Prapon Chinudomsub, Prapon Chinudomsub, Chief Financial Officer of WHA Utilities & Power Public Company Limited (SET: WHAUP), stated that the outlook for the water and electricity business this year clearly reflects a shift in revenue structure. Despite a slowdown in water consumption volume due to a major petrochemical client ceasing operations, revenue and profit have shown remarkable growth due to the entry of data center clients.
The key driver is income from water quota fees—a reservation fee for high-volume water usage, which is recognized as revenue immediately when land is transferred and systems are ready, without having to wait for the customer to commence actual water use. This quota carries a high value of nearly THB 500,000 per rai.
For this year, in the first nine months, revenue from major clients totaled approximately THB 400 million, with an expected additional THB 400–500 million in Q4. These earnings are likely to continue for another two years, ensuring stable and predictable revenue growth for the water business.
In 2026, the company aims to accelerate expansion of water production capacity by about 10 million cubic meters to support growing demand from data centers, whose water consumption is up to 15 times that of typical industrial clients. In just the past 2–3 years, data center clients have reserved nearly 60 million cubic meters of water—half the total accumulated volume of the past 30 years, or about 120 million cubic meters.
For the electricity business, although core revenue still comes from traditional systems, the company is actively accumulating clean energy portfolios, especially solar projects through both rooftop systems and Private PPA framework. While this year’s COD is limited by licensing constraints, the company has built a solar backlog of nearly 100 megawatts, to be recognized as revenue next year.
