Thailand’s Energy Regulatory Commission (ERC) has announced a reduction in the feed-in tariff (Ft) for the September to December 2025 period, lowering the rate from 19.72 satang to 15.72 satang.
This change will decrease the electricity tariff from THB 3.98 to THB 3.94 per unit. The adjustment follows the ERC’s decision to use surplus returns of THB 2.64 billion from state utilities including EGAT, MEA, and PEA, aiming to ease cost pressures for consumers.
Maybank Securities (Thailand) notes that the overall impact on the power sector will be minor. The new Ft adjustment brings the projected full-year average electricity tariff to about THB 4.02—just below the analyst’s current assumption of THB 4.04, representing only a modest 2-satang difference.
The most significant effects are likely to be felt by small power producers (SPPs), such as BGRIM and GPSC, whose earnings are more sensitive to changes in the Ft due to their electricity sales exposure to industrial clients. In contrast, independent power producers (IPPs) and renewable energy companies are less affected by the adjustment.
The brokerage firm estimates the reduction could translate to a downside risk of around 3% to BGRIM’s annual earnings forecast and 2% for GPSC.
