Thailand Utilities: APAC Focus: On the cusp of a new power cycle

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Thailand Utilities: APAC Focus: On the cusp of a new power cycle

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Thailand Utilities Equities

ThailandAPAC Focus: On the cusp of a new power cycle

Utilities

Warayut Luangmettakul, CFA

Analyst

warayut.luangmettakul@ubs.com

+662-613 5753

Rachael Tan

rachael.tan@ubs.com

+65 6495 7951

Sara Wang

sara.wang@ubs.com

+852-2971 7280

Alex ManoonpolThailandmay be entering its largest power investment cycle in more than a decade.

Our analysis suggests PDP 2026 and accelerating DC demand could drive 55-70GW alex.manoonpol@ubs.com

of new capacity additions through 2037, doubling Thailand's installed capacity and +662-613 5770

creating over Bt3tn of investment opportunities. Yet sector valuations remain

Peach Patharavanakul around or below historical averages, suggesting future MW opportunities remain

underestimated. We see GULF (Buy) and GPSC (initiate at Buy) as best positioned. peach.patharavanakul@ubs.com

+662-613 5717

A new major power investment cycle Sukrit Friestad

We believe PDP 2026 could provide the foundation for Thailand's next major power Analyst

investment cycle. Visibility on approval appears materially improved relative to the sukrit.friestad@ubs.com

period following the PDP 2024 draft delay. Historically, new PDP approvals have +662-613 5732

preceded major procurement rounds, and we expect the PDP 2026 to be no different. Grace Lim

We estimate Thailand could require 55-70GW of new capacity additions between 2027 Economist

and 2037, equivalent to roughly doubling the country's installed capacity in 2025. This grace-k.lim@ubs.com

comprises 50-60GW of renewables and 6-9GW of gas capacity, driven by the net-zero +65-6495 5965

transition, rising evening peak demand and accelerating data-centre growth. Together