Independent Power Producers & Energy Traders

Electricity Generating Public Company, or EGCO, announced the indirect acquisition of a 45.0549% stake in the Astoria Energy II natural gas combined-cycle power plant, or AE II, with a capacity of 615 megawatts, in New York City, United States, through its wholly owned subsidiary EGCO New York, LLC. The company signed a share purchase agreement with Gulf Pacific Power, LLC, or GPP, a private equity fund managed by Harbert Power, the energy investment arm of Harbert Management Corporation, on 16 September 2026. This investment is part of EGCO's Asset Recycling strategy, which channels capital from the rotation of fully matured assets into premium infrastructure assets that are already in commercial operation. The AE II plant is located in Queens, less than 2 miles from LaGuardia Airport, within the Zone J load center of the New York Independent System Operator, or NYISO, and sells electricity under a long-term tolling agreement with the New York Power Authority, or NYPA, the largest state public power organization in the United States. This gives EGCO stable revenue and cash flow that is not subject to fuel price volatility. Thawatchai Samranwanich, President of EGCO, said the investment will be integrated with the company's existing US asset portfolio, including the Linden Cogen power plant, the Compass Portfolio, and the Apex Clean Energy and Pinnacle II renewable power plant groups, to serve growing electricity demand from AI and data center technologies, as well as the transition to clean energy in the United States, which is the company's second growth base.

Electricity Generating Public Company Limited, or EGCO, announced the indirect acquisition of a 45.0549% stake in the 615-megawatt Astoria Energy II natural gas combined-cycle power plant, or AE II, in New York City, United States, through its subsidiary EGCO New York, LLC. The company signed a share purchase agreement with Gulf Pacific Power, LLC, or GPP, a private equity fund managed by Harbert Power, the energy investment arm of Harbert Management Corporation, on September 16, 2026. Thawatchai Samranwanich, Chief Executive Officer of EGCO Group, said the investment aligns with the company's Asset Recycling strategy, channeling capital from fully matured assets into high-quality assets that are already in commercial operation. The AE II plant began commercial operation in 2011 and is located in Queens, less than 2 miles from LaGuardia Airport, within the Zone J load center of the New York Independent System Operator, or NYISO. It holds a long-term tolling agreement with the New York Power Authority, or NYPA, the largest state public power organization in the United States, which provides stable revenue and cash flow that is not subject to fuel price volatility. The investment will strengthen the company's US asset portfolio, its second growth base alongside the Linden Cogen plant, the Compass Portfolio, and the Apex Clean Energy and Pinnacle II renewable power plant groups, in order to serve growing electricity demand from AI technology and data centers, as well as the transition to clean energy.

EGCO has invested in a 45.0549% stake in Astoria Energy II LLC, or AE II, a natural gas-fired combined-cycle power plant with a generating capacity of 615 megawatts, located in Queens, New York, United States. Thawatchai Samranwanich, President and Chief Executive Officer of Electricity Generating Public Company Limited, or EGCO, informed the Stock Exchange of Thailand that on September 16, 2026, its subsidiary EGCO New York, LLC, registered in the United States, signed a share purchase agreement with Gulf Pacific Power, LLC, or GPP, a private equity fund, to acquire the indirect stake in AE II from GPP. The transaction was approved by the company's board of directors at its 7/2569 meeting on June 15, 2026, prior to July 1, 2026, the date on which the Securities and Exchange Commission's regulation No. ThorJor. 45/2568 took effect. EGCO stated that the investment in AE II will add value and aligns with its strategy of acquiring well-performing natural gas power plant projects, while enhancing its growth in the United States energy market. The power plant began commercial operation in July 2011 and sells electricity and provides system reliability services under a long-term tolling agreement with the New York Power Authority, or NYPA, which is wholly owned by the State of New York. The transaction value was not disclosed, as EGCO considers that the amount payable may be adjusted under the related share purchase documents and may change due to various factors, including factors beyond the control of the contracting parties.

Electricity Generating Public Company Limited, or EGCO, informed the Stock Exchange of Thailand that EGCO New York, LLC, a wholly owned subsidiary of EGCO, signed a share purchase agreement with Gulf Pacific Power, LLC (GPP) on 16 September 2026 to acquire an indirect 45.0549% stake in Astoria Energy II LLC (AE II), the owner of a natural gas-fired combined-cycle power plant with a generating capacity of 615 megawatts located in Queens, New York, United States, which began commercial operation in July 2011 and sells electricity under a long-term tolling agreement with the Power Authority of the State of New York (NYPA) in the NYISO Zone J electricity market. The transaction will be completed after the conditions in the agreement are met and approval is obtained from the relevant regulatory authorities. This transaction qualifies as a Category 2 acquisition of assets, with the maximum transaction size based on the net operating profit criterion at 48.7%, while the total value of consideration criterion does not exceed 7.0% and the net tangible assets (NTA) criterion is 1.3%. However, EGCO has not yet disclosed the transaction value or purchase price at this time, as the amount payable may be adjusted according to the share purchase documents and related factors, which could cause the final value to differ from current figures, and disclosure of information at this stage could affect negotiating leverage and the transaction closing process. As for funding sources, EGCO expects to use internal cash flow together with loans, and expects the investment to allow EGCO to recognize additional revenue immediately, while generating steady cash flow and revenue from the long-term tolling agreement with NYPA, as well as helping to expand EGCO's growth in the United States energy market.

EGCO Group announced the indirect acquisition of a 45.0549% stake in Astoria Energy II, or AE II, a 615-megawatt natural gas combined-cycle power plant in New York City, United States, through its wholly owned subsidiary EGCO New York, LLC, having signed a share purchase agreement with Gulf Pacific Power, LLC, or GPP, a private equity fund managed by Harbert Power, on September 16, 2026. Thawatchai Samranwanich, Chief Executive Officer of EGCO Group, said the investment aligns with the company's Asset Recycling strategy, redeploying capital from mature assets into premium infrastructure assets that are already in commercial operation. The AE II plant is located in Queens, less than 2 miles from LaGuardia Airport, within the Zone J load center of the New York Independent System Operator, or NYISO, and sells electricity under a long-term Tolling Agreement with the New York Power Authority, or NYPA, the largest state public power organization in the United States, providing stable revenue and cash flow that is not subject to fuel price volatility. The investment will be added to the company's existing US asset portfolio, which includes the Linden Cogen plant, the Compass Portfolio, and the Apex Clean Energy and Pinnacle II renewable power plant groups, its second growth base, to serve rising electricity demand from AI technology and data centers as well as the transition to clean energy in the United States.

The Industrial Estate Authority of Thailand, or IEAT, Gulf 1 Company Limited under the GULF group, and Global Power Synergy Public Company Limited, or GPSC, have signed an agreement to establish a joint venture named Renenergy Company Limited to develop a solar farm on a 92-rai silt pond area within the Map Ta Phut Industrial Port Development Project Phase 3. The solar power plant has a total installed capacity of 17.50 megawatts. The shareholding structure consists of Gulf 1 holding 37.5 percent, GPSC holding 37.5 percent, and IEAT holding 25.0 percent. Sumet Tangprasert, Governor of IEAT, said this collaboration will help drive the industrial sector toward its Carbon Neutrality goal by 2050 and Net Zero by 2065. Chansak Chuenchom, Chief Executive Officer of GPSC, stated that this project will supply clean energy electricity to the industrial sector and support the company's Net Zero goal by 2050. Meanwhile, Amnuayporn Prakobnopkaew, Managing Director of Gulf 1, said that GULF1 will bring its clean energy experience to oversee the project from design, development, and construction through to long-term operations. The project will also help operators in the Map Ta Phut Industrial Estate access green energy to reduce greenhouse gas emissions in line with ESG criteria and generate sustainable income for IEAT through dividends, compensation for the use of water surface rights, and utility service fees throughout the project period.

Electricity Generating Public Company Limited, or EGCO Group, announced the indirect acquisition of a 45.0549% stake in the Astoria Energy II natural gas combined-cycle power plant, or AE II, with a capacity of 615 megawatts, in New York City, United States, through its wholly owned subsidiary EGCO New York, LLC. The company signed a share purchase agreement with Gulf Pacific Power, LLC, or GPP, a private equity fund managed by Harbert Power, the energy investment arm of Harbert Management Corporation, on September 16, 2026. This investment is part of the Asset Recycling strategy under the POWER4 strategy, which directs cash from the recycling of fully matured assets into premium infrastructure assets. The plant holds a long-term Tolling Agreement with the New York Power Authority, or NYPA, guaranteeing immediate and stable cash flow recognition. The AE II plant began commercial operation in 2011 and is located in Queens, less than 2 miles from LaGuardia Airport, within Zone J, the high-demand electricity load center of the New York Independent System Operator, or NYISO, making it one of the newest and most efficient combined-cycle gas turbine plants in Zone J. Thewakchai Samranwanich, President of EGCO Group, stated that this investment will be integrated with the existing asset portfolio, including the Linden Cogen plant, the Compass Portfolio, and the Apex Clean Energy and Pinnacle II renewable power plant groups, giving EGCO Group a strong business position to capture growing electricity demand from AI and data center technologies, as well as the transition to clean energy in the United States, which is the company's second growth base.

A securities analysis recommends "buying" GULF shares, expecting operating results in the second half of 2026 to continue growing, and maintains guidance for 2026 revenue and EBITDA growth of around 12-15%. This is supported by roughly 700 MW of new capacity in the second half, including 623 MW of renewable power plants expected to generate additional profit of about 600 million baht per year, and the 10 MW Chiang Mai community waste-to-energy plant expected to generate profit of about 120 million baht per year. Meanwhile, the LNG Import and Optimization business is expected to generate profit of about 1.5 billion baht this year. On the US side, the Jackson power plant has already benefited from a Capacity Payment increase from 270 to 329 dollars per MW-day, driven by demand from data centers in the PJM market. As for GSA01, with a capacity of 25 MW, customers have used full capacity since June, allowing full profit recognition in the second half of 2026. The first roughly 200 MW of data centers that have already been committed are expected to be fully operational in 2027, before capacity expands to approximately 1,000 MW by late 2028. The company continues to expand its Digital Infrastructure to be fully integrated, with plans for equity investment of approximately 130-140 billion baht over five years, allocating about 10% to GULF Edge, which could rise to 15% depending on data center growth. On sentiment, the view is that the price decline over the Singtel share overhang issue is nearing resolution, after Singtel sold 416 million GULF shares, or 2.8% of total shares, in June 2026, reducing its stake from 7.73% to 4.95%, with a lock-up condition barring further sales of the remaining shares for 90 days, which will expire around September 21-22. On technical factors, the stock tested and held its psychological support at 60.00 and reversed upward with a positive signal candlestick, with resistance at 61.25 and 63-63.25. For those holding the stock, the recommendation is to hold or buy more; for those without the stock, the recommendation is a short-term buy, focusing on holding support at 60/59 and it should not fall below that.

Global Power Synergy Public Company Limited, or GPSC, has been selected and has signed power purchase agreements, or PPAs, for six ground-mounted solar power projects with the Electricity Generating Authority of Thailand and the Provincial Electricity Authority, with contracted capacity and capacity based on its shareholding totaling 105 megawatts. The projects fall under the Energy Regulatory Commission's regulations on the procurement of electricity from renewable energy under the Feed-in Tariff scheme for 2022–2030 for the group without fuel costs. Mr. Manatchai Kongrakkawin, Senior Executive Vice President for Renewable Energy and Decarbonization Project Development at GPSC, disclosed that the six projects are divided into two groups. The first group has a scheduled commercial operation date, or SCOD, in 2028, comprising the Helios 1 project with a capacity of 24 megawatts, the Helios 2 project with a capacity of 31 megawatts, the Nathaap Solar Power Project, Project 1 of IRPC Clean Power Company Limited, with a capacity of 38 megawatts, which will sell electricity to the Provincial Electricity Authority, and the Helios 4.2 project with a capacity of 4 megawatts. The second group has an SCOD in 2030 and will sell electricity to the Provincial Electricity Authority, comprising the Helios 3 project with a capacity of 4 megawatts and the Helios 4.1 project with a capacity of 4 megawatts. This success is in line with GPSC's strategic plan to expand investment in clean energy, with the goal of increasing the proportion of generating capacity to more than 50% to support its Net Zero Emissions target by 2050.

Global Power Synergy Public Company Limited, or GPSC, the power business innovation leader of the PTT Group, has been selected as a producer and distributor of electricity under the Energy Regulatory Commission's regulations on the procurement of electricity from renewable energy under the Feed-in Tariff scheme for 2022-2030 for the group without fuel costs, and has signed power purchase agreements for ground-mounted solar power projects with the Electricity Generating Authority of Thailand and the Provincial Electricity Authority for 6 projects, with total contracted capacity and capacity based on shareholding at 105 MW. Mr. Manaschai Kongrukkawin, Senior Executive Vice President for Renewable Energy Project Development and Decarbonization, said the six projects are divided into two groups. The first group is scheduled to begin commercial operation under the contracts in 2028, comprising the Helios 1 project with a capacity of 24 MW, the Helios 2 project with a capacity of 31 MW, and the Nathaep Phatthana Solar Energy Project 1 of IRPC Clean Power Company Limited with a capacity of 38 MW, which will sell electricity to the Electricity Generating Authority of Thailand, as well as the Helios 4.2 project with a capacity of 4 MW, which will sell electricity to the Provincial Electricity Authority. The second group is scheduled to begin commercial operation under the contracts in 2030, selling electricity to the Provincial Electricity Authority, comprising the Helios 3 project with a capacity of 4 MW and the Helios 4.1 project with a capacity of 4 MW. This success is in line with GPSC's strategic plan to expand investment in clean energy, with a goal of increasing the share of generating capacity to more than 50% to support its Net Zero Emissions goal by 2050.

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.

GPSC has signed power purchase agreements with EGAT and PEA covering six ground-mounted solar projects, with contracted capacity and capacity proportional to its shareholding totalling 105 MW. The company was selected as a power producer and seller under the ERC regulations on procurement of electricity from renewable energy under the Feed-in Tariff scheme for 2022–2030, for the group with no fuel costs. The first group is scheduled to begin commercial operation in 2028, comprising the Helios 1 project with 24 MW of capacity, Helios 2 with 31 MW, and the Nataap Pattana Solar Energy Project 1 of IRPC Clean Power Company Limited with 38 MW, which will sell electricity to EGAT. The Helios 4.2 project, with 4 MW of capacity, will sell electricity to PEA. The second group is scheduled to begin commercial operation in 2030 and will sell electricity to PEA, comprising the Helios 3 project with 4 MW of capacity and Helios 4.1 with 4 MW. Manaschai Kongrukkawin, Senior Executive Vice President for Renewable Energy Project Development and Decarbonisation at GPSC, said these projects align with the company's strategic plan to expand investment in clean energy, which targets raising the share of generating capacity to more than 50% in support of its goal of achieving Net Zero Emissions by 2050.

GPSC has been selected as a producer and seller of electricity from ground-mounted solar energy across six projects, with total contracted capacity and capacity based on its shareholding amounting to 105 MW. It has signed power purchase agreements with the Electricity Generating Authority of Thailand and the Provincial Electricity Authority under the 2022-2030 Feed-in Tariff scheme for the group without fuel costs. Manaschai Kongrukkawin, Senior Executive Vice President for Renewable Energy and Decarbonization Project Development at GPSC, the power business flagship of the PTT Group, said the six projects are divided into two groups. The first group is scheduled to begin commercial operation in 2028, comprising the Helios 1 project with 24 MW of capacity, Helios 2 with 31 MW, the Nathaab Solar Energy Development Project, Project 1 of IRPC Clean Power Company Limited with 38 MW, which will sell electricity to the Provincial Electricity Authority, and Helios 4.2 with 4 MW. The second group is scheduled to begin commercial operation in 2030, selling electricity to the Provincial Electricity Authority, comprising Helios 3 with 4 MW and Helios 4.1 with 4 MW. The selected projects align with GPSC's strategic plan, which aims to raise the share of clean energy capacity to more than 50% in support of its Net Zero Emissions goal by 2050.

The Industrial Estate Authority of Thailand (IEAT), together with Gulf1 Company Limited (GULF1) under Gulf Development Public Company Limited (GULF) and Global Power Synergy Public Company Limited (GPSC), signed a shareholders' agreement to establish Renewable Energy Company Limited to carry out a solar power generation project on a silt pond area within the Map Ta Phut Industrial Port Development Project Phase 3. The shareholding structure comprises GULF1 holding 37.5 percent, GPSC holding 37.5 percent, and IEAT holding 25.0 percent. The project will install a solar power generation system on a 92-rai silt pond site with a total installed capacity of 17.50 megawatts, aimed at giving operators in the Map Ta Phut Industrial Estate access to green energy and reducing greenhouse gas emissions in line with ESG criteria, while generating sustainable income for IEAT through dividends, compensation for the use of water surface area rights, and utility service fees throughout the project period. IEAT Governor Sumet Tangprasert said this collaboration is a model for using space to produce clean energy. GPSC Chief Executive Officer Chansak Chuenchom said the project is an important step in reducing carbon in the Map Ta Phut area, and GULF1 Managing Director Amnuayporn Prakobnopkaew said the company will bring its clean energy experience to support the project's development from design, development, and construction through to long-term operation.

The Industrial Estate Authority of Thailand, or IEAT, together with Gulf1 Company Limited, or GULF1, under Gulf Development Public Company Limited, or GULF, and Global Power Synergy Public Company Limited, or GPSC, signed a shareholders' agreement to establish Renewable Energy Company Limited to carry out a solar power generation project on the Silt Pond area within the Map Ta Phut Industrial Port Development Project, Phase 3. The project will develop the 92-rai Silt Pond area into a source of clean energy production and supply with an installed capacity of 17.5 megawatts. The shareholding structure of Renewable Energy Company Limited consists of GULF1 holding 37.5%, GPSC holding 37.5%, and IEAT holding 25%. Mr. Sumet Tangprasert, Governor of IEAT, said the collaboration aims to drive Thailand's industrial sector toward its carbon neutrality target by 2050 and net-zero greenhouse gas emissions by 2065. Meanwhile, Mr. Chansak Chuenchom, Chief Executive Officer of GPSC, stated that the project will supply clean electricity to the industrial sector in the Map Ta Phut area, and IEAT will earn revenue from the investment through dividends, compensation for the use of surface water rights, and utility service fees throughout the project period.

Today's stocks to watch are led by GULF, which newspapers report is making a major move, committing investment of a hundred billion baht to build a Data Center Park with capacity of more than 1,000 megawatts. The company will finalize the investment plan within this year and is accelerating development of both power and water infrastructure to serve large customers, following strong demand, and is in the process of seeking permits for an undersea cable route linking Thailand, Vietnam, and Singapore to pave the way for an ASEAN data network. Meanwhile, MEDEZE is ramping up its cell culture media production plant, expected to begin commercial production in the first quarter of 2028, helping cut imports by several hundred million baht a year. IP announced its Advance Biotech vision, highlighting the success of Parkinson's gene therapy together with Japan, supporting sales growth of 10% a year toward a target of 5 billion baht in 2031. THAI is confident revenue this year will reach its target of 200 billion baht despite pressure from oil prices, showing cash flow of 120 billion baht, and is pushing ahead with expanding its fleet by 150 aircraft and raising its market share to 35%. AMATA is bringing in Chinese investment from Homa to set up a refrigerator and freezer manufacturing base in Amata Chonburi Industrial Estate, with investment of more than 3.1 billion baht, production capacity of 1.5 million units a year, and an export value target of 12 billion baht a year.

Sarath Ratanavadi, Chief Executive Officer of Gulf Development Public Company Limited, or GULF, revealed that GULF shares have drawn interest from institutional investors and funds both at home and abroad, who have been continuously requesting information on the company's growth plans. After taking part in Gastech 2026, the company received invitations to co-invest in several energy and natural gas projects overseas, but it will weigh them carefully, prioritising confidence that there is sufficient gas supply for its own power plants. As for natural gas prices, the rise this time is still far smaller than during the Russia-Ukraine war, and the company views it as a short-term factor tied to crude oil prices rather than a supply shortage. The company is also pressing ahead with developing a Data Center in the form of a Data Center industrial estate, with a scale designed to support as much as a thousand megawatts, and expects to reach a conclusion on the site within this year. Meanwhile, its submarine cable project linking Vietnam, Singapore, Thailand and ASEAN, valued in the tens of billions of baht, is in the process of seeking permits. GULF invests in the infrastructure while ADVANC handles marketing and service sales, and the company expects a good level of return on investment. In addition, the company is studying small modular nuclear reactor technology, or SMR, and expects it will take roughly another two to three years. The upward trend in interest rates does not affect GULF, as shown by the results of its most recent bond offering, which drew subscriptions far exceeding the target.

Sarath Ratanavadi, Chief Executive Officer of Gulf Development Public Company Limited, or GULF, has purchased an additional 2,415,600 ordinary shares of the company at an average price of 60.75 baht per share, for a total value of approximately 146.75 million baht, on September 14, 2026, through the Stock Exchange of Thailand via the Auto Matching system, through Bualuang Securities Public Company Limited. This purchase raises Sarath's holding in GULF from 4,360,734,893 shares to 4,363,150,493 shares, representing 29.20% of the company's total voting rights.

Krungthai Bank, or KTB, has partnered with Gulf Development, or GULF, to open subscriptions for GULF digital bonds through the bond trading wallet on the Paotang application from October 19, 2026, at 8:30 a.m. to October 21, 2026, at 3:00 p.m., or until the full offering amount is reached. The bonds are registered, unsubordinated, unsecured, and have a bondholders' representative. They carry an AA-/Stable credit rating from TRIS Rating. The minimum investment is just 1,000 baht, in multiples of 1,000 baht, up to a maximum of 50 million baht per subscription. The bonds pay interest of 2.70 to 2.95 percent per year, with interest paid every six months over the seven-year life of the bonds. Allocation follows a first-come, first-served basis. Investors receive the bonds immediately upon purchase and receive funds immediately upon sale, and can trade them on the secondary market around the clock.

Krungthai Bank, together with Gulf Development Public Company Limited, or GULF, is preparing to offer GULF digital bonds through the bond trading wallet on the Paotang application. Subscription is expected to open from 8:30 a.m. on October 19, 2026, until the full offering amount is reached, but no later than 3:00 p.m. on October 21, 2026. The bonds are registered, unsubordinated, unsecured, and have a bondholders' representative. They carry an AA-/Stable credit rating from TRIS Rating. The minimum investment is just 1,000 baht, in multiples of 1,000 baht, up to a maximum of 50 million baht per subscription. The bonds pay interest of 2.70 to 2.95 percent per year, with interest paid every six months over the seven-year life of the bonds. Allocation follows a first-come, first-served basis. Those interested can register for the bond trading wallet on the Paotang app starting today, and can fill in their personal information and complete an investment suitability assessment in advance.

Gulf Development Public Company Limited, or GULF, together with Krungthai Bank Public Company Limited, or KTB, is preparing to offer GULF digital bonds through the bond trading wallet on the Paotang application, giving investors easier access to investment with a minimum investment of just 1,000 baht. Ravin Boonyanusasna, head of the money and capital markets business group at Krungthai Bank, said the GULF digital bonds are unsubordinated, unsecured bonds with a bondholders' representative, rated AA-/Stable by TRIS Rating, with a maturity of 7 years and an interest rate of 2.70-2.95% per year, paying interest every 6 months. Subscriptions open through the bond trading wallet on the Paotang app from 08:30 on October 19, 2026, until the full offering amount is reached, but no later than 15:00 on October 21, 2026. The minimum subscription is 1,000 baht, increasing in increments of 1,000 baht, with a maximum of 50 million baht per transaction, allocated on a first come, first served basis. The bond trading wallet on the Paotang app supports trading in the secondary market around the clock. Investors can buy, sell, and track their holdings as well as trading prices through the same system. Those interested can register for the wallet and study the subscription process in advance starting today.

B.Grimm Power, or BGRIM, took part in Gastech 2026, a global energy platform covering natural gas, LNG, low-carbon energy and AI for energy, held for the 54th time at the BITEC exhibition and convention centre in Bang Na from 14 to 17 September 2026. The event drew more than 50,000 participants from over 150 countries and more than 800 exhibiting companies, and was opened on 14 September 2026 by Prime Minister Anutin Charnvirakul. Dr. Harald Link, Chairman of BGRIM, said the company's participation reaffirms its GreenLeap – Global and Green strategy, which aims to diversify its renewable energy asset base across both geographies and technologies while driving energy security. The company targets raising the share of renewable energy to more than 50% by 2030 and expanding investment to 10,000 megawatts of generating capacity by 2030 from projects already in operation and under development. Dr. Link also shared his views in a session titled Empowering the World Compassionately: Reimagining LNG's Role and Resilience in Thailand, stressing that energy security is not measured by price alone but also includes availability of supply and the stability of the power system, especially as domestic natural gas volumes decline, which gives LNG a more important role. He added that energy market development should move toward a more transparent and open structure, and that fair access to LNG infrastructure would promote competition and support long-term investment to serve future growth in the industrial and data centre sectors.

Yuanta Securities has issued an analysis of Global Power Synergy Public Company Limited, or GPSC, setting its sights on securing new generating capacity from the new PDP round of 5.2 GWe, or roughly 10% of all new capacity. Meanwhile, Glow IPP and RPCL have a chance to renew their contracts, which helps boost the odds of hitting that target. In addition, AEPL is preparing an IPO within 2027, expected to be valued at 160 to 170 billion baht, helping unlock value and lift profit potential. The research team expects normal profit in the third quarter of 2026 of 1.2 to 1.5 billion baht, growing year on year despite higher gas prices, with a chance to book an extraordinary gain from the sale of Solar roof in Taiwan. It also raises its 2027 profit forecast by 2% to 6,865 million baht, or 11% growth year on year, and switches to an end-2027 target price of 66.50 baht. It views the share price decline caused by rising US bond yields as having no direct impact on the company, being only sentiment, and therefore a good opportunity to invest, and picks GPSC as its Top Pick in the power plant group for the fourth quarter of 2026.

B.Grimm Power Public Company Limited, or BGRIM, is taking part in Gastech 2026, a global energy stage for natural gas, liquefied natural gas or LNG, low-carbon energy and the application of artificial intelligence in the power sector. This year's event, the 54th edition, is being held at the BITEC exhibition and convention centre in Bang Na from 14-17 September 2026, with more than 50,000 participants from over 150 countries and more than 800 exhibiting companies. Prime Minister Anutin Charnvirakul presided over the opening ceremony and delivered a keynote address on 14 September 2026, declaring Thailand's readiness to become an energy, investment and innovation hub for the ASEAN region. Dr Harald Link, Chairman of BGRIM, said the company's participation reflects its GreenLeap – Global and Green strategy, which aims to expand its renewable energy asset base with greater diversity in both geography and technology while strengthening energy security. The company plans to press ahead with investment expansion together with partners at home and abroad, targeting a renewable energy share of more than 50% by 2030, and to expand generating capacity from projects already in operation and under development to 10,000 megawatts within the same year. Dr Harald also shared his vision in a session titled Empowering the World Compassionately: Reimagining LNG's Role and Resilience in Thailand, noting that energy security should not be measured by price levels alone but must also cover availability of supply and the stability of the power system. With domestic natural gas volumes trending lower, LNG therefore plays an increasingly important role in maintaining Thailand's energy security. At the same time, the development of the energy market should move towards a more transparent and open structure, and giving operators fair access to LNG infrastructure will promote competition and create an environment conducive to long-term investment, helping to raise the efficiency and reliability of Thailand's energy system and support the future growth of the industrial and data centre sectors.

B.Grimm Power Public Company Limited, or BGRIM, took part in Gastech 2026, a global energy stage for natural gas, LNG, low-carbon energy, and AI for energy. This year's event, the 54th edition, was held at the BITEC exhibition and convention centre in Bang Na from 14 to 17 September 2026, drawing more than 50,000 participants from over 150 countries and more than 800 exhibiting companies. Prime Minister Anutin Charnvirakul presided over the opening ceremony and delivered a keynote address on 14 September 2026, declaring Thailand's readiness to become an ASEAN hub for energy, investment, and innovation. Dr. Harald Link, Chairman of B.Grimm Power Public Company Limited, said the company's participation reaffirms its GreenLeap – Global and Green strategy, which aims to expand its renewable energy asset base across both geographies and technologies. The company targets raising the share of renewable energy to more than 50% by 2030 and expanding investment to 10,000 megawatts of capacity by 2030 from projects already in operation and under development. Dr. Harald Link also shared his views in a session titled Empowering the World Compassionately: Reimagining LNG's Role and Resilience in Thailand, stressing that energy security is not measured by price alone but also by availability of supply and the stability of the power system, especially as domestic natural gas volumes decline, giving LNG a larger role. He added that energy market development should move toward a more transparent and open structure, and that fair access to LNG infrastructure would foster competition and create an environment conducive to long-term investment, supporting future growth in the industrial and data centre sectors.

Stock Focus today rounds up the key points on several stocks. BGRIM is likely to close deals for large IPP gas-fired power plants in Vietnam and Malaysia totalling 3,000 megawatts by late this year to early next year, and is preparing to file for extensions of 22 existing power plant projects with a combined capacity of 3,000 megawatts under the PDP plan, and will open the first phase of its data centre this November. ADVICE said the iPhone 18 is hot, with the iPhone 18 Pro Max fully booked in pre-orders, and handsets will start being delivered this Friday, which will support third-quarter revenue in 2026, while the company maintains its full-year revenue growth target of 15% from a year earlier and aims to reach 29 branches by the end of 2026, up from 22 in the first half. MMM is pressing ahead with new partners to supply the property business, maintaining a stock of 800 units, with a strategy targeting the 4-5 million baht price segment, drawing on its Prukasa subsidiary to help with construction, and is confident fourth-quarter results will peak, targeting full-year growth of 30-40%. KCC has set its sights on 2026, aiming to bring 500 million baht of NPLs into its portfolio and grow at least 30% after raising 450 million baht through debentures, and is studying plans to buy more NPAs. EURO is expanding the luxury market together with SC, opening the luxury villa project The Gentry Cultivar Rama 9 priced at 30-50 million baht. POLY reaffirmed its full-year revenue growth target of 10% after first-half revenue of 628 million baht, with its automotive business rising to a 60% share on continuous orders from Toyota, and has just set up a subsidiary to move into the electrical and electronics business as a new S-curve. MGC is extending its Mobility Ecosystem through its SIXT car rental business, partnering with ROYS HOTEL to provide electric XPENG vehicles to shuttle guests, with ROYS HOTEL spending 300 million baht on a major renovation and aiming to open in 2027. In insurance, the cabinet approved a national catastrophe insurance plan covering 30 million households, with protection against floods, storms, earthquakes and loss of life, starting this October 1. TWPC is set to drive sales growth in its overseas food and sauce business above 10% after acquiring Well-Grow, which began contributing revenue in September, supporting fourth-quarter 2026 results. Brokers recommend buying KLINIQ and MASTER on expectations that second-half profit will accelerate, with KLINIQ having a network of more than 84 branches. SCB EIC reaffirmed that foreign capital remains interested in investing in Thailand and is watching for the government to issue new data centre rules this year. Finansia recommends buying STECON with a target of 22.50 baht, and Globlex recommends WHA with a target of 5.40 baht. SIRI is pushing low-rise sales towards a target of 25 billion baht and will launch Burasiri Well Krungthep Kreetha worth 6 billion baht, priced at 23-40 million baht, during September 19-20. BEM said the Expressway Authority of Thailand is discussing ways to reduce the impact before raising tolls on the Chalong Rat expressway on December 15, with the new rates starting at 80 baht for four-wheel vehicles, 130 baht for six-to-ten-wheel vehicles and 180 baht for vehicles with more than ten wheels. ONEAM will hold a meeting of GROREIT trust unitholders on October 28 to vote on selling the Royal Orchid Sheraton hotel, with three options: having ROH buy it back for 4.873 billion baht, selling it to Orchid Hospitality, which has offered 5.3 billion baht, or holding a general auction. If the sale succeeds, the trust will immediately proceed with liquidation.

B.Grimm Power, or BGRIM, said it expects to close deals for large-scale IPP natural gas-fired power plants in Vietnam and Malaysia with combined capacity of about 3,000 megawatts by the end of this year to early next year, with each country accounting for a 1,500-megawatt project. The projects are under negotiation over power purchase agreement terms and are expected to be concluded by the end of this year. Meanwhile, the company plans to apply to extend the life of 22 existing power plant projects with total capacity of about 3,000 megawatts under the new Power Development Plan, in order to supply electricity and steam to key industrial groups such as data centers, semiconductors and EVs. On its data center business, a 96-megawatt facility in Chonburi province is more than 50% complete and is scheduled to begin operations in its first phase in November 2026. For investment in Vietnam, where returns are around 10-12%, the company has invested together with Amata Corporation for more than 30 years, with 677 megawatts of solar projects already in operation and about 100 megawatts of wind projects. In Malaysia, it has 200 megawatts of solar farms already in commercial operation and about 400 megawatts more under development, which will gradually enter commercial operation over the next one to two years.

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.

TransAlta said Monday it received an order from the U.S. Department of Energy mandating it keep Centralia Unit 2 in Washington state open for operation for an additional 90 days until December 12. The emergency order is the fourth so far that requires Washington's only coal-burning power plant to stay open for another 90 days after state law required the plant to shut down permanently in December 2025. Environmental groups have opposed the moves, as Centralia has been the state's largest source of climate-harming carbon dioxide, and the Washington attorney general's office has sued to stop previous orders mandating coal power from the site. On Friday, a federal court ruled that the Trump administration lacked the authority to force a Michigan coal plant to stay open following repeated emergency orders.

Thawatchai Samranwanich, President and Chief Executive Officer of Electricity Generating Public Company Limited, or EGCO, said at Gastech 2026 that natural gas continues to play a vital role in Thailand's energy security, particularly in maintaining the stability of the power system, amid the push to raise the share of renewable energy under the new national energy plan. Natural gas-fired power plants continue to help absorb system fluctuations and strike a balance between energy security, clean energy use, and the country's competitiveness. At this year's event, EGCO presented an overview of its development and investment in the power generation business and related businesses, which currently cover investments in seven countries: Thailand, the United States, Laos, Indonesia, the Philippines, Taiwan, and South Korea. Its portfolio spans natural gas-fired power plants, renewable energy plants including solar and wind power, and energy storage systems. EGCO also presented new technologies applied to its power business, including its experience testing hydrogen blended with natural gas at a power plant in the United States, a study on using ammonia alongside fuel at a power plant in Rayong province, and a study on carbon capture at a power plant in Nakhon Si Thammarat province. Thailand's selection as the host of Gastech 2026 reflects the country's potential and credibility, as well as its opportunity to play a role in connecting the energy business, both gas and power, and to serve as a hub for energy infrastructure in the ASEAN region.

B.Grimm Power, or BGRIM, has proposed that the government consider renewing contracts for 22 related power plants with a combined capacity of approximately 3,000 megawatts, covering both IPP and SPP plants, in order to use existing capacity before building new facilities. Nopadej Karnasuta, Chief Executive Officer for Business in Thailand, Malaysia and Industrial Business Solutions, said these plants remain necessary for the continuous supply of electricity and steam to industrial customers, and represent a Quick Win at a time when procuring machinery and constructing new power plants takes several years. The company is also pushing to unlock Third Party Access and Direct PPA so that electricity users can access surplus capacity in the system, such as power from floating solar, solar farms, or surplus output from gas-fired plants, and has proposed broadening Direct PPA to include baseload electricity from natural gas, biomass and biogas. Chairman Harald Link said BGRIM has a data centre project of approximately 250 megawatts and is developing a 96-megawatt project in Chonburi province that is more than 50% complete and due to begin first-phase operations this November. The company aims to expand its data centre business to approximately 300 megawatts by 2030, both in Thailand and overseas. BGRIM currently has solar power plants in Vietnam totalling approximately 677 megawatts, wind projects of approximately 100 megawatts, and is cooperating on the development of a 1,500-megawatt gas-fired power plant with PetroVietnam. In Malaysia, it has roughly 200 megawatts of solar projects already in operation and a pipeline of approximately 400 megawatts expected to reach commercial operation over the next one to two years. It is also studying the feasibility of and in final negotiations for an IPP natural gas-fired power plant of approximately 1,500 megawatts with a local partner, targeting a conclusion by the end of this year.

B.Grimm Power, or BGRIM, has announced it is pressing ahead with energy investment in Malaysia, having already invested in 200 megawatts of solar power plants, with another 400 megawatts under development. Meanwhile, a 1,500-megawatt IPP power plant is under study and is expected to reach a conclusion by the end of this year. Noppadet Karnasuta, Chief Executive Officer for Business in Thailand, Malaysia and Industrial Business Solutions at BGRIM, said the energy business is in a major period of transition from traditional systems to clean energy, in order to meet the electricity demand of modern industry, especially AI, semiconductors, electronics and data centers. In Vietnam, BGRIM has 677 megawatts of solar power plants already in operation, 100 megawatts of wind power, and a further 1,500-megawatt gas-fired power plant that is under investment. The company estimates a return on investment of about 10 to 12 percent, and it must closely monitor the Vietnamese government's power purchase conditions, which should become clear within 2026. BGRIM has now invested in 15 countries, and sees international cooperation as a key factor in helping Thailand become an energy hub for the ASEAN region.

B.Grimm Power, or BGRIM, is continuing to expand its energy investments abroad. In Malaysia, it has already invested in 200 megawatts of solar power plants, with another 400 megawatts under development, while a 1,500-megawatt IPP power plant is under study and is expected to be concluded by the end of this year. Noppadet Karnasuta, Chief Executive Officer of the Thailand, Malaysia and Industrial Business Solutions operations at BGRIM, said the energy business is undergoing a major transition from traditional systems to clean energy, in order to meet the stable, high-quality electricity demand of modern industries such as AI, semiconductors, electronics and data centers. In Vietnam, the company currently has 677 megawatts of solar power plants in operation, another 100 megawatts of wind power, and a further 1,500-megawatt gas-fired power plant under investment, with an estimated return on investment of around 10 to 12 percent, though it must closely monitor the clarity of the Vietnamese government's power purchase conditions within this year, 2026. In addition, BGRIM has invested in 15 countries with energy potential, such as South Korea and Japan, across natural gas projects, renewable energy and power system infrastructure. It views international cooperation as a key factor in supporting Thailand's rise as an energy hub for the ASEAN region.

Gulf Development Public Company Limited, or GULF, has officially joined Gastech 2026 as a National Consortium Partner. This conference and exhibition covering natural gas, LNG, low-carbon technologies, power generation systems, and AI for the energy sector is being held for the 54th time and marks its return to Thailand after 18 years. More than 50,000 participants from over 150 countries worldwide are attending. GULF's participation on the first day underscored its role as a leading energy and infrastructure group in Thailand under the core concept 'Integrated Infrastructure, Powering Tomorrow,' which combines a foundation of energy security, accelerated expansion of clean energy, and extension into digital infrastructure and AI. Sarath Ratanavadi, Chief Executive Officer of GULF, said that Thailand hosting Gastech today is proof of investor confidence in the country, especially in the energy sector. He noted that natural gas remains at the heart of power system security as electricity demand surges from the expansion of data centers, and said he would like to see the government set clear policies on both zoning and the promotion of clean energy. Most recently, GULF invested jointly with Singtel in an undersea cable project, which will help reduce the cost of AI data processing and strengthen Thailand's competitiveness on the regional stage. Throughout the four-day event, GULF is showcasing the group's capabilities through the GULF Pavilion, booth number C80, across more than 420 square meters under three strategic pillars: building a comprehensive natural gas and LNG infrastructure system to establish baseline energy security, accelerating the expansion of its renewable energy portfolio toward its Net Zero goal, and extending into digital infrastructure, data centers, and AI to accommodate investment from leading global technology companies.

Gulf Development Public Company Limited, or GULF, officially joined Gastech 2026 as a National Consortium Partner on the first day of the event, which is being held for the 54th time and returns to Thailand after 18 years, at the BITEC exhibition and convention centre in Bang Na from 14 to 17 September 2026. More than 50,000 participants from over 150 countries worldwide are attending. The event was honoured by a visit to the GULF booth by Prime Minister and Interior Minister Anutin Charnvirakul and Energy Minister Ekkanat Promphan, together with executives of the Ministry of Energy. They were welcomed by Sarath Ratanavadi, Chief Executive Officer of GULF, and Disathat Panyarachun, Chief Executive Officer of Gulf Resources. Under the main theme 'Integrated Infrastructure, Powering Tomorrow', GULF is showcasing its capabilities through the GULF Pavilion, booth number C80, across an area of more than 420 square metres. It features The Ecosystem Showcase, which conveys the connections among its four core business groups: energy, resources and natural gas, ports and logistics, and digital and telecommunications, along with an Immersive Zone offering a 360-degree panoramic experience. Sarath said Thailand's hosting of Gastech today is proof of investor confidence in the country, especially in the energy sector, and noted that GULF recently invested alongside Singtel in an undersea cable project that will help reduce the cost of AI data processing and strengthen Thailand's competitiveness on the regional stage. Under three strategic pillars, GULF aims to build a complete natural gas and LNG infrastructure system to create energy security, accelerate the expansion of its renewable energy portfolio towards its Net Zero goal, and extend into digital infrastructure, data centres and AI to support investment from leading global technology companies.

Gulf Development, or GULF, officially kicked off its participation in Gastech 2026 as a National Consortium Partner on 14 September 2026 at the BITEC Exhibition and Convention Centre in Bang Na. Prime Minister and Interior Minister Anutin Charnvirakul and Energy Minister Ekkanat Promphan visited the GULF booth, where they were welcomed by GULF Chief Executive Officer Sarath Ratanavadi and Gulf Resources Chief Executive Officer Disthat Panyarachun. This edition of Gastech is the 54th and marks its return to Thailand after 18 years, running from 14 to 17 September 2026 with more than 50,000 participants from over 150 countries worldwide. GULF is showcasing its capabilities through the GULF Pavilion, booth number C80, spanning over 420 square metres under the core concept Integrated Infrastructure, Powering Tomorrow, built on three strategic pillars: a fully integrated natural gas and LNG infrastructure system, the expansion of its renewable energy portfolio toward its Net Zero target, and extension into digital infrastructure, data centres and AI. Sarath said natural gas remains at the heart of power system security amid soaring electricity demand driven by the expansion of data centres, and noted that GULF has invested jointly with Singtel in an undersea cable project to lower the cost of AI data processing and strengthen Thailand's competitiveness on the regional stage.

Sarath Ratanavadi, Chief Executive Officer of Gulf Energy Development Public Company Limited, or GULF, said after attending Gastech 2026 that the rise in spot LNG prices to 28 US dollars per million BTU is a short-term effect of tensions in the Middle East, news of disruptions to oil production, and market psychology, rather than a change in underlying supply and demand. The global LNG market still has ample supply and increasingly diversified sources, spanning the United States, Africa, Europe, and Asia, which means the risk of shortages and sharp long-term price spikes is limited. GULF manages this risk by diversifying its import sources, bringing in more than 50 cargoes last year and increasing that to more than 70 cargoes this year, so it has not been significantly affected. At the same time, he sees an opportunity for Thailand to upgrade its LNG infrastructure into a trading and export hub for ASEAN, noting that PTT Group's two LNG terminals are well prepared and meet high standards. On electricity policy, Sarath agrees with negotiations to adjust the Adder structure, the premium added to the purchase price of renewable power, since technology costs have fallen from the past. He also supports pushing forward with Direct PPA, the direct sale of electricity between producers and users, and said that setting a specific power rate for data centers can be considered, but it must be at a level that is competitive with neighboring countries, because if electricity prices are too high, investors may relocate. He noted that the figure of 5 to 6 baht per unit reported in the news is only a preliminary framework and that a conclusion from the government is still pending.

Sarath Ratanavadi, Chief Executive Officer of Gulf Development Public Company Limited, or GULF, unveiled the company's business strategy at Gastech 2026 at the BITEC exhibition and convention centre in Bangkok, saying the company will expand its investments into digital infrastructure to support the growth of data centres, cloud computing and artificial intelligence. One of the key projects is a partnership with Singtel to develop an undersea cable linking Vietnam, Thailand and Singapore, with investment in the billions of baht, which will be opened to other service providers on a third-party basis and can be extended to connect to Malaysia, the Philippines and other regions in the future. Sarath said Singtel has strengths in companies involved in cable-laying ships, which are currently limited in number worldwide and are a key bottleneck in the development of digital infrastructure. On the energy business, GULF is maintaining its target of expanding power generation capacity to around 25,000 megawatts, while restructuring revenue between the energy and non-energy businesses toward a ratio of close to 50:50. On the matter of share sales, Sarath clarified that the shares were sold to foreign institutional investors interested in holding them long term in a block trade, which helps increase GULF's free float and does not affect the fundamentals or direction of the business. Any future increase in the free float will depend on opportunities and appropriate timing, and he views the current free float level as sufficient.