Mr. Thawat Hirancharukorn, Senior Executive Vice President-Operation Management at Electricity Generating Public Company Limited (SET: EGCO), stated that the company’s recent decline in performance was due to a range of both internal and external factors, while efforts to control electricity prices in various countries have resulted in lower electricity tariffs in some markets. The situation, meanwhile, is expected to be temporary.
The company continues to focus on long-term growth through portfolio and investment restructuring to achieve sustainable and quality profits. This primarily involves investing in new projects that promise appropriate returns, with a focus on power generation from natural gas and renewable energy, both domestically and internationally.
In parallel, EGCO is working to improve operational efficiency in order to maximize benefits and profitability, as well as to reduce operating costs. The company is also gradually recognizing revenue from new investment structures, such as increasing its investment stake in the United States, contributing to confidence that EGCO will be able to sustain long-term growth and stability.
In May, Apex Clean Energy (APEX), the company’s U.S. business unit, achieved commercial operation (COD) of the 200-megawatt (MW) Lotus Wind power plant, with four additional projects under construction this year.
In April, EGCO signed a share purchase agreement with J-POWER Holdings (Thailand) for the sale of shares in Banpong and Khlong Luang power plants, a move intended to enhance portfolio efficiency, increase financial flexibility, and fund new investment opportunities.
Currently, EGCO’s attributable generating capacity stands at approximately 6,945 MW across 48 power plants, of which about 6,800 MW have achieved COD, while 122 MW are still under construction. EGCO operates across seven countries, including Thailand, where it has approximately 42% of its total investments. Core business comprises large IPP power plants with long-term contracts with the Electricity Generating Authority of Thailand (EGAT).
Non-Thai operations are predominantly in the United States (21%), followed by South Korea (13%), Laos (10%), the Philippines (9%), and others. In terms of fuel mix, 57% comes from natural gas and 24% from renewable energy, which continues to increase according to the company’s strategic plan.
The APEX projects in the U.S. represent significant investments in renewable energy, including solar, wind, and battery storage. After completion, EGCO will assess the possibility of divesting some projects to recycle capital for future portfolio expansion. The plan is to sell approximately 1,000 MW of projects per year, both under construction and already in operation. As of now, APEX has 13 projects in commercial operation totaling 1,785 MW, with further projects in development set to achieve COD over the next 2-3 years.
Four projects totaling 698 MW are currently under construction: a 40 MW battery project (of which APEX retains around 45% ownership after partial divestment); the Rocky Forge Wind project (78 MW, with a signed power purchase agreement, expected to complete by end-2026); Emerson Creek Wind (269 MW, due for completion in 3Q27, with a private power purchase agreement); and Cole Wind (311 MW, due in 2Q27).
Mr. Somkiat Suttiwanich, Chief Financial Officer at EGCO, stated that this year’s investment budget is set at approximately THB 30 billion, up from THB 18 billion last year. The company will no longer invest in coal-fired power plants, but will focus exclusively on gas-fired and renewable energy projects.
In the short term, EGCO has secured approval for 11 solar projects in Thailand totaling 448.10 MW, which are at the contract signing stage. Contracts for three projects have already been signed, with the remaining eight moving through documentation, and all are expected to be finalized in 2Q26. Construction is set to begin soon, with COD anticipated between 2028 and 2029.
The company will maintain earnings growth this year, buoyed by the QPL project, which will operate at full capacity under a new contract and generate full-year revenue. The Pinnacle II project in the U.S., which includes both solar and wind power, will also contribute to full-year profit. Additionally, EGCO has increased its stake in Linden from 28% to 38%, the impacts of which will be realized throughout this year.
