The Stock Exchange of Thailand (SET) has revealed findings from the SET ESG Data Platform, showing that during the recent energy price crisis—when oil prices surged due to conflicts in the Middle East—listed companies that disclose information about their energy expenses tend to generate better returns than those that do not, even amid the energy crisis. This reflects a growing impact of data transparency on investment decisions and equity valuations.
The study indicated that in March 2026, the Thai stock market was affected by heightened tensions in the Middle East and concerns over oil shipments through the Strait of Hormuz. As a result, the SET Index fell by 5.24%. However, SET100 firms that reported their energy expenditures via the ESG Data Platform delivered higher average returns compared to those that did not, across multiple industry groups.
Notably, the financial, banking, insurance, telecommunications, and transportation sectors demonstrated the so-called “Disclosure Premium”—an excess return derived from information disclosure. Such transparency enables investors to better assess business risks, reducing uncertainty and mitigating sell-offs during periods of market volatility.
SET noted that this study relied on data from the SET ESG Data Platform, which consolidates energy data from 776 listed companies, covering electricity usage, fuel consumption, and renewable energy. This allows for more systematic analysis of energy risks, addressing previous issues of scattered and hard-to-compare data.
The latest data also indicate that Thai businesses continue to rely primarily on fossil fuels, though a transition towards clean energy is gaining momentum. In 2025, the 776 listed companies consumed a total of 48,435 million kilowatt-hours of electricity, with 6,066 million kilowatt-hours—13% of total usage—sourced from renewable energy. This is up from 9% the previous year, marking a 42.7% increase in renewable energy consumption.
Further analysis of energy risk identifies petrochemicals, transportation, and energy as the most cost-sensitive industries, while the banking, insurance, and information and communication technology (ICT) sectors show lower energy-related risks.
SET concludes that energy disclosure is not merely an ESG or governance issue, but is becoming crucial information that allows investors to more accurately assess business risks and valuations amid ongoing global energy volatility.
