The draft national power development plan, or PDP 2026, is entering the public consultation process, setting out a 25-year long-term framework aimed at reaching the Net Zero target by 2050. The highlight is the first 12 years, from 2026 to 2037, which sets total new generating capacity of approximately 50,900 MW, comprising 9,100 MW of combined-cycle power plants, 300 MW of small nuclear power, 24,300 MW of solar, 2,700 MW of wind, and 14,500 MW of large-scale battery energy storage systems, or BESS. If the plan proceeds as laid out, cumulative generating capacity in 2037 will rise to approximately 115,635 MW, with investment across the various projects in a range of roughly 360 billion to 700 billion baht. Yuanta Securities (Thailand) sees the new PDP draft as aiming to raise the share of renewable energy from about 15% of generating capacity at present to approximately 60–70%, and possibly as high as 80% when other zero-carbon energy sources are included. InnovestX, meanwhile, has picked GULF as its top stock in the group and sees GUNKUL as having the potential to surprise on both its renewable power plant business and its power transmission system construction work. Asia Plus Securities assigns GULF a fundamental value of 80 baht and GUNKUL 6.40 baht, with brokers favouring the group of GULF, GUNKUL, GPSC and BGRIM. GPSC is currently studying the development of small modular nuclear reactors, or SMRs, together with Denmark's Seaborg Technologies. Power plant stocks have risen sharply since the start of the year, and as of 9 September 2026, GUNKUL stood at 5.20 baht, up 173.68%; TSE at 0.92 baht, up 95.74%; SSP at 6.05 baht, up 86.73%; BGRIM at 21.00 baht, up 48.94%; and GPSC at 51.25 baht, up 42.36%.
Eknat Unveils Energy Restructuring Plan, Reserving 10,000 Megawatts of Rooftop Solar for the Public
Energy Minister Eknat Prompan has unveiled a major energy restructuring plan, under which the government will reserve 10,000 megawatts of rooftop solar generating capacity specifically for the public, set at roughly 5 kilowatts per household, to spread the right across households nationwide. Under the new approach, the state will buy back surplus power and apply it as a discount on the same billing cycle's electricity bill. A 5-kilowatt system can generate about 600 to 700 units per month, worth roughly 2,000 baht or more, and the state will provide a subsidy of 50,000 baht, with the income from the generated power used to pay it off. The equipment is expected to be fully paid off in about 7 to 10 years. On cutting permitting steps, coordination will be handled solely through the distribution utilities, with a target of about 1 week for inspection and acceptance in self-consumption installations, and no more than 1 month in cases of selling power back. For the new Power Development Plan, or PDP, three goals are set: cleanest, most stable, and fairest. It targets raising the share of clean energy from the current level of just over 20% to close to 50% within 10 years, and no less than 65% in the long term, while reducing reliance on spot-market LNG in favor of long-term contracts, and opening the door to future technologies including hydrogen, geothermal, solid oxide fuel cells, and small modular nuclear reactors, or SMRs. Meanwhile, the public electricity cost that has been embedded in the power tariff structure for 30 to 40 years amounts to a burden of about 18 billion baht per year. The government has removed this burden from the structure and has already implemented a measure capping the first 200 units of household electricity at 3 baht per unit.
INVX Says Clearer Data Center Rules to Lift Clean Energy and Industrial Estate Stocks, Recommends Selective Buy
The equity and derivatives market strategist at InnovestX Research, InnovestX Securities, said efforts to push Thailand as a regional data center hub are taking clearer shape after the first meeting of the Data Center Business Policy Committee resolved to accelerate integration of data and legal provisions into a single dashboard, in order to set a clear industrial strategic framework within one month. The criteria define data centers using more than 2 MW of electricity as industrial businesses, set resource utilization fees to reflect true direct and indirect costs, and impose strict energy conditions to support Green Data Centers, including a separate electricity tariff category for the group, a mandatory clean energy share of no less than 60% to meet Net Zero goals, and tighter standards for backup power systems. Four subcommittees will be set up covering the economy, infrastructure, land and buildings, and the environment to draw up technical standards, and decisive measures are being prepared to suspend water and electricity allocation for projects not yet under construction if they fail the criteria. InnovestX assesses that these clearer policies will create significant positive ripple effects for two main industries. The first is clean energy, where the 60% minimum clean energy requirement will turn clean power from an option into a necessity, sharply driving real demand. The second is industrial estates, where classifying data centers as industrial businesses will draw foreign direct investment, or FDI, into leading estates equipped with smart grid networks and environmental management, leaving estates reliant on fossil fuels far behind. The investment strategy therefore recommends Selective Buy, focusing on accumulating leaders in these two main industries. For industrial estates, it favors companies with stable smart grid networks sufficient for Tier 3-4 data centers, joint ventures with multinational technology firms, and their own water recycling management systems, namely AMATA and WHA. For clean energy, it favors companies making progress on direct power purchase agreements, or Direct PPAs, with global hyperscalers, with high ESG scores and green certificates, and investing in battery energy storage systems, or BESS, to maintain the stability of electricity supplied to data centers, namely GULF, GPSC and BGRIM, as well as GUNKUL, a contractor for high-voltage transmission line systems.
Array Technologies downgraded to Neutral by analyst with $5 price target
An analyst downgraded Array Technologies, a solar tracking technology company, to Neutral and cut the price target to $5 from $10. The stock fell 6.49% to $3.97. The analyst noted that the shift in how preferred stock dividends are paid, moving from in-kind dividends to cash payments, will change the outlook for how free cash flow is used, and expects that as competitors expand their business bases through industry consolidation, less money will be available for debt reduction, growth investment, and especially opportunistic M&A. The analyst expects the company to generate enough free cash flow to cover its preferred stock dividends, but estimates cumulative cash dividend payments through 2030 at $162 million, equivalent to about 25% of projected cumulative free cash flow of $638 million over the same period.
Gulf Energy Development Public Company Limited
Gunkul Engineering Public Company Limited
Global Power Synergy PCL
B.Grimm Power Public Company Limited
Sermsang Power Corporation Public Company Limited
Thai Solar Energy Public Company Limited