Wind

The equity and derivatives market strategist at InnovestX Research, InnovestX Securities, said efforts to push Thailand as a regional data center hub are taking clearer shape after the first meeting of the Data Center Business Policy Committee resolved to accelerate integration of data and legal provisions into a single dashboard, in order to set a clear industrial strategic framework within one month. The criteria define data centers using more than 2 MW of electricity as industrial businesses, set resource utilization fees to reflect true direct and indirect costs, and impose strict energy conditions to support Green Data Centers, including a separate electricity tariff category for the group, a mandatory clean energy share of no less than 60% to meet Net Zero goals, and tighter standards for backup power systems. Four subcommittees will be set up covering the economy, infrastructure, land and buildings, and the environment to draw up technical standards, and decisive measures are being prepared to suspend water and electricity allocation for projects not yet under construction if they fail the criteria. InnovestX assesses that these clearer policies will create significant positive ripple effects for two main industries. The first is clean energy, where the 60% minimum clean energy requirement will turn clean power from an option into a necessity, sharply driving real demand. The second is industrial estates, where classifying data centers as industrial businesses will draw foreign direct investment, or FDI, into leading estates equipped with smart grid networks and environmental management, leaving estates reliant on fossil fuels far behind. The investment strategy therefore recommends Selective Buy, focusing on accumulating leaders in these two main industries. For industrial estates, it favors companies with stable smart grid networks sufficient for Tier 3-4 data centers, joint ventures with multinational technology firms, and their own water recycling management systems, namely AMATA and WHA. For clean energy, it favors companies making progress on direct power purchase agreements, or Direct PPAs, with global hyperscalers, with high ESG scores and green certificates, and investing in battery energy storage systems, or BESS, to maintain the stability of electricity supplied to data centers, namely GULF, GPSC and BGRIM, as well as GUNKUL, a contractor for high-voltage transmission line systems.

EnBW Energie Baden-Württemberg and its partners Allianz, AIP Management and Norges Bank Investment Management have inaugurated the 960MW He Dreiht offshore wind farm in the German North Sea. The project, which comprises 64 turbines installed last month, is being commissioned in stages, with operations expected in the coming months, and the first turbines are already supplying electricity to the grid. He Dreiht was built without state funding and is financed through long-term power purchase agreements, with total investment of approximately $2.75bn (€2.4bn). EnBW holds a 50.1% stake through a project company, while the remaining 49.9% is owned by a consortium comprising Allianz Global Investors on behalf of Allianz entities, AIP Management and Norges Bank Investment Management. The wind farm is expected to generate enough electricity to cover the annual needs of the equivalent of around 1.1 million households, and its PPA partners include Evonik, Google, the Telekom subsidiary PASM, Fraport, Bosch, Salzgitter, SHS Stahl-Holding Saar, Deutsche Bahn and DHL Group. EnBW board of management chairman Georg Stamatelopoulos said He Dreiht is the largest single investment made by EnBW in renewables, and the company is developing further offshore projects including Dreekant (1GW) in the German North Sea and Morven (2.9GW) in Scotland.

Bernstein analyst Sunaina Ocalan defended GE Vernova as "wired to win," noting that data center orders accounted for only 38% of electrification orders, or $5 billion in H1 2026, while the remaining 62% was utility-driven. Bernstein maintains a Buy rating on the stock with a $1,298 price target, and nearly 80% of analysts covering GE Vernova also carry a Buy rating. The defense follows an 8.5% decline in GE Vernova shares triggered by GLJ Research's new Sell rating, in which analyst Gordon Johnson argued the company is "a cyclical gas turbine manufacturer priced as a secular compounder" trading at roughly 38.9x forward EV/EBITDA. Johnson's model estimates 2027 EBITDA at $7.42 billion, 22% below Wall Street consensus, partly due to the timing of turbine orders placed in 2024 for 2027 delivery. Hedge fund ownership of GE Vernova fell from 118 funds at the end of the first quarter of 2026 to 106 funds at the end of the second quarter of 2026, while short interest remained modest at 3.29% of float as of August 31, 2026. In a separate development, GE Vernova announced a wind turbine supply agreement with Eurus Energy Holdings in Japan.

Elon Musk doubled down on his solar thesis on Tuesday, predicting on social media platform X that "the solar power exponential will continue until all other energy sources are <<0.1%," and adding in a separate post that "Solar is so obviously the future." Texas is offering a real-world example of the shift, though ERCOT data does not project anything close to Musk's 99.9%-plus scenario: solar supplied 10.4% of ERCOT electricity in 2024, overtaking nuclear at 8.4%, while wind supplied another 24.2%, and installed solar capacity rose from 698 MW in 2016 to 37,443 MW in 2025. The Energy Information Administration said solar's share of ERCOT generation climbed from 4% in 2021 to 12% in 2025, with utility-scale solar generating 45 TWh in the first nine months of 2025, up 50% year over year, and wind and solar together meeting 36% of grid demand; a May EIA forecast projected ERCOT utility-scale solar generation would reach 78 billion kWh in 2026, topping coal's 60 billion kWh for the first time annually. Musk is putting corporate money behind the thesis: Tesla Inc. is considering a $10.1 billion vertically integrated solar-cell plant in Fort Bend County, Texas, and Musk recently said Tesla and Space Exploration Technologies Corp. are each building toward 100 GW per year of solar-production capacity, while acknowledging that "natural gas will still be needed to supplement and bootstrap solar for several years." Solar also sits at the center of SpaceX's broader plans, with the company envisioning large solar arrays powering orbital AI infrastructure.

ENGIE North America announced renewable energy supply agreements that will provide up to 568 MW of renewable electricity for Oracle's growing operations in Texas. The power will come from a portfolio of wind energy resources serving the Electric Reliability Council of Texas market, part of ENGIE's roughly 12 GW of new renewable generation and battery storage capacity built across North America over the past six years. Anne-Laure Chassanite, Interim CEO of ENGIE North America, said the agreements reflect the strength of the company's portfolio and its ability to deliver customized energy solutions for customers expanding in Texas. Julia Robin, Head of Infrastructure Planning and Sourcing for Oracle Cloud Infrastructure, said the deals advance Oracle's goal to match 100 percent of its AI data center electricity use with carbon-free electricity by 2035 without shifting costs to Texas consumers. ENGIE North America, based in Houston, has approximately 12 GW of power generation in operation or under construction across North America, representing $11 billion of capital employed.

Yuanta Securities (Thailand) has raised its 2027 price target for Global Power Synergy Public Company Limited, or GPSC, to 66.50 baht from 60.00 baht, while maintaining a buy rating and selecting GPSC as its top pick in the power plant sector for the fourth quarter of 2026, compared with the closing price of 48.25 baht on September 15, 2026, implying upside of about 37.8%. The brokerage views the company as a beneficiary of the draft of the country's new national power development plan, whose first 11 years, from 2027 to 2037, include plans to add roughly 50.6 gigawatts of new generating capacity. GPSC aims to capture about 5.2 gigawatts of that new capacity, or roughly 10% of the total, split between about 2.4 gigawatts of gas-fired plants and 2.7 gigawatts of renewable energy, comprising 2.2 gigawatts of solar and 0.5 gigawatts of wind. Meanwhile, existing gas-fired plants such as the 713-megawatt Glow IPP, in which GPSC holds 95%, and the 1,400-megawatt RPCL, in which it holds 24%, have a chance to extend contracts that expire in 2028 and 2033 respectively. In addition, selling electricity to data center operators is another option that could generate higher returns. On the financial front, as of the end of the second quarter of 2026, GPSC had a net debt-to-equity ratio of just 0.72 times, against a financial covenant of 2.5 times. Yuanta also raised its 2027 normalized profit forecast by 2% to 6.865 billion baht, or an 11% increase from the previous year, on full-year revenue recognition from the GHECO-One power plant, and lifted its gross margin assumption to 14.9%, even as it raised its natural gas price assumption to 360 baht per million BTU.

GUNKUL executives explained at a Virtual Conference hosted by Bualuang Securities that the PDP2026 plan is still in its Public Hearing phase in September 2026, with a target to submit it to the Cabinet in November or by the end of this year at the latest. As for the Community Solar scheme, auction results are expected by late 2026, PPA signing in mid-2027, and investment recognition beginning in 2028. Meanwhile, the Direct PPA framework is expected to become clear by the end of 2026. The major auction rounds under PDP2026, covering 2,700MW of wind and 24,000MW of solar, are likely to take clearer shape in 2027, with the auction expected to open around mid-year, the first batch of PPAs signed in 3Q27, and power delivery beginning in 2029-30. Executives confirmed the company's historical auction win share of about 10%, in line with EPC assumptions. The company also continues to focus on smart meters and 230-500kV high-voltage grid upgrade work, where fewer than 10 competitors operate, supporting the Grid Modernization/EEC Fast-track assumption of 2.7 billion baht per year. On Data Centers, regulations must still be awaited before auctions open, with investment estimated at about 5-6 million US dollars per MW, excluding GPU and electrical/EPC system work, which accounts for 10-15% of total investment. Current staffing can support up to 500MW of private-sector Data Center work. In the short term, 3Q26 remains strong, with wind power generation in just July and August matching the whole of 3Q25, boosting the profit share from the Wind JV, expected to rise to 327 million baht from 132 million baht in 2Q26. Core profit in 3Q26 is expected at 618 million baht, up 35% year-on-year and 9% quarter-on-quarter, with a chance of setting a new high. The EPC backlog stands at 5.0 billion baht, with about 1.6 billion baht expected to be recognized in 3Q26. The recommendation remains Buy with a target price of 6.50 baht, and the utilities sector weighting remains Overweight.

GE Vernova and Vineyard Wind have reached a settlement ending their legal battle over the major offshore wind development off Massachusetts. Under the agreement announced Wednesday, GE Vernova withdrew its notice seeking to terminate its involvement in Vineyard Wind, while both sides agreed to dismiss all outstanding legal claims, with financial and other terms not disclosed. The dispute escalated earlier this year after GE Vernova sought to exit contracts covering turbine construction and maintenance, arguing it had not been paid more than $300 million for work on the project, prompting Vineyard Wind to challenge the move in Massachusetts state court and secure an injunction requiring GE Vernova to continue working at the wind farm. The disagreement was also tied to costs and delays following the failure of a GE Vernova turbine blade in 2024, an incident that scattered debris along nearby beaches and triggered extensive inspection and repair work. The roughly $4.5-billion Vineyard Wind 1 development consists of 62 turbines with total capacity of about 806 MW, and the companies said Wednesday that all of the turbines are now capable of producing electricity, with the project designed to supply power equivalent to the needs of more than 400,000 homes and businesses. Vineyard Wind is owned equally by Avangrid Renewables and funds managed by Copenhagen Infrastructure Partners, according to the project's website.

ISO New England has selected Eversource's joint Transmission Initiative Down East project as the preferred longer-term transmission solution in its competitive solicitation process. The TIDE project would expand transmission capacity between Maine and New Hampshire, easing regional congestion and supporting affordability, and could integrate up to 1,200 megawatts of future onshore wind generation in northern New England. According to ISO New England's analysis, TIDE is projected to deliver a more than 2-to-1 cost-benefit ratio, including $1.42 billion in production cost and congestion savings, $1.30 billion in avoided capital investment, and $694 million in avoided transmission investment. Eversource's portion centers on upgrades and replacement within existing rights-of-way in New Hampshire, including a new 18-mile, 345 kilovolt line, a rebuild of an existing 345 kV line from a two-pole, H-frame design to a single-pole, reconductoring of another existing 345 kV line, and voltage and power quality equipment, with additional work in Maine and Massachusetts. The project still requires engineering, environmental, permitting and regulatory reviews, with construction anticipated to begin in 2029 pending all state and regulatory approvals.

Land and Houses Securities issued an analysis recommending the purchase of two stocks, BDMS and GUNKUL, giving BDMS a target price of 25.00 baht, with support levels estimated at 19.3 and 19.7 baht and resistance at 21.0 and 22.3 baht. It expects third-quarter 2026 profit to recover both year on year and quarter on quarter, after the second quarter of 2026 marked the year's low point amid the start of HIGH SEASON for Thai patients, the recovery of foreign patients, and easing pressure from Cambodian patients. July revenue accelerated 8% year on year from only about 1% year on year in the first half, supported by a 9% year-on-year rise in Thai patients and a 6% year-on-year increase in foreign patients. For GUNKUL, it set a target price of 6.30 baht, with support estimated at 4.8 and 4.9 baht and resistance at 5.4 and 5.6 baht. Short-term profit momentum in the third quarter of 2026 is positive thanks to the EPC business, which has a large BACKLOG awaiting revenue recognition, and seasonal factors for WIND FARM, where wind speeds are expected to increase. Full-year profit is growing more strongly than the sector on the back of the EPC business, and the company is expected to benefit from the PDP2026 plan, including the power transmission system project, DIRECT PPA, the selection of new renewable energy projects, and policies supporting SOLAR ROOFTOP. There is also a long-term profit driver from the SOLAR project in the Philippines totalling 784 MWE with a combined value of 7.5 billion baht, which secures a fixed electricity rate of 3.53 baht per unit for 20 years and is set to begin construction late this year.

RWE has signed a memorandum of understanding with Masdar focused on offshore wind projects, placing long-term growth in renewables at the center of the latest discussion around the stock. RWE last closed at €58.50, while the most followed narrative pegs fair value at about €67.58, implying roughly 13% undervaluation. That bullish framework rests on policy tailwinds in core markets, including the U.K. retention of a single price zone, extension of CfD periods to 20 years, higher auction price caps, and the new U.S. "Big Beautiful Bill" with tax incentives, which are expected to provide greater revenue visibility and de-risk project cash flows. Against that, the SWS DCF model points in the opposite direction, suggesting the shares trade well above an estimated future cash flow value of €31.97, which screens as overvalued on that lens. Weak wind conditions and tight renewables supply chains could also strain RWE project returns and cash flow.

Shanghai Electric reported first-half 2026 operating revenue of CNY 63.332 billion, up 16.6% year-on-year, with net profit attributable to shareholders of CNY 970 million, up 18.2%, and new orders totaling CNY 100.39 billion. Of those new orders, the Energy Equipment segment accounted for CNY 64.24 billion, including CNY 12.39 billion for wind power equipment, CNY 11.44 billion for energy storage equipment, CNY 4.57 billion for nuclear power equipment, and CNY 20.23 billion for coal-fired power generation equipment, while Industrial Equipment contributed CNY 21.25 billion and Integrated Services CNY 14.91 billion. By segment, Energy Equipment revenue rose 21.4% to CNY 36.558 billion, Industrial Equipment revenue edged up 1.9% to CNY 18.954 billion, and Integrated Services revenue climbed 31.5% to CNY 10.862 billion. Overseas, Shanghai Mitsubishi Elevator won the Dubai Palm Island Phase II contract to supply 700 high-end elevators, the power transmission and distribution business won a contract for high- and low-voltage switchgear at a hyperscale data center in Finland in its first large-scale entry into Europe's high-end market, and the company signed the Minety Phase II Stonehill Energy Storage Project at 50 MW/150 MWh in the UK. The company also secured the EPC contract for the Lanzhou New Area 100,000-ton/year biomass green methanol project Phase I, holds offshore wind orders exceeding 2 GW, and saw its SUYUAN 2.0 humanoid robot make its domestic debut.

On the morning of September 15, the A-share wind power equipment sector saw a wave of limit-up moves. Wind power leader Dajin Heavy Industry resealed its limit-up after the board was broken, with buy orders queued at the limit-up price reaching 159,000 lots. Xihua Technology, Titan Wind Energy, and Jixin Technology also hit limit-up simultaneously. On the news front, Germany's federal cabinet approved a draft amendment to the Offshore Wind Energy Act, introducing a contract-for-difference mechanism into Germany's offshore wind framework and planning to extend the standard operating period for projects from 25 years to 35 years. The bill will be submitted to the federal parliament for review and is planned to take effect on January 1, 2027. Domestically, from January to August 2026, a total of 383 central and state-owned enterprise wind power projects completed centralized procurement and bid awards for complete turbines, with cumulative capacity reaching 105,984.12 megawatts, or approximately 105.98 gigawatts. In August 2026, the average price for onshore wind power including towers was 2,120.32 yuan per kilowatt, down 61.2 yuan per kilowatt from July, while the average price excluding towers was 1,595.84 yuan per kilowatt, up 6.04 yuan per kilowatt from July. Industrial Securities said that Europe's new offshore wind installations are expected to jump from 2 gigawatts in 2025 to an average of about 7 gigawatts per year between 2026 and 2030, and Chinese companies are expected to gain entry by leveraging their technological and cost advantages. On the same day, the PCB sector continued its upward trend, with Aohong Electronics posting three consecutive limit-up boards, Huazheng New Materials and Dawei shares hitting limit-up, and Shuangxing New Materials in the copper foil segment also posting three consecutive limit-up boards.

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.

Gulf Development Public Company Limited, or GULF, has announced a major investment plan over the next five years worth as much as 140 billion baht to expand its data centre and digital infrastructure businesses and capture the growth of AI technology. The company aims to raise its data centre capacity to as much as 2,000 megawatts, up from roughly 200 megawatts at present. Chief Executive Officer Sarath Ratanavadi said the private sector is ready to take part in developing power projects of all types under the new Power Development Plan, or PDP, including solar, wind, battery energy storage and natural gas-fired power plants, as well as studying small modular reactor technology. The PDP targets power generation capacity of 50,000 megawatts, and the company sees opportunities in the free electricity business, such as selling green power to large electricity users. On the data centre side, GULF agrees with the government's move to set clear definitions and regulations, noting that demand in Thailand is very high from users of various social media platforms. The company has also joined hands with Singtel Group to take part in developing the Vietnam-Thailand-Singapore Cable System, a submarine cable network linking Vietnam, Thailand and Singapore on an open access basis, with a project value in the tens of billions of baht and service scheduled to begin in 2030.

Super Energy Corporation, or SUPER, is preparing to expand its renewable power plant portfolio by seizing investment opportunities under Thailand's draft Power Development Plan, PDP2026, which covers the years 2026 to 2050 and sets a new power generation framework of roughly 50,900 megawatts, with an emphasis on clean energy including solar, wind and battery energy storage systems, or BESS. SUPER Chief Executive Officer Jomsap Lojaya said the company is interested in joining the community solar project, which has a combined capacity of 1,500 megawatts, and aims to secure about 200 megawatts of capacity from that project. If it meets that target, it will add renewable power generation capacity to the company's portfolio and support growth opportunities going forward. SUPER is also monitoring investment opportunities from other clean energy projects under PDP2026, particularly solar, wind and BESS projects, which are playing a growing role in the country's power generation mix.

SSP, or Sermsang Power Corporation, has announced it is fully ready, both financially and in terms of capability, to take part in the bidding for solar and wind farm projects 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. The plan comprises 9,100 megawatts of combined-cycle power plants, 300 megawatts of small nuclear power plants, 24,300 megawatts of solar energy, 2,700 megawatts of wind energy and 14,500 megawatts of battery energy storage systems, before branching into options for clean energy goals after 2037, covering the CCS approach, renewable energy paired with energy storage systems, and a combination of both. Every option sets a clean energy share of no less than 65% in 2050. Chief Executive Officer Warut Thammavaranucupt said the company aims to expand its clean energy power plant portfolio and invest more in the country. In the past, SSP was among the successful bidders in the Feed-in Tariff renewable energy power purchase programme for 2022 to 2030, with a total of 170.5 megawatts, divided into seven solar power plants with total contracted capacity of 154.5 megawatts and two wind power plants with total contracted capacity of 16 megawatts, out of the first phase of the programme, which offered purchases totalling 5,203 megawatts. At present, the company is preparing for commercial operation dates for two community waste-to-energy plants with total installed capacity of 19.8 megawatts, expected to begin supplying electricity in the fourth quarter of 2026. It also has about 420 megawatts of projects in hand, comprising three solar farms in Thailand totalling 108.6 megawatts and the 150-megawatt Bago wind farm in the Philippines, which will gradually reach commercial operation in 2027. In addition, it plans commercial operation dates for other projects continuing through 2030 for more than 146 megawatts, which does not yet include opportunities to win bids under the PDP 2026. The company targets expanding its renewable power plant capacity of all types to 1,000 megawatts by 2032 and expects to reach that sooner than anticipated.

Gulf Development Public Company Limited, or GULF, announced that four wind power projects with a combined contracted generating capacity of 346.5 megawatts, held under Blue Sky Wind Power Holding Company Limited, have now signed power purchase agreements with the Electricity Generating Authority of Thailand for a term of 25 years, completing all of them on 7 September 2026. The four projects comprise Blue Sky Wind Power 36 Company Limited with a capacity of 90 megawatts, Blue Sky Wind Power 52 Company Limited with a capacity of 90 megawatts, and Blue Sky Wind Power 39 Company Limited with a capacity of 90 megawatts, all scheduled to begin commercial operations in 2029, plus Blue Sky Wind Power 3 Company Limited with a capacity of 76.5 megawatts, scheduled to begin commercial operations in 2030. Miss Yupapin Wangwiwat, Chief Financial Officer, said these four projects will generate profit for GULF of approximately 500 million baht per year, and that the group currently has 14 wind power projects in Thailand that have signed power purchase agreements with the Electricity Generating Authority of Thailand, with a combined contracted generating capacity of 1,058.5 megawatts. Once all of them begin commercial operations between 2027 and 2030, they will generate profit for GULF of approximately 2 billion baht per year. Global Securities Public Company Limited recommends buying GULF with a target price of 82 baht, while Asia Plus Securities Company Limited maintains its buy recommendation with a target price of 80 baht at the end of 2027, and Kiatnakin Phatra Securities Public Company Limited, or KKPS, has revised its target price for GULF to 75 baht and raised its profit forecasts for 2027 to 2030 by an average of 12 to 26 percent. It expects the new Power Development Plan, or PDP 2026, to become officially clear in the fourth quarter of 2026.

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%.

Skyborn Renewables has secured more than €3bn in funding to advance the 976.5MW Gennaker offshore wind farm in the German Baltic Sea, allowing the project to progress to the construction phase. The financing includes €2.1bn in non-recourse funding arranged by a consortium of 16 commercial lenders together with the European Investment Bank. Stadtwerke München recently entered the project as a strategic equity partner, purchasing a 25% share and strengthening Gennaker's long-term ownership framework. The project, positioned approximately 15km north of the Fischland-Darß-Zingst peninsula, is set to become the largest offshore wind installation in the region, generating roughly 3.8TW-hours of electricity per year from 63 wind turbines, enough to supply around one million households, with commercial operations scheduled to begin by the end of 2028. Skyborn has led development from the outset and will oversee construction management and ongoing asset operations, and with financial close all key agreements related to debt, equity, power purchase agreements, strategic partnerships and supply, as well as installation, have been completed. In 2025 Skyborn finalised the key supply and installation packages for Gennaker, covering the foundations, the inter-array cable network and the wind turbine generators, with delivery and offshore works awarded to a consortium of Boskalis, Dajin Heavy Industry, EEW Special Pipe Constructions (Rostock), Fred. Olsen Windcarrier, Seaway 7, Siemens Gamesa Renewable Energy and TKF, and later obtained its construction and operating permit from Mecklenburg-Western Pomerania's State Office for Agriculture and Environment. In 2026 Skyborn also enhanced Gennaker's commercial outlook by securing long-term PPAs with major offtakers including Amazon for 600MW and Uniper for 100MW.

The Board of Investment (BOI Board), at its meeting on 11 September 2026, resolved to approve a new investment promotion framework focused on the real value generated by investment, and approved the BOI to IPO measure, a collaboration between the BOI, the Stock Exchange of Thailand, and the Securities and Exchange Commission. The measure supports BOI-promoted companies in listing on the SET, mai, or LiVEx. New Economy companies certified by the Stock Exchange of Thailand will receive an additional three-year corporate income tax exemption, or an additional 50% reduction for five years, while general companies will receive an additional two-year exemption, or an additional 50% reduction for three years. On Thailand FastPass, the BOI Board approved 17 additional projects from 15 companies, with total investment value of more than 121 billion baht and plans to employ more than 14,000 Thai personnel, covering four groups: animal feed, processed food, electronics and electrical appliances, and automotive and parts. As a result, a total of 42 key projects from 38 companies have now entered the Thailand FastPass mechanism, with total investment value of more than 344 billion baht and plans to employ more than 27,000 Thai personnel. In addition, the BOI Board approved investment promotion for three large-scale projects with a combined value of 9.64 billion baht: Wind Maha Sarakham 1 Co., Ltd., investing in a 90-megawatt wind power generation project worth 3.172 billion baht; Precision Plastic Co., Ltd., investing in the production of sterile plastic packaging and parts, as well as beverages and food preparations, worth 2.033 billion baht; and Chukan (Thailand) Co., Ltd., investing in the production of electronic circuit board assemblies (PCBA) worth 4.435 billion baht.

The Board of Investment (BOI), chaired by Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas, has approved investment promotion for three large projects with a combined value of 9.64 billion baht, according to Narit Therdsteerasukdi, Secretary-General of the Board of Investment. The first project is Wind Maha Sarakham 1 Co., Ltd., which will expand its wind power generation business with a capacity of 90 megawatts for sale of electricity to EGAT, with an investment value of 3.172 billion baht, located in Maha Sarakham. The second project is Precision Plastic Co., Ltd., a Thai operator that has been producing and selling sterile plastic packaging for more than 30 years, which will expand its business of producing sterile plastic packaging and packaging components, plant-based beverages, and food preparations, with an investment value of 2.033 billion baht, located in Ayutthaya. The third project is ShuCan (Thailand) Co., Ltd., a company in the ShuCan Technology group, headquartered in Chengdu, Sichuan Province, People's Republic of China, which will expand its production of electronic printed circuit board assemblies (PCBA) to serve major customers that have previously relocated their production base for optical transceivers to Thailand, using Surface Mount Technology (SMT) across the entire production line, with an investment value of 4.435 billion baht, located in Nong Lalok Industrial Estate, Rayong Province. Narit said the projects approved this time reflect investment that benefits the country in many dimensions, including strengthening clean energy security, raising the production standards of Thai operators, and building on the advanced electronics industry base.

The Ministry of Economy, Trade and Industry announced on the 11th that it has designated 18 regions as "Green Transformation Strategic Regions," hubs for the clustering of data centers and other facilities. The government will support them through relaxed land-use regulations and subsidies, aiming to attract companies and investment from Japan and abroad and thereby strengthen regional industrial competitiveness. The 18 regions were selected from among 38 that were deemed "promising regions" by a review committee in April. The breakdown is nine regions of the data center clustering type; in Hokkaido, eleven companies including NTT East Japan operate one of Japan's largest data centers using renewable energy in Ishikari City, and Akita Prefecture, where U.S. companies and others are advancing plans to build data centers on a scale of 2 trillion yen, was also selected. Kawasaki City was chosen for the industrial complex regeneration type, and eight regions including Niigata Prefecture were selected for the decarbonized power utilization type. At a press conference after the Cabinet meeting on the 11th, Minister of Economy, Trade and Industry Ryosei Akazawa said, "We will provide hands-on support to refine the plans of the remaining promising regions," indicating his intention to make additional designations.

Google outlined a 13 billion euros, roughly $15.13 billion, investment to expand its AI-focused infrastructure in Finland over two years, funding digital infrastructure, clean energy and local partnerships to support rising demand for Search, Maps and Gemini. The company described the plan as its largest single European investment. The package includes a 22-year agreement supporting the Loviisa nuclear plant's life extension, new onshore wind capacity and a 94-megawatt battery system. Google said it will also fund forest and wetland restoration, along with recreational trails, public saunas and fishing piers near its sites, and highlighted Hamina, where its operations supported more than 600 Finnish suppliers from 2023 to 2025. Alphabet shares were trading lower in Wednesday's premarket session, with S&P 500 futures down 0.2%.

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.

The Canada Infrastructure Bank has reached financial close on a $20 million project loan to the Kitikmeot Tugliq Limited Partnership, an Inuit-led partnership between the Kitikmeot Inuit Association and Tugliq Energy, to advance the Hope Bay Wind Project in Nunavut. The project, which includes a 4.2-megawatt wind turbine and a 4-megawatt battery energy storage system, will supply power to Agnico Eagle Mines Limited's Hope Bay operation, one of Canada's northernmost mines. It is expected to cut diesel use by up to three million litres annually and reduce emissions by approximately 13,000 tonnes per year. The CIB loan complements a $25 million contribution from Natural Resources Canada and marks the CIB's second project in Nunavut, following its $6.7 million loan to Anuriqjuak Nukkiksautiit Wind in Sanikiluaq. The project is expected to create 15 jobs during peak construction and deliver long-term economic benefits through a profit-sharing model.

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.