Utilities

Oklo, the microreactor developer that went public through a SPAC merger on May 10, 2024, is targeting deployment of its first Aurora Powerhouse microreactors in Idaho in late 2027 or early 2028, with analysts expecting revenue to rise to $2 million in 2026, $8 million in 2027, and $53 million in 2028. The Aurora generates only 1.5 MWe on its own but is designed to be deployed alongside additional microreactors to build plants capable of generating up to 75 MWe, far below the over 1,000 MWe of a conventional nuclear plant, though its modular, factory-prefabricated design suits remote, off-grid sites and data center operators. The Nuclear Regulatory Commission approved Oklo's Principal Design Criteria for the Aurora in June, and the company achieved criticality at Groves One, its first pilot isotope-production reactor, in early August, deploying it in just 229 days. Oklo's partnership with Meta Platforms, announced in January, aims to deliver 1.2 GW of power at a nuclear campus in Ohio, with initial phases expected online around 2030, and the company is working to convert a multi-gigawatt pipeline of non-binding letters of intent, including a 14 GW agreement with Switch, into firm Power Purchase Agreements. Oklo also signed an LOI to buy HALEU from Centrus Energy, one of the only companies authorized to produce and enrich HALEU in the United States, while carrying a $7.4 billion market cap that trades at 139 times its 2028 sales.

DTE Energy is trading at $131.61 with a BUY rating and a $148.32 price target from 24/7 Wall St., backed by 2.4 gigawatts of signed hyperscaler agreements including a 1.4 GW Oracle deal already under construction and a 1 GW Google agreement in Van Buren Township that could unlock roughly $5 billion of incremental capex through 2032. CEO Joi Harris said on the Q2 call that momentum remains strong across the development pipeline, and management stated that three gigawatts of signed contracts unlocks 8%-plus EPS growth, with another two gigawatts in advanced discussions targeting a deal by year end. Q1 2026 operating EPS of $1.95 missed the $2.03 consensus, dragged by a $25 million Energy Trading loss, though core utility earnings rose on the February rate order, and management reaffirmed 2026 operating EPS guidance of $7.59 to $7.73 with confidence toward the high end. The bear case centers on regulatory scrutiny from back-to-back rate case filings before the Michigan Public Service Commission and a $36.5 billion five-year capex program requiring $500 to $600 million of annual equity issuance through 2028, while the company protects against stranded assets with minimum billing demand of 80% and contracts of 10 years or longer. DTE offers the same data center upside as Constellation Energy but wraps it in a 3.52% dividend yield and regulated-utility stability, and its 2.4 GW of signed contracts is currently more advanced than CMS Energy's disclosed signings.

Alliant Energy is planning nearly $3 billion of infrastructure investment in 2026 and $13.4 billion through 2029, an approximately 12% compound annual growth rate in investment across generation, transmission and distribution. The company said the spending, including allowances for funds used during construction, is expected to support 5-7% earnings growth through 2029. Alliant has secured 3.4 gigawatts of contracted large-customer demand, which it expects to support nearly 60% growth in projected electricity demand by 2031, and it signed a 370-megawatt Iowa electric service agreement, with additional opportunities of 2-4 gigawatts progressing. The company recently received final permits to proceed with construction of the 720-megawatt Bobcat Energy Center in Marshalltown, Iowa, a natural gas-fired facility intended to add flexible generation capacity. For comparison, PPL Corporation plans to invest about $23 billion through 2029 to support approximately 10.3% average annual rate-base growth, while FirstEnergy plans $36 billion of capital investments through 2030 under its Energize365 program.

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.

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.

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.

The U.S. House of Representatives passed the Ratepayer Protection Act by a near-unanimous margin, sending shares of nuclear reactor developers Oklo and NuScale Power sharply higher in Thursday morning trading. Oklo stock rose 13% to $40.37, while NuScale Power stock climbed 10% to $9.14, far outpacing the Global X Uranium ETF, which gained 4% to $42.92, and the SPDR S&P 500 ETF Trust, which rose 1% to $762.04. The bill would require large data centers to pay for the power generation and transmission upgrades their electricity demand creates rather than spreading those costs across other utility customers, though it still needs Senate approval before becoming law. Oklo's bull case rests on a signed pipeline that includes a 12 GW master power agreement with Switch and a 500 MW letter of intent with Equinix that included a $25 million pre-payment, but the company targets first commercial power delivery only in late 2027 to early 2028 and remains pre-revenue in its core reactor business, with shares down 44% year to date. NuScale Power, the only U.S. NRC design-certified small modular reactor technology provider, ended Q2 2026 with $1.9 billion in cash and investments, and its growth story centers on ENTRA1 Energy advancing discussions with TVA toward a definitive PPA for up to 6 GW of capacity, described as potentially the largest nuclear deployment program in U.S. history, though its stock is down 36% year to date and trades near its 50-day moving average of $9.06.

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

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

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.

WHA Utilities and Power Public Company Limited, or WHAUP, reported net profit of 531.8 million baht for the second quarter, up 275.8% from 141.5 million baht in the same period a year earlier. That brought first-half net profit to 834.9 million baht, up 128.6% from 365.3 million baht a year earlier. Its parent company, WHA Corporation Public Company Limited, or WHA, posted second-quarter net profit of just 659.2 million baht, down 32.7% from 980.1 million baht a year earlier, while first-half net profit came to 2.1675 billion baht, down 29.1% from 3.0555 billion baht a year earlier. In its latest development, WHAUP is building a new growth engine by preparing to invest in small nuclear power plants, or Small Modular Reactors, as well as Carbon Capture and Storage technology, in line with the PDP 2026 plan, which emphasises raising the share of renewable and clean energy to more than 65%. Meanwhile, Krungsri Securities has raised its profit forecasts for WHAUP for 2026 to 2028 by 6%, 3% and 8% respectively, and Kasikorn Securities expects WHAUP's profit to grow at a compound annual rate of 19% over 2026 to 2030, far above the sector average.

Illinois American Water has completed its acquisition of the City of Venice wastewater collection system for $770,000. The deal, approved by the Illinois Commerce Commission on June 24, 2026, adds approximately 500 wastewater collection service customers and expands the company's wastewater operations in the Metro East area near St. Louis. Illinois American Water plans to make $2.6 million in capital investments and improvements in the Venice wastewater collection system over the next five years, covering rehabilitation or replacement of wastewater mains and manholes, lift station improvements, and control and security enhancements at pump and lift stations. Venice Mayor Phillip White Jr. said the sale places the collection system into the professional hands of Illinois American Water, while company President Rebecca Losli said the team looks forward to leveraging its operational experience and long-term commitment to infrastructure investment. Prior to the acquisition, Venice customers received transportation and wastewater treatment services from Illinois American Water; they will now receive wastewater collection, transportation and treatment services.

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.

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

National Fuel Gas is exploring strategic options for its integrated natural gas production business, with any deal set to value the unit at about $5B, according to a Reuters report. The company is reportedly working with advisors including Goldman Sachs to study a wide range of scenarios, including a full or partial sale, a merger with another publicly traded U.S. producer, or a spinoff into a separate publicly listed company. The business consists of Seneca Resources, which produces about 1.1 Bcf per day of natural gas from operations across the Marcellus and Utica shale formations in Appalachia, and pipeline operator National Fuel Gas Midstream, which supports Seneca by transporting gas from well sites to larger pipelines. Seneca and its associated infrastructure comprise a considerable amount of National Fuel Gas adjusted EBITDA, according to a July presentation, meaning any divestment would have to be weighed carefully to ensure it does not undermine the company's remaining business. National Fuel Gas provides natural gas utility services to 756K consumers in New York and Pennsylvania and is working to close a $2.6B purchase of CenterPoint Energy's Ohio natural gas utility business, which would add another 335K customers.