Jiraporn Sirikum, President of Electricity Generating Public Company Limited (SET: EGCO), revealed that the company anticipates strong operating results in 2Q25, driven by increased electricity demand—particularly from the U.S. data center sector.
EGCO’s APEX project has already begun commercial operation (COD) with an output of about 800 megawatts. The company will also recognize full-year revenue from the Compass project in the U.S. (1,304 MW total capacity) and the Yunlin offshore wind project in Taiwan (640 MW total capacity).
Meanwhile, the Quezon project in the Philippines has secured a new 15-year power purchase agreement, scheduled to begin in 4Q25. EGCO also holds a 49% stake in the Pinnacle II project (251 MW) in the U.S., for which investment payments commence progressively during May.
For 2025, the company has set an investment budget of THB 30 billion, focusing mainly on renewable energy and natural gas power plant projects. Funds gained from the shares sale in the RISEC natural gas power plant in the U.S. and the Boco Rock wind power plant in Australia—totalling about THB 7,000 million in January—will be redeployed in new, high-potential projects to offset lost revenue.
EGCO is pursuing several mergers and acquisitions (M&A) for new power plants, following the successful closure of the Pinnacle II deal earlier this year, with more transactions expected to be finalized within 2025. Currently, the company has a total equity capacity of 6,662 MWe.
For the APEX projects in the U.S., in which EGCO owns a 17% stake, seven additional projects are under construction this year, with a combined total capacity of 1,079 MW. Six are expected to be commercially operational (COD) within this year, and one in the following year.
Simultaneously, EGCO continues to seek further investment opportunities in the U.S., following encouragement from the Thai government to expand into the U.S. market to mitigate adverse effects from reciprocal tariff policies.
The Ministry of Energy, in collaboration with PTT, EGAT, and EGCO, recently travelled to Alaska to negotiate a collaboration on liquefied natural gas (LNG) with the State of Alaska (Alaska LNG). EGCO possesses an import licence for LNG to supply the group’s power plants, as well as gas power plants in the Philippines. Talks remain at a preliminary stage.
Regarding EGCO’s three-year strategy from 2025 to 2027, the focus is on asset recycling, or asset management, which is currently under review to determine which projects can be sold.
Proceeds from these asset sales will be reinvested in new projects with promising returns, as well as used to repay portions of high-cost debentures and fund dividend payments. The exact timeline for closing these deals—whether this year or next—will depend on negotiations with buyers.
According to LSEG CONSENSUS, EGCO’s estimated net profit for 2025 is at THB 8,230.75 million, up 52.10% from the previous year, with an average target price of THB 122.20 based on four brokerage firms.
