Seven global technology companies—Amazon, Google, Meta Platforms, Microsoft, xAI, Oracle, and OpenAI—have agreed to join the “Ratepayer Protection Pledge” with United States President Donald Trump to secure their own energy sources for artificial intelligence (AI) data center operations.
Trump stated that this measure aims to prevent citizens from bearing higher electricity costs in areas where AI data centers are constructed. Currently, AI data centers consume approximately 4–6% of total electricity usage in the U.S., with projections indicating this figure may rise to around 12% by 2028.
Although the U.S. government is accelerating domestic fossil fuel production—including oil, natural gas, and coal—household electricity prices have continued to climb, rising from an average of 15.9 cents per kilowatt-hour in January 2025 to 17.2 cents per kilowatt-hour in December 2025.
Under this agreement, U.S. tech companies must choose one of the following options: 1) build their own power plants; 2) procure additional energy sources; or 3) purchase clean energy as offsets.
Krungsri Securities (KSS) has a positive outlook for power plant business stocks in the U.S., such as BCPG PCL (SET: BCPG), Electricity Generating PCL (SET: EGCO), Banpu Power PCL (SET: BPP), and Gulf Development PCL (SET: GULF). There is also a medium-term positive outlook for Thai infrastructure technology stocks, driven by increased foreign investment.
Meanwhile, Bualuang Securities views the trend of relocating AI data centers to Thailand positively, resulting from the significant increase in U.S. electricity prices. The major independent power producer (IPP) group is expected to benefit the most, including GULF, B.Grimm Power PCL (SET: BGRIM), and Gunkul Engineering PCL (SET: GUNKUL).
The government is required to increase the share of renewable energy in the country’s new Power Development Plan (PDP) to accommodate future clean energy demand. This will likely lead to new power plant project auctions—representing a positive factor for the overall power generator sector.
GULF owns a large number of IPP power plants and has a renewables portfolio capable of supporting electricity sales to data centers investing in Thailand. Meanwhile, BGRIM has an extensive industrial customer base, particularly in Amata Corporation PCL (SET: AMATA) industrial estates.
WHA Utilities & Power PCL (SET: WHAUP) is expected to benefit from rising water demand in industrial estates, driven by the expansion of data centers and new industrial investments.
As for GUNKUL, the company is well-positioned to supply clean energy, as it currently boasts substantial renewable energy generation capacity, giving it the potential to meet increasing clean electricity demand going forward.
