Jiraporn Sirikum, President of Electricity Generating Public Company Limited (SET: EGCO), revealed that the company anticipates a stronger operating performance in the third quarter of 2025 compared to the previous quarter.
The primary drivers include seasonal advantages from hydropower plants in Lao PDR, which benefit from higher water levels, and EGCO’s U.S. power plants, which are capitalizing on growing electricity demand and favorable electricity prices.
Additionally, the APEX power plant group in the United States continues to expand its commercial operations. The Angelo Battery Storage project, with a capacity of 100 megawatts (MW), is scheduled for Commercial Operation Date (COD) in 3Q25, and the Wheatsborough Solar project (125 MW) commenced COD on August 15.
EGCO is also recognizing revenue from the Quezon Power (QPL) plant in the Philippines under a new 15-year power purchase agreement with a capacity of 400 MW.
In Thailand, EGCO is awaiting clarity on the Renewable Energy (RE) Big Lot Round 2.1 project under the Feed-in Tariff (FiT) procurement scheme for 2022–2030, focusing on non-fuel cost groups. EGCO has been selected for 11 projects, with a combined capacity of 448 MW, and expects further updates soon.
EGCO remains committed to its 2025 capital expenditure plan of THB 30 billion, prioritizing investments in renewable energy and natural gas, with the aim to raise the share of renewables to 30% of total capacity by 2030. Presently, EGCO’s attributable generation capacity stands at 6,683 MW, of which 1,485 MW (22%) comes from renewables.
The company is also exploring additional investment opportunities both domestically and internationally via M&A (merger and acquisition) and greenfield ventures. EGCO is actively researching business opportunities in carbon capture, utilization, and sequestration (CCUS), hydrogen, ammonia, and liquefied natural gas (LNG).
Notably, EGCO has recently obtained a gas shipper license from the Energy Regulatory Commission, raising the prospect of future LNG procurement from the Alaska project to supply power plants in Thailand, the Philippines, and South Korea—though there are no current plans to invest directly in gas fields.
According to analysts from Krungsri Securities, EGCO’s overseas investments are a key long-term growth driver. They expect improved profit contributions from PT Chandra Daya Investasi (CDI Group) following its listing on the Indonesian Stock Exchange. Furthermore, renewable projects under APEX in the U.S. and the Marcus Hook power plant will continue to bolster profits through increased capacity payments.
However, analysts caution that normalized profit for 3Q25 may decline due to a major maintenance shutdown at the QPL coal-fired plant and the renewal of the PPA at a lower tariff. The Paju gas-fired plant in South Korea also faces challenges from competition with nuclear power. Nevertheless, robust hydropower conditions in Laos are expected to support XPCL, NTPC, and NT1PC, while U.S. gas plants like Compass and Linden will benefit from positive seasonal factors.
Krungsri Securities maintains a “Buy” recommendation on EGCO with a target price of THB 134 per share, citing the company’s strong long-term growth prospects, despite some short-term earnings pressure from maintenance and new contracts in the Philippines.
