Today (October 17, 2025), power generation stocks climbed against the broader market trend, responding positively to the U.S. accelerating electricity expansion due to the AI CAPEX Cycle, a major investment round now underway following moves by OpenAI and collaborations with tech companies.
This is expected that global Data Center CAPEX will surge, led by Banpu Power PCL (SET: BPP), as its share price at the closing of the morning session was at THB 10.80 per share, increased by THB 0.60, or 5.88%, with the trading value of THB 85.86 million.
Meanwhile, the share price of BCPG PCL (SET: BCPG) was at THB 9.05 per share, up by THB 0.30, or 4.00%, with a trading value of THB 154.19 million.
As for B.Grimm Power PCL (SET: BGRIM), its share price was at THB 15.50 per share, increased by THB 0.40, or 2.65%, with a trading value of THB 493.75 million.
Global Power Synergy PCL (SET: GPSC) also saw its share price at THB 41.50 per share, up by THB 0.75, or 1.84%, with a trading value of THB 198.63 million.
The share price of Electricity Generating PCL (SET: EGCO) also increased to THB 138.00 per share, a jump by THB 1.50, or 1.10%, with a trading value of THB 166.46 million.
Krungsri Securities also provided a similar notice but added that the rise of OpenAI and tech partnerships are anticipated to boost global Data Center CAPEX by potentially more than doubling during 2025–2028.
Furthermore, the securities company stated that the increasing demand will also impact component suppliers, with a major bottleneck being electricity supply. The power generation sector is becoming increasingly attractive within this accelerated Mega Tech Theme and remains among stocks with negative returns YoY versus 2023, when the AI boom first took off.
Previously, the Thai power sector had been pressured by regulatory risks, but the latest government policies are supportive and relaxed, raising the possibility of a re-rating valuation in this new cycle. Market focus is shifting towards “speculation on power plant stocks” with U.S.-based businesses, aligning with comments from NVIDIA’s CEO signaling that the U.S. must quickly expand its electricity capacity amidst China’s AI competition and energy advantages.
Thai power companies with U.S. business presence include Gulf Development PCL (SET: GULF) (5% of Equity MW), BCPG (42% of Equity MW), BPP (40–50% of revenue), and EGCO (14% of Equity MW).
Investment strategies reflect a trend of falling interest rates and a rapidly accelerating AI CAPEX Cycle, as assessed by analysts for 4Q25 strategies. Sustainable momentum is expected, with recommendations for GULF (target THB 59 per share), BGRIM (target THB 16 per share), BCPG (target THB 9.40 per share), and speculative buys on BPP and EGCO.
Maybank Securities also notes LNG JKM prices have declined 2.5% month-on-month in line with global oil prices, reaching USD 11 per million BTU ($/MMBTU), the lowest level in a year. This reduces Thailand’s natural gas import costs, which comprise 40% of domestic demand, and benefits power companies such as BGRIM.
At the same time, the Energy Regulatory Commission (ERC) unveiled “Quick win” policies, including community solar, direct PPAs, and agri-solar, supporting MW growth from data center demand and the residential sector, and opening further upside ahead.
