Utilities - Thailand: Thailand’s Green Energy Transformation

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Utilities - Thailand: Thailand’s Green Energy Transformation

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Utilities - Thailand

Thailand’s Green Energy Transformation

Industry Overview

New PDP could unlock over Bt1tn investment 20 May 2026

We expect Thailand’s new Power Development Plan (PDP) to be finalized soon, allowing Equity

long-awaited investment in the power sector to move forward. Driven by the growth of ASEAN | Thailand

EVs/DCs, electricity demand is expected to rise from 35GW today to 74GW by 2050. We Utilities

estimate that investment in new power capacity, smart grids, and rooftop solar could Sirichai Chalokepunrat ^^^

exceed Bt1tn. To support Thailand’s 2050 net-zero target, most, if not all, new capacity Research Analyst

is expected to come from clean energy sources, which could double the share of clean Kiatnakin+66 2 305Phatra9204 Securities

energy in the mix from the current 24%. A cleaner energy system should help Thailand sirichai.chal@kkpfg.com

attract carbon-sensitive investment and reduce reliance on imported LNG, in our view. Narumon Ekasamut ^^^

Research Analyst

Kiatnakin Phatra Securities

narumon.ekas@kkpfg.comPotential investment in capacity, grids, and solar rooftop

We estimate that new power capacity expansion alone could require around Bt994bn. To Thitithep Nophaket ^^^

support a higher share of intermittent renewable energy, Thailand will also need to Kiatnakin Phatra Securities

upgrade its transmission network into a smart grid, which could require approximately thitithep.noph@kkpfg.com

Bt200bn in CAPEX. In addition, the government is promoting rooftop solar through Sarachada Sornsong ^^^

various incentives, and if rooftop solar penetration reaches 10%, installation costs could Kiatnakin Phatra Securities

total around Bt200bn, excluding battery systems.