants rose 154.4% to 113.9 million baht, and from community waste-to-energy plants rose 141.3% to 43.1 million baht. Chief Executive Officer Thanachai Bunditvorapoom said the company won the auction for the Nakhon Phanom Municipality community waste-to-energy project, with installed capacity of 9.9 megawatts and a power purchase agreement for 8.0 megawatts, making it ACE's 11th community waste-to-energy plant. Of the 18 solar farm projects won under the 2022 to 2030 Feed-in Tariff scheme, 15 have begun commercial operation and the remaining 3 are expected to be completed within 2027. In total, ACE has 92 clean energy power plant projects with combined installed capacity of 767.42 megawatts, comprising 47 operating projects with total capacity of 466.94 megawatts and 45 projects under development with total capacity of 300.48 megawatts.

Global Power Synergy, or GPSC, reported a first-half net profit of 3.538 billion baht, a 12% increase from the same period last year, supported by improved performance at its small power producer plants driven by higher electricity and steam demand from industrial customers, along with lower fuel costs and strong results from its hydropower plants in Laos, while financial costs declined. For the second quarter, net profit came in at 1.819 billion baht, up 6% from the previous quarter. The board approved an interim dividend of 0.55 baht per share, with a record date of 20 August 2026 and payment on 3 September 2026. At the end of the second quarter, the company had total commercial capacity of 7,256 megawatts and continues to expand its clean energy business to capture opportunities from the new power development plan.

Gulf Development Public Company Limited reported record-high operating profit of 12.332 billion baht in the second quarter of 2026, an increase of 74% from the same period last year. Total revenue was 50.294 billion baht, up 24%. The main growth came from the energy business, both natural gas-fired power plants and renewable energy. IPP power plants under the IPD group saw higher profits from increased electricity sales volumes driven by the country's electricity demand. Meanwhile, solar power plants in operation increased to 12 projects with total capacity of 1,129 megawatts, resulting in a 153% rise in profit for this segment to 402 million baht. In addition, the company recognized a share of profit from AIS of 4.549 billion baht, up 31%, and dividend income from KBANK of 2.842 billion baht, as well as a gain from the sale of a 51% stake in the Pak Lay hydropower project to J-Power of 1.928 billion baht. As a result, EBITDA for the quarter was 18.997 billion baht, up 41%, while net profit attributable to the parent company was 12.446 billion baht, down from the previous year which included an extraordinary gain from the merger with INTUCH. The Chief Financial Officer expects total revenue and EBITDA for 2026 to grow 12 to 15%, with approximately 700 megawatts of additional power plant projects to commence operations in the second half of the year.

Gulf Development Public Company Limited, or GULF, is on track to post a new record high for core profit in the second quarter of 2026, with analysts forecasting core profit of 11.5 to 11.8 billion baht, a significant increase from both the same period last year and the previous quarter. Key drivers include the recognition of dividends from KBANK of approximately 2.8 billion baht, a gain from the sale of an investment in the Pak Lay hydropower project worth around 1.8 billion baht, and a growing share of profit from associates such as ADVANC. The large-scale power plant business also saw improved performance amid higher electricity demand during the hot season. Krungsri Securities has a target price of 74 baht, Kasikorn Securities 79 baht, Asia Plus Securities 80 baht, and Yuanta Securities the highest target at 91 baht, noting that GULF has an advantage in expanding its data center and AI businesses thanks to its ready land, power plants, and IT infrastructure.

BCPG reported normalised net profit for the first half of 2026 at 810.6 million baht, compared to the same period last year. Total revenue came in at 1.905 billion baht, up 26.1 percent from a year earlier, supported by the power generation business, revenue recognition from new projects that gradually commenced commercial operations, and efficient financial cost management. For the second quarter, normalised net profit stood at 180.8 million baht, a 37.9 percent increase from the same quarter last year, on total revenue of 806.7 million baht, which rose 3.4 percent. Key factors included hydropower plants in Laos, solar power plants in Thailand, additional solar rooftop projects, and higher profit sharing from natural gas power plants in the United States.

The Cabinet has approved a budget of 7.2 billion baht for the Royal Irrigation Department to carry out the Khlong Wang Tanod reservoir project in Chanthaburi province, aiming to enhance water security in the Eastern Economic Corridor. The project will have a capacity of 99.50 million cubic metres, supplying water to an irrigation area of over 87,700 rai. It is one of 38 key projects under the water resource development plan to support the EEC, with a seven-year implementation plan from fiscal year 2027 to 2033. The Cabinet also instructed strict compliance with laws and environmental measures, and approved in principle for the Royal Irrigation Department to collaborate with the Community Organizations Development Institute on the Ban Mankong Rural housing project to assist those affected. The Royal Irrigation Department forecasts that water demand in the EEC area will rise from 2.888 billion cubic metres in 2027 to over 3.5 billion cubic metres in 2037. Currently, there are 58 large and medium-sized reservoirs with a combined capacity of approximately 2.5 billion cubic metres. If all projects are completed by 2037, the additional water supply could reach 909 million cubic metres.