Tawatchai Sumranwanich, President of Electricity Generating Public Company Limited (SET: EGCO), announced an optimistic outlook for 2026, with growth expected to continue from the previous year. EGCO posted a total revenue of THB 37,905 million and a net profit of THB 4,727 million in the prior period, driven by increased revenue contributions from both domestic and international assets acquired earlier.
In the United States, EGCO will fully recognize revenue from the Pinnacle II Power Plant, while raising its stake in Linden Cogen Power Plant to 38%. The company’s U.S.-based power plants are set to benefit from surging electricity demand, largely as a result of data center and AI infrastructure expansion.
In Asia, EGCO is set to realize revenue from the Quezon Power Plant in the Philippines after securing a new 400-megawatt power purchase agreement (PPA). Expansion in Indonesia will continue via new investments in energy, utilities, and infrastructure through CDI Group.
For 2026, EGCO earmarked around THB 30 billion for strategic investments, emphasizing high-quality natural gas plants and renewable energy projects. This expansion will occur through both new project developments and mergers & acquisitions (M&A).
The company is currently negotiating two U.S. power plant projects—one natural gas, one renewable. Deals are anticipated to close within 2Q26, with revenue recognition possible within the year.
EGCO is also considering new projects in seven countries where it currently operates, focusing especially on the U.S. due to rising energy demand from data centers.
Progress on RE Big Lot Round 2 continues, with EGCO awarded the rights to develop 11 renewable energy projects totaling 448 megawatts. These projects are undergoing PPA signings—10 with EGAT (SPP) and one with PEA (VSPP). All agreements are expected to be finalized by 2Q26. Construction on the first project will commence in mid-2027, with scheduled commercial operation date (SCOD) in 2028-2030.
EGCO is also analyzing Direct PPA policies, which would allow private-sector buyers to contract energy directly—a significant draw for data centers requiring clean, stable power.
At EGCO Rayong Industrial Estate (ERIE), feasibility studies are underway for energy procurement, alongside talks with major data center operators. Demand estimates for electricity and water in this area range from 400 to 500 megawatts. Further, EGCO is exploring Independent Power Supply (IPS) and direct electricity sales through Direct PPAs to serve future data center clients.
The company has adopted a “POWER4” strategy to strengthen long-term fundamentals:
Profitability and Performance Energizing to enhance earnings and profitability along with a steady dividend policy;
Power and Energy-Related Focus, emphasizing investment in natural gas and renewable energy to meet data center demands;
Portfolio Optimization through asset recycling and cost control to enhance returns;
Proactive Organizational Excellence, leveraging digital and AI advancements to enhance operational efficiency.
Despite ongoing Middle East conflicts, EGCO sees limited impact due to cost pass-through mechanisms in PPA projects and fuel cost adjustments in competitive markets. The company boasts a diversified power generation portfolio totaling 6,844 megawatts, distributed across fuel types and geographies. This approach helps manage global market volatility, and EGCO maintains confidence in its robust cash flow and financial structure to support continued expansion.
