Renewable Electricity

KCG Corporation, or KCG, announced its first-half 2026 operating results with a net profit of 276.8 million baht, up 25.2%, driven by efficient management of production costs and expenses despite challenging macroeconomic factors. Chief Executive Officer Dumrongchai Wipawattanakul expressed confidence that profit will continue to grow in the second half. Meanwhile, Sermsang Power Corporation, or SSP, reported a net profit attributable to shareholders of 325.1 million baht and electricity sales revenue of 1,572.1 million baht, following revenue recognition from the Leo 2 solar farm and increased power generation from SPN's repowering. Warut Thammawaranukup noted that business trends in the second half will grow prominently, with plans to sell power from two community waste-to-energy plants by year-end, and expressed confidence that power generation volume will more than double by 2028. Separately, Demco, or DEMCO, reported a first-half 2026 net profit of 30.2 million baht, up 519.4% from the same period last year. Chief Executive Officer Nattapong Korom said the current backlog stands at 2,699 million baht, to be gradually recognized as revenue within 2028, while the company pursues new business investment opportunities. Northeast Rubber, or NER, received an AGM Checklist assessment for 2026 at the excellent level of a full 100 points for the third consecutive year, and Starflex, or SFLEX, received an AGM Checklist score for 2026 in the 90–99 range, or the 4 gold-star level.

XPLR Infrastructure has been upgraded to a Zacks Rank #1 (Strong Buy), placing the clean-energy limited partnership in the top 5% of the more than 4,000 stocks covered by the Zacks rating system. The upgrade reflects a sharp upward trend in earnings estimates, with the Zacks Consensus Estimate for the company rising 108.2% over the past three months. For the fiscal year ending December 2026, XPLR Infrastructure is expected to earn $0.11 per share, unchanged from the year-ago reported figure. The Zacks Rank system assigns Strong Buy ratings to only the top 5% of covered stocks and Buy ratings to the next 15%, based on four factors tied to earnings estimates. Zacks notes that its Rank #1 stocks have generated an average annual return of 25% since 1988.

Yuanta Securities issued an analysis maintaining its Buy recommendation on Sermsang Power Corporation, or SSP, and raised its end-2027 fair value to 14.10 baht from 4.80 baht, based on a price-to-earnings ratio of 16 times and a discounted cash flow method using a weighted average cost of capital of 9.9%. It views SSP as a beneficiary of the draft new power development plan, or PDP 2026, which in its first 12 years between 2026 and 2037 plans to add about 38,800 megawatts of generating capacity from solar power plants and solar-plus-storage projects, or Solar+BESS. Meanwhile, SSP aims to double its generating capacity by 2030 and has the opportunity to join a 1,500-megawatt community solar project, as well as to bid for additional renewable energy projects in the Philippines. On its financial position as of the second quarter of 2026, SSP had an interest-bearing debt-to-equity ratio, or IBD/E, of 2.1 times, and is expected to recognise an extraordinary profit of about 300 to 500 million baht from the sale of the 30-megawatt Yamaga wind power project in the third quarter of 2026, which will help reduce IBD/E to below 2 times, compared with an IBD/E ceiling of 3 times. Yuanta Securities estimates that SSP can support additional investment of as much as about 8 billion baht, equivalent to new capacity of no less than 266 megawatts, under the assumption of an average investment of 30 million baht per megawatt, and it also plans to divest three more power plant projects in Japan with a combined capacity of 56 megawatts, expected to bring in about 2 billion baht in cash, adding roughly 7 to 8 billion baht in investment capacity, or supporting new capacity of about 200 to 300 megawatts. Yuanta Securities expects SSP's normal profit to enter a growth cycle from 2026, estimating normal profit of 691 million baht in 2026, up 12% from the previous year, rising to 818 million baht in 2027 for growth of 18%, and increasing to 1.21 billion baht in 2028 for growth of 48%, representing average annual growth of 25% between 2025 and 2028. Although SSP's share price has already risen 127% since the start of the year, Yuanta Securities views the rise as coming from a base where the stock previously traded at a 2027 price-to-earnings ratio of only 4 to 5 times, and it does not yet include the opportunities from the PDP plan and other government renewable energy projects.

TPC Power Holding Public Company Limited, or TPCH, has received the Carbon Neutral Of Organization certificate for its Chang Raek Biomass Power Plant, operated by Chai Raek Bio Power (CRB), from the Thailand Greenhouse Gas Management Organization (Public Organization), or TGO. Miss Chantakarn Chanpalangsri, Investor Relations Manager, accepted the certificate on the company's behalf from Dr. Wijarn Simachaya, Chairman of the TGO Board, at the carbon label certification ceremony held at the Conference Hall of the Thailand Institute of Justice on Chaeng Watthana Road in Bangkok recently. TPCH stated that the company has already achieved its goal of becoming a Carbon Neutral Organization, ahead of its original target set for 2027, and will continue to drive its affiliated power plants toward becoming carbon-neutral organizations on an ongoing basis.

The Department of Energy Business issued its ninth announcement on the characteristics and quality of diesel fuel for 2026, keeping the biodiesel blend ratio in diesel at B7 from September 14 to December 13, according to the Royal Gazette. The extension of the B7 base diesel measure, from the B5 diesel used before the Middle East war, runs for another three months, with the aim of maintaining energy stability, promoting renewable energy use, and cushioning uncertainty in global energy markets. This aligns with KGI Securities' earlier view that the government was likely to extend the measure adjusting the biodiesel blend ratio in diesel from B5 to B7. KGI Securities views BBGI Pcl. positively given state policies that continue to support biofuel use, especially biodiesel, and maintains a buy rating on BBGI with a target price for the first half of 2027 forecast at 7.50 baht, and continues to select BBGI as one of our top picks in the energy sector.

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

Tha Chang Green Energy Public Company Limited, or TGE, has announced it is pressing ahead with its green business, setting a goal of reaching 100% renewable energy use across its operations. Laongthip Wansuwannakul, an executive director, disclosed at the Krungsri ESG Minute of Changes 2026 event that the company has begun preparing a sustainability report, setting ESG strategies and material topics, and analysing its business value chain using international standard frameworks. On the environmental front, TGE has assessed and sought certification of its organisational carbon footprint for the fourth consecutive year, alongside applying circular economy concepts and waste management. The company has also been certified and has been a member of RE100 since 2022. On the supply chain side, the company launched its Supplier ESG Site Visit programme for the first time this year, having already visited more than 80% of its biomass partner suppliers and key suppliers. After joining the Krungsri ESG Academy programme, TGE set out its approach to driving ESG under four key pillars: Build, Action, People and Expand.

Thachang Green Energy Public Company Limited, or TGE, has disclosed its approach to driving a green business by aiming for 100% renewable energy use through a four-pillar strategy comprising Build, Action, People, and Expand, after joining the Krungsri ESG Academy program. Ms. Laongthip Wanasuwankul, an executive director, stated at the Krungsri ESG Minute of Changes 2026 event that the company began preparing sustainability reports and identifying material ESG issues in line with international standards frameworks. On the environmental front, TGE has assessed and sought certification of its organizational carbon footprint for the fourth consecutive year and has received certification and joined RE100 since 2022. On the people front, the company gives employees the opportunity to contribute ideas through the TGE Innovation Day project, while upgrading its human rights due diligence, or HRDD, assessment to cover employees, partners, contractors, communities, and stakeholders. In supply chain partner management, the company launched the Supplier ESG Site Visit project for the first time this year, having already visited suppliers in both its biomass partner group and key partners, covering more than 80%.

Thachang Green Energy Public Company Limited, or TGE, has announced it is concretely advancing its business in line with ESG principles under four main pillars: Build, Action, People, and Expand, aiming for its goal of becoming a 100% renewable energy organization. Ms. Laongthip Wanasuwankul, an executive director, disclosed at the Krungsri ESG Minute of Changes 2026 event that the company has begun preparing sustainability reports, setting strategies and key ESG issues, and analyzing its business value chain using international standard frameworks. On the environmental front, TGE has assessed and sought certification of its organizational carbon footprint for the fourth consecutive year, alongside applying circular economy concepts and waste management. This follows its certification and joining of RE100 since 2022. On the people front, the company gives employees opportunities to participate through the TGE Innovation Day project and is upgrading its human rights due diligence assessment, or HRDD, to comprehensively cover employees, partners, contractors, communities, and stakeholders. On the supplier management front in its supply chain, the company launched the Supplier ESG Site Visit project for the first time this year, having already visited biomass partner suppliers and key partners covering more than 80%.

Thachang Green Energy, or TGE, has announced it is pressing ahead with its green business, highlighting a four-pillar strategy comprising Build, Action, People and Expand to drive the business toward its goal of 100% renewable energy. Laongthip Wansuwankul, an executive director of Thachang Green Energy, disclosed the approach at the Krungsri ESG Minute of Changes 2026 event, stating that the company began preparing sustainability reports, setting strategies and key ESG issues, and analyzing its business value chain using international standard frameworks. On the environmental front, TGE is continuing to assess and obtain certification for its organizational carbon footprint for the fourth consecutive year, alongside circular economy and waste management concepts, after having received certification and joined RE100 since 2022. On the people front, the company gives employees the opportunity to participate through the TGE Innovation Day project and is upgrading its comprehensive human rights due diligence, or HRDD, to cover employees, partners, contractors, communities and stakeholders. On the supply chain front, the company launched its Supplier ESG Site Visit project for the first time this year, having already visited suppliers among its biomass partners and key partners by more than 80%.

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.

Thai Solar Energy Public Company Limited, or TSE, reported its second-quarter 2026 operating results during an Earnings Call (OPPDAY), posting net profit attributable to shareholders of 26 million baht for the three-month period, up 84% from the same period a year earlier. Profit for the six-month period totaled 80 million baht, with total revenue of more than 646 million baht, reflecting improved operating efficiency at its solar and biomass power plants as well as cost management. The company currently operates 53 renewable energy projects spanning solar, biomass and community waste-to-energy plants, and has expanded into the healthcare business, such as an in-vitro fertilization technology clinic, to add new revenue streams. Chief Executive Officer Dr. Cathleen Maleenont said the company plans to continue expanding generating capacity through its Solar Big Lot project and is preparing to bid for clean energy projects under the government's Power Development Plan, PDP 2026, to deliver sustained profit and strong returns. The event was held recently at the company.

SET-listed Sermsang Power Corporation, or SSP, has announced its readiness to take part in bidding 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 plants, 24,300 megawatts of solar power, 2,700 megawatts of wind power and 14,500 megawatts of battery energy storage systems. Chief executive Varut Thammavaranucupt said the company is ready both financially and in terms of its capability to develop solar and wind farm projects. SSP previously won bids under the renewable energy feed-in tariff programme for 2022 to 2030, totalling 170.5 megawatts, split between seven solar power plants with a combined contracted capacity of 154.5 megawatts and two wind power plants with a combined contracted capacity of 16 megawatts, out of the first phase of the programme, which sought a total of 5,203 megawatts. The company is now preparing to begin commercial operation of two community waste-to-energy plants with total installed capacity of 19.8 megawatts, expected to start supplying electricity in the fourth quarter of 2026, and it 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 start commercial operation in 2027, along with plans to bring more than 146 megawatts of other projects into commercial operation through 2030. The company aims to reach 1,000 megawatts of renewable power generation capacity by 2032 and expects to achieve that sooner than anticipated.

SSP, or Sermsang Power Corporation, has announced it is fully ready, both financially and in terms of capability, to take part in developing solar and wind farm projects under the draft national Power Development Plan, PDP 2026, which sets a total of 50,900 megawatts of new capacity 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 plants, 24,300 megawatts of solar power, 2,700 megawatts of wind power and 14,500 megawatts of battery energy storage systems. Varut Thammavaranucupt, chief executive officer of SSP, said the company aims to expand its portfolio of clean energy power plants and increase domestic investment, while pressing ahead with bidding for work under the PDP 2026 plan. SSP previously succeeded in bidding for renewable energy feed-in tariff power purchase projects for 2022 to 2030, totalling 170.5 megawatts, split into seven solar power plants with a combined contracted capacity of 154.5 megawatts and two wind power plants with a combined contracted capacity of 16 megawatts, out of a first-phase round that sought to buy a total of 5,203 megawatts. The company is currently preparing to begin commercial operation of two community waste-to-energy plants with a combined installed capacity of 19.8 megawatts, expected to start supplying electricity in the fourth quarter of 2026, and 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 begin commercial operation in 2027, along with plans for other projects to begin commercial operation through 2030 amounting to more than 146 megawatts, not yet including the opportunity to win bids under the PDP 2026 plan. The company expects its target of reaching 1,000 megawatts of power generation capacity by 2032 to be achieved sooner than anticipated.

Super Energy Corporation, or SUPER, has joined the bidding for community solar projects under the draft Power Development Plan of Thailand, or PDP 2026, which covers the years 2026 to 2050 and sets a new generation capacity framework of roughly 50,900 megawatts, focusing on clean energy including solar, wind, and battery energy storage systems, or BESS. The community solar projects SUPER is bidding for form part of that new capacity framework, with a combined size of 1,500 megawatts, and CEO Jomsap Lojaya has sent a clear signal that the company aims to secure around 200 megawatts, seeing it as a major boost to its portfolio given its existing experience in developing and operating renewable energy power plant projects.

Yuanta Securities assesses that SSP has strong growth potential from the draft PDP 2026, under which the first 12 years, 2026-2037, will add 38,800MW of generating capacity from solar power plants, both Solar and Solar+BESS. SSP operates a 100% renewable energy power plant business and also has a 1,500MW community solar project, plus additional renewable energy power plants in the Philippines, on top of its existing investment in the 150MW Bago wind project, which will reach COD in the fourth quarter of 2027. Currently SSP has an IBD/E of 2.1 times as of the second quarter of 2026, but including the sale of Yamaga, which will recognise an extraordinary gain of 300-500 million baht in the third quarter of 2026, IBD/E will fall below 2 times, and under the covenant at an IBD/E level of 3.0 times it can invest as much as 8,000 million baht, or equivalent to investment opportunities of no less than another 266MWe based on an investment cost of 30 million baht per MW. In addition, there are plans to sell investments in three more projects in Japan with a combined size of 56MW, expected to bring in about 2.0 billion baht, plus or minus, equivalent to additional investment capacity of another 7.0-8.0 billion baht, or 200-300MWe. On earnings, Yuanta maintains its 2026 estimate at 691 million baht, up 12% YoY, supported by improved efficiency of the solar panels at the SPN solar power plant and full-year revenue recognition from the Leo 2 project in Japan, and raises its 2027 estimate by 9% to 818 million baht, up 18% YoY, despite selling the 30MW Yamaga project, offset by community waste-to-energy plants with a combined size of 9MWe, where the 9MW WTE project is equivalent to a solar project of about 90MW, and expects normal profit in 2028 of 1,208 million baht, up 48% YoY, from the inclusion of the 150MW Bago wind project in the Philippines, which has electricity rates about 50% higher than Thailand's, the RE big lot projects with a combined size of 92MW, and the 17MW Xuejia solar power plant in Taiwan. All projects will reach COD in the fourth quarter of 2027, representing an average growth rate of 25.0% per year, or a 3-year CAGR between 2025-2028F. Yuanta raises its fair value to 14.10 baht per share, using a PER valuation method of 16.0 times, calculated from a fair value at the end of 2028 of 15.50 baht per share and discounted back to 2027 based on a WACC of 9.9%, and maintains its Buy recommendation. The current share price trades at a PER27 of only 11.1 times and a PBV27 of only 1.0 times, while SSP's market cap per MW in hand is only 13 times, compared with an average of 14 times for power plant companies in coverage excluding GULF, and compared with GUNKUL, which is also a 100% renewable energy power plant, at 21 times.

Worut Thammawaranukup, Chief Executive Officer of Sermsang Power Corporation Public Company Limited, or SSP, said the company is ready to bid for work under the draft national power development plan, or PDP 2026, which sets total new capacity of 50,900 megawatts over the first 12 years, from 2026 to 2037. Of that, 9,100 megawatts is combined-cycle power plants, 300 megawatts small nuclear power plants, 24,300 megawatts solar energy, 2,700 megawatts wind energy and 14,500 megawatts battery energy storage systems, before branching into options toward clean energy targets after 2037, with every option setting a clean energy share of no less than 65% in 2050. Previously, SSP was among the winners of the auction for renewable energy power purchase projects under the Feed-in Tariff scheme for 2022 to 2030, totaling 170.5 megawatts, out of the first phase that opened for purchases totaling 5,203 megawatts. That comprised seven solar power plants with total contracted capacity of 154.5 megawatts and two wind power plants with total contracted capacity of 16 megawatts. At present, the company is preparing for commercial operation dates for two community waste-to-energy power plants with total installed capacity of 19.8 megawatts, expected to begin generating and selling electricity in the fourth quarter of 2026, and it has about 420 megawatts of projects in hand. These comprise three solar farms in Thailand totaling 108.6 megawatts and the 150-megawatt Bago wind farm in the Philippines, which will gradually reach commercial operation in 2027, along with plans for other projects to reach commercial operation continuously through 2030 for more than 146 megawatts, not yet including opportunities to win auctions under the PDP 2026. The company has a strong capital base and is fully ready for the new round of auctions, which is expected to be a key positive factor driving SSP to achieve its goal of expanding renewable power generation capacity of all types to 1,000 megawatts by 2032, and possibly sooner than expected.

Worut Thammawaranukup, Chief Executive Officer of Sermsang Power Corporation, or SSP, disclosed that the company is ready to bid for 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 toward clean energy targets after 2037, covering the CCS approach, renewable energy paired with energy storage systems, and a combination of both approaches. Every option sets a clean energy share of no less than 65% in 2050. SSP was one of the successful bidders in the Feed-in Tariff renewable energy power purchase auction 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. The first phase of that auction offered a total of 5,203 megawatts. The company is currently preparing to commence commercial operation of two community waste-to-energy power plants with total installed capacity of 19.8 megawatts, expected to begin supplying electricity in the fourth quarter of 2026. It also has roughly 420 megawatts of projects in hand: three solar farms in Thailand totaling 108.6 megawatts, and the 150-megawatt Bago wind farm in the Philippines, which will gradually commence commercial operation in 2027. In addition, it plans commercial operation of more than 146 megawatts of other projects on an ongoing basis through 2030, not yet including opportunities to win bids under the PDP 2026 plan. The company has a strong capital base and is fully ready to bid for projects under the new round of the PDP 2026 plan, which it expects will be another important positive factor driving SSP's plans to reach its target of expanding renewable power plant capacity of all types to 1,000 megawatts by 2032, and it expects to achieve this sooner than anticipated.

Super Energy Corporation, or SUPER, is preparing to join the tender for the 1,500-megawatt community solar project under the draft Power Development Plan of Thailand, or PDP 2026, which covers the years 2026 to 2050 and sets a new generation capacity framework of roughly 50,900 megawatts, focusing on clean energy including solar, wind and battery energy storage systems, or BESS. SUPER aims to secure about 200 megawatts of the community solar project out of its total 1,500 megawatts. Chief executive Jomsap Lojaya has signalled the company is ready to move ahead at full speed, and the company is seen as a front-runner in this tender given its experience in developing and operating renewable power plant projects.

Thai Solar Energy Public Company Limited, or TSE, reported net profit attributable to shareholders of 26 million baht for the three-month period, up 84% from the same period last year, with six-month profit totaling 80 million baht on total revenue of more than 646 million baht. The results reflect improved operating efficiency at its solar and biomass power plants, as well as cost management. The company currently operates 53 renewable energy projects, covering solar, biomass, and community waste-to-energy plants. It has also moved into the health sector, such as IVF fertility technology clinics, to add new revenue streams. Chief Executive Officer Dr. Cathleen Maleenont said the company plans to continue expanding capacity through the Solar Big Lot project and is preparing to bid in clean energy auctions under the government's power development plan, or PDP 2026, to generate sustained profit and strong returns. The event was held recently at the company.

Thachang Green Energy Public Company Limited, or TGE, has announced it will drive its business forward in line with ESG principles under four main pillars: Build, Action, People, and Expand, aiming for its corporate goal of 100% renewable energy. Laongthip Wansuwankul, an executive director, shared this approach at the Krungsri ESG Minute of Changes 2026 event, stating that the company began preparing sustainability reports, setting strategies and key ESG issues, and analyzing its business value chain using international standard frameworks. On the environmental front, TGE has assessed and obtained certification for its organizational carbon footprint for the fourth consecutive year, alongside applying circular economy concepts and waste management. This follows its certification and joining of RE100 since 2022. On the people front, the company gives employees opportunities to participate through the TGE Innovation Day project and has enhanced its human rights due diligence assessment, or HRDD, to cover employees, partners, contractors, communities, and stakeholders. On the supply chain front, the company launched its Supplier ESG Site Visit project for the first time this year, having already visited biomass partner suppliers and key suppliers by more than 80%.

TSE reported a half-year profit of 80 million baht on total revenue of more than 646 million baht. The company plans to move into the health sector, such as fertility technology clinics, or IVF, to add new revenue streams. It also plans to keep expanding production capacity through the Solar Big Lot project and is preparing to take part in clean energy project auctions under the government's power development plan, or PDP 2026. Meanwhile, WP received a certificate for corporate carbon footprint labelling for the year 2569 from the Thailand Greenhouse Gas Management Organization, reflecting its emphasis on sustainable greenhouse gas management. Globlex Securities estimates that the SET Index will swing in a volatile range this week, moving between 1,570 and 1,630 points, pressured by WTI crude oil surging above 100 dollars, while supported by the upward revision of Thailand's GDP to 2.5%. It recommends adjusting portfolios in line with the FTSE Rebalance, with CPN entering and leaving among Large Caps, CPN entering among Mid Caps, and BTS, FTREIT, LH, SCCC, THAI and TU entering among Small Caps.

SSP, or Sermsang Power Corporation, has announced its readiness to take part in the power generation project auction under the draft national Power Development Plan, or PDP 2026, which sets a total of 50,900 megawatts of new capacity in the first 12 years, from 2026 to 2037. Chief Executive Officer Warut Thammavaranucupt said the company is ready in terms of both its financial position and its capability to develop solar and wind farm projects, in line with the policy of expanding its domestic clean energy portfolio. The draft PDP 2026 comprises 9,100 megawatts of combined-cycle power plants, 300 megawatts of small nuclear power plants, 24,300 megawatts of solar power, 2,700 megawatts of wind power and 14,500 megawatts of battery energy storage systems, before branching into options toward clean energy targets after 2037, which set a clean energy share of no less than 65% in 2050. Previously, SSP was among the winners of the auction for renewable energy power purchases under the Feed-in Tariff scheme for 2022 to 2030, totalling 170.5 megawatts, out of the first-phase projects that opened for purchases totalling 5,203 megawatts, divided into seven solar power plants with a combined contracted capacity of 154.5 megawatts and two wind power plants with a combined contracted capacity of 16 megawatts. At present, the company is preparing for commercial operation dates for two community waste-to-energy plants with a combined installed capacity of 19.8 megawatts, expected to begin generating and selling electricity in the fourth quarter of 2026, and it has about 420 megawatts of projects in hand, divided into 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. It also plans commercial operation dates for other projects continuing through 2030 for more than 146 megawatts, not yet including opportunities to win auction work under the PDP 2026. The company targets expanding its renewable power generation capacity of all types to 1,000 megawatts by 2032 and expects to achieve this sooner than anticipated.

Fervo Energy signed a 396-megawatt power purchase agreement with Google on Sept. 1, the largest enhanced geothermal PPA to date, with power to be supplied from Fervo's Cape Station development in Utah and delivered by 2028. Google also holds an agreement to expand its offtake by 600 MW, bringing the deal's total potential capacity to roughly 1 GW by June 2030. The contract builds on the two companies' earlier collaboration, which began with the Project Red pilot in 2021 and continued with a 115 MW power purchase agreement with Google and NV Energy in June 2024, after which Fervo committed to developing 3 gigawatts of geothermal projects. The agreement brings Fervo's total contracted power sales to about 1.1 GW and validates its Enhanced Geothermal Systems technology for the 24/7 baseload demands of AI data centers. Fervo, which went public on May 12 and raised about $2.2 billion, projects $850 million to $900 million in capital expenditures over the next 12 months and net losses for several years, with Phase I targeting around 100 MW of commercial operations later this year or early 2027 and Phase II adding another 400 MW in 2028.

TPC Power Holding Public Company Limited, or TPCH, disclosed during an Earnings Call (Opportunity Day) that it plans to begin commercial operation, or COD, of a 100-megawatt solar power project in the Lao People's Democratic Republic within 2026. The project is currently about 80% complete and has already begun partial pre-commercial operation, or Pre-COD, electricity supply. Full commercial operation at full capacity is expected within this year. For its operations in Thailand, TPCH continues to focus on developing and improving the efficiency of six biomass power plants, namely CRB, MWE, TSG, PGP, SGP and PTG, with a combined installed capacity of 71.2 megawatts, so they can run at full capacity and deliver maximum operating efficiency.

Ørsted has received a final opinion supporting its approach to the taxation of two major UK offshore wind farms, Walney Extension and Hornsea 1. An advisory commission established under the EU Arbitration Convention concluded that the two projects have genuine legal and economic purposes and should therefore be taxed primarily in the country where they are located, meaning taxation principally falls to the UK over the projects' operating lives as they generate electricity and revenue. The dispute stretches back more than a decade: Ørsted approached the Danish Tax Agency and Britain's HM Revenue & Customs in 2015 seeking clarification over how taxation rights should be divided between the two countries, and after the authorities failed to reach an agreement, the matter was referred to an advisory commission in 2023. Ørsted said the outcome will result in a small upward adjustment to its Danish tax position, including associated interest, an amount already covered by provisions made for uncertain tax positions and expected to be largely offset over time by lower taxes in the UK. The company said it will now discuss other Ørsted offshore wind projects facing similar Danish tax assessments with the Danish Tax Agency and expects any resolution to follow the same principles established in the Walney Extension and Hornsea 1 case, and it will also hold discussions with HMRC over implementation of the opinion. Ørsted has 11 GW of installed offshore wind capacity globally and another 7.2 GW under construction, and reported operating profit excluding new partnerships and cancellation fees of DKK 25.1 billion in 2025.

Super Energy Corporation, or SUPER, says Vietnam Electricity, or EVN, is preparing to sign amendments to power purchase agreements and pay all overdue amounts owed to the company around October to November this year, after Vietnam's National Assembly approved measures to resolve problems that arose over the past four years and empowered the Prime Minister to direct EVN to make the payments and move projects forward. This follows a Government Inspector review of more than 400 renewable energy projects, which concluded that nearly all of them had supplied electricity correctly and in full. Meanwhile, the Loc Ninh 3 project has received provincial approval to change its land use purpose and is awaiting a CCA licence in the next two to three months. On financial restructuring, the company brought in joint-venture partners and sold some projects, cutting debt by more than 10 billion baht and reducing its D/E ratio to 1.6 times, while setting aside 550 million baht in risk provisions. If the full amount is repaid, it will immediately be recognised as revenue and profit. For its growth strategy, the company is focusing almost 100% of investment in Thailand, with Big Lot renewable projects totalling 355 megawatts, split between 315 megawatts of solar combined with energy storage systems and 40 megawatts of wind. It also has 150 megawatts of Private PPA projects in operation and is negotiating with two to three new customers, each around 50 to 60 megawatts. It aims to double generating capacity, or grow 100%, from a base of more than 400 megawatts of solar capacity in Thailand within the next two to three years, and is ready to support the PDP 2026 plan, which is expected to open additional purchases of 10,000 to 20,000 megawatts of renewable energy, including community solar projects with a combined target of about 1,500 megawatts, each sized at 5 to 8 megawatts. The company is studying the feasibility and preparing to take part in the bidding.

TPC Power Holding Public Company Limited, or TPCH, has announced plans for commercial operation, or COD, of a 100-megawatt solar power project in the Lao People's Democratic Republic by 2026. The project is currently about 80% complete and has already begun partial pre-COD operations. Domestically, the company is focused on developing biomass power plant projects comprising CRB, MWE, TSG, PGP, SGP and PTG, with a combined installed capacity of 71.2 megawatts, aiming to bring them to full capacity and maximum efficiency. Kanokthip Chanpalangsri, Chairwoman of the Executive Committee, Cherdsak Wattanavijitkul, Chief Executive Officer, and Phon Kongsuea, Deputy Managing Director for Construction and Operations, together with the management team, presented the company's second-quarter 2026 operating results and its business plan for the second half of 2026 during an Earnings Call (OPPDAY) event held recently at the company.

Kasikorn Securities stated in its analysis that CK Power (CKP) is likely to receive support from the performance of the Xayaburi hydropower plant (XPCL) in the second half of 2026, following high water flow, no planned shutdowns, and lower financial costs. Meanwhile, the Nam Ngum 2 hydropower plant (NN2) remains weak due to low water inflow. CKP reported normal profit of 210 million baht in Q2/2026, down 41% year-on-year but up 81% quarter-on-quarter, missing the research department's estimate by 17% due to lower-than-expected total revenue and higher-than-expected financial costs. The profit decline was mainly due to weaker performance from NN2 (46% owned by CKP) and Bang Pa-in Cogeneration (BIC) (65% owned by CKP), while the quarter-on-quarter recovery was driven by higher electricity sales from SPP plants and improved profit sharing from XPCL. The research department has a neutral view on the data, with management expecting XPCL to remain a key profit driver in H2/2026, while NN2 is expected to gradually return to normal from an exceptionally high base last year. For the Luang Prabang hydropower project (LPCL), construction progress reached 77% as of June 2026, with commercial operation still targeted for early 2030. CKP has invested 13,344 million baht out of its total equity investment commitment of 20,934 million baht. Kasikorn Securities maintains a "Buy" recommendation with a target price of 3.00 baht, based on the sum-of-the-parts (SOTP) valuation method under a weighted average cost of capital of 6.7%. Key risks include a severe or prolonged super El Niño event.

CK Power or CKP revealed that in the second half of 2026, the company is supported by new capacity from solar power projects, favorable water conditions for hydropower plants, and the return to full operation of the Bang Pa-in Cogeneration plant. The company has additionally commenced commercial operation of a solar power project with Bangkok Expressway and Metro or BEM in September, with a total capacity of 5 megawatts, which will increase renewable energy capacity in its portfolio. Meanwhile, CKP is closely monitoring water conditions, as in the first six months of 2026, water flow through the Xayaburi hydropower plant was 17.7% higher than the same period last year, resulting in an 11.2% increase in electricity sales. For the second half of the year, the company assesses that water conditions remain a supportive factor for electricity generation at Xayaburi Power or XPCL, based on rainfall in the Mekong River basin and trends in upstream water discharge. It expects that upstream discharge from China will remain high between October and early November, with possible additional discharge at certain times in December, which will support water levels in the Mekong River during the fourth quarter of 2026. CKP estimates that water flow through the Xayaburi hydropower plant at the end of the year is likely to be good and slightly above average. As for Nam Ngum 2 or NN2, usable water in the reservoir at the end of July 2026 stood at 32.53% of usable capacity, with room to accommodate additional water during the rainy season. As for Bang Pa-in Cogeneration or BIC, after maintenance in the first quarter of 2026, the plant has now returned to full capacity operation, which will support electricity production and sales in the second half of the year.

CK Power Public Company Limited (CKP) is confident that its operating results in the second half of 2026 will continue to grow, supported by the expansion of its clean energy portfolio with Bangkok Expressway and Metro Public Company Limited (BEM), which has commenced commercial operation of a solar power project with a total installed capacity of 5 megawatts in September. Meanwhile, the water flow through the Xayaburi hydropower plant in the first six months was 17.7 percent higher than the same period last year, resulting in an 11.2 percent increase in electricity sales. It is expected that water discharge from upstream areas in China will remain high from October to early November, and there may be additional discharge at certain times in December, which supports water levels in the Mekong River in the fourth quarter of 2026. As for the Nam Ngum 2 hydropower plant, the usable water in the reservoir at the end of July stood at 32.53 percent of capacity, and it is expected that water inflow will increase during the rainy season. Meanwhile, the Bang Pa-in Cogeneration Power Plant (BIC) has returned to full capacity operation after maintenance in the first quarter of 2026, which will support electricity production and sales in the second half of the year.

CK Power Public Company Limited (CKP) has announced the commercial operation of an additional solar power generation project in collaboration with Bangkok Expressway and Metro (BEM), with a total capacity of 5 megawatts, in September. This is to increase the renewable energy capacity in the company's portfolio. Mr. Thanawat Trivisvavet, Managing Director, stated that supporting factors in the second half also include favorable water conditions for electricity generation at the Xayaburi hydropower plant. In the first six months, water inflow was 17.7% higher than the same period last year, resulting in an 11.2% increase in electricity sales. Meanwhile, Nam Ngum 2 Power Company (NN2) had usable water in the reservoir at 32.53% as of the end of July, expected to rise during the rainy season. The Bang Pa-in Cogeneration plant (BIC) has returned to full capacity operation after maintenance in the first quarter, which will support electricity production and sales in the second half.

Super Energy Corporation Public Company Limited (SUPER) expects its operating results in the second half of the year to continue growing, supported by its wind power plant projects in Vietnam that have started commercial operation (COD) with an additional 102 megawatts. This brings the total contracted capacity under the power purchase agreements (PPA) of the two wind power projects to 129 megawatts. Meanwhile, the company has received overdue electricity payments from Vietnam Electricity (EVN) amounting to 3.5 billion baht, which strengthens its financial position. For the first six months of 2026, the company reported a net profit of 859.73 million baht, an increase of 246.64% from the same period last year. The company continues to seek opportunities to expand investments in renewable energy businesses to generate sustainable returns for shareholders.

Super Energy Corporation (SUPER) reported operating results for the first six months of 2026, with a net profit of 859.73 million baht, an increase of 246.64%. CEO Chomsap Lojaya and Assistant CEO Kulchalee Nantasukkasem jointly presented the information through an earnings call (OPPDAY), stating that the trend for the second half is expected to continue growing well, driven by the wind power plant project in Vietnam that has begun commercial operation (COD), adding another 102 megawatts. This brings the total contracted capacity (PPA) of the two wind power plants to 129 megawatts. Additionally, the receipt of overdue electricity payments from Vietnam Electricity (EVN) amounting to 3.5 billion baht will support business growth and strengthen the financial position. The company is also continuously seeking opportunities to expand investments in renewable energy businesses to generate additional revenue and provide sustainable returns to shareholders.

CK Power (CKP) anticipates growth in the second half of the year, having commenced commercial operation (COD) of a 5-megawatt solar project in September in partnership with Bangkok Expressway and Metro (BEM), to boost renewable energy capacity in its portfolio. Meanwhile, water flow through the Xayaburi hydropower plant in the first half was 17.7% higher than the same period last year, leading to an 11.2% increase in electricity sales. The company expects the Mekong River water situation to remain favorable for Xayaburi Power (XPCL) in the fourth quarter, particularly with high water discharge from upstream China expected from October to early November. For Nam Ngum 2 (NN2), usable water volume at the end of July stood at 32.53% of capacity, with expectations of an increase during the rainy season. Meanwhile, Bang Pa-in Cogeneration (BIC) has returned to full capacity operation after maintenance in the first quarter. All these factors are expected to support the overall growth of the energy portfolio.

CK Power (CKP) has commenced commercial operations of its solar energy project with Bangkok Expressway and Metro (BEM), with a total capacity of 5 megawatts in September, to increase renewable energy capacity in the company's portfolio. In the first half of the year, water flow through the Xayaburi hydropower plant was 17.7% higher than the same period last year, resulting in an 11.2% increase in electricity sales. For the second half, the company assesses that water conditions remain favorable for power generation, especially in Q4 when water levels are expected to be slightly above average. Meanwhile, the Nam Ngum 2 hydropower plant had usable water at 32.53% of capacity as of end-July, and the Bang Pa-in cogeneration plant has returned to full capacity after maintenance in Q1. These factors will support power generation and sales in the second half.