Ms. Siriwong Borvornboonrutai, President – Finance and Accounting of B.Grimm Power Public Company Limited (SET: BGRIM), announced that B.Grimm Power delivered significantly improved operating performance in Q3 2026 despite ongoing geopolitical tensions.
EBITDA increased 12.3% y-on-y to THB 3,948 million, primarily driven by higher contributions from share of profit from associates and joint ventures, together with increased service income related to development fees. However, these positive factors were partially offset by higher natural gas costs amid geopolitical developments.
Normalised Net Profit (NNP) attributable to owners of the parent reached THB 706 million, representing a 70.5% y-on-y increase, supported by the aforementioned factors, partially offset by higher tax expenses. Meanwhile, net profit attributable to owners of the parent rose 61.4% y-on-y to THB 841 million, primarily driven by non-cash items, including unrealised gains on remeasurement of financial assets through profit or loss, as well as unrealised foreign exchange (FX) loss from the net position of outstanding USD debts and foreign currency transactions.
Total revenue in Q3 2026 increased 21.6% y-on-y to THB 16,233 million, supported by a 2.2% increase in total electricity sales volume to 3,986 gigawatt-hours (GWh). Growth was driven by three key customer segments: a 1.2% increase in electricity sales to the Electricity Generating Authority of Thailand (EGAT), a 3.3% increase in sales to industrial users (IUs) in Thailand, and higher contributions from renewable energy projects, including solar power plants in Thailand and the Philippines.
Revenue growth was further supported by the implementation of the New Tariff Formula and the gradual recognition of revenue from renewable energy projects that have commenced commercial operations (COD). Higher natural gas prices also contributed to increased electricity tariffs charged to EGAT and steam selling prices, while electricity tariffs for IUs also increased following the implementation of the new tariff formula. In addition, service income related to development fees increased during the period.
Key Events and Recent Development in Q3 2026
During Q3 2026, B.Grimm Power continued to import LNG and expand its renewable energy investments through the following key developments:
- LNG Imports: B.Grimm LNG Limited imported two LNG cargoes, totalling approximately 86,000 tons (4.5 million MMBTU), into the Pool Gas system to supply fuel to B.Grimm Power’s combined-cycle power plants.
- Renewable Energy Expansion: In July 2026, B.Grimm Power Future Solution Limited, a wholly owned subsidiary of B.Grimm Power, acquired a 51% stake in Aruna X Holdings Co., Ltd. Subsequently, in September 2026, B.Grimm Power Future Solution Limited acquired a 75% stake in PV Unity Solar Co., Ltd. from PowerVault (Thailand) Co., Ltd. Both investments aim to expand B.Grimm Power’s portfolio of solar power generation projects.
Business Outlook and 2026 Growth Targets
One of the key developments to watch is the progress of Thailand’s Power Development Plan 2026–2050 (PDP 2026). The Energy Policy and Planning Office (EPPO) opened a public consultation on the draft plan on 8 September 2026, with the plan expected to be submitted to the Cabinet for approval within 2026.
Other key developments include the regulatory frameworks for Direct Power Purchase Agreements (Direct PPA) and the introduction of Third-Party Access (TPA) to the electricity grid. The Energy Regulatory Commission (ERC) and the Ministry of Energy are jointly working to establish the relevant criteria, with the aim of finalising and implementing frameworks within 2026.
These policies and regulatory frameworks are expected to support the long-term growth of Thailand’s power industry by creating new investment opportunities in both renewable and conventional power generation, while accommodating increasing electricity demand from emerging industries such as data centres, AI infrastructure, and other energy-intensive businesses.
Ms. Siriwong Borvornboonrutai stated that B.Grimm Power is well prepared to participate in upcoming power procurement programmes under the new PDP, including Community Solar, Independent Power Supply (IPS), and other renewable energy projects, while continuing to pursue opportunities under the Direct PPA framework.
For full-year 2026, B.Grimm Power’s targets include:
- LNG Imports: up to 5 LNG cargoes, totalling approximately 240,000 tonnes (12.2 million MMBTU), through the Pool Gas system to supply fuel to B.Grimm Power’s SPP power plants. Natural gas prices for SPPs are expected to range between THB 360–390 per MMBTU in 2026, compared with THB 323 per MMBTU in 2025.
- New IU Synchronisation: targeting the connection of new IUs with a total contracted capacity of 20–30 MW.
Projects expected to achieve Commercial Operation (COD): four projects are as follows:
- Zhongce Rubber Solar Rooftop: a 35 MW rooftop solar power project at Amata City Rayong Industrial Estate, Rayong Province
- Nakwol 1 Offshore Wind Farm: 364.8 MW
- Huong Hoa 1 Onshore Wind Farm: 48 MW
- Other projects: up to 30 MW in total capacity
Excellence in Governance, Human Resources and Investor Relations
From Q3 2026 to the present, B.Grimm Power has continued to receive recognition from several prestigious award platforms, reflecting its commitment to organisational excellence, good corporate governance, and effective stakeholder engagement.
B.Grimm Power received the Overall HR Excellence Awards (HREA) Winner 2026, the highest distinction at the HR Excellence Awards 2026 Thailand, together with 13 additional awards, comprising 10 Gold Awards and 3 Silver Awards.
In addition, B.Grimm Power received the Outstanding CEO, Outstanding CFO, and Outstanding IR awards in the Power Generation and Utilities sector at the IAA Awards for Listed Companies 2026. B.Grimm Power was also honoured with the Best Investor Relations Award at the SET Awards 2026 under the Business Excellence category for listed companies with a market capitalisation of more than THB 30,000 million but not exceeding THB 100,000 million.
These recognitions reflect B.Grimm Power’s continued commitment to good corporate governance, building stakeholder confidence, enhancing transparency, and maintaining effective communication with analysts and institutional investors.
