Grid, Transmission & Power Equipment

Yuanta Securities revealed that BKV, in which BANPU holds roughly 63%, has announced a contract to procure power generation equipment for a natural gas power plant worth $800 million, with deliveries to be phased in starting September 2028 to support 1.2 GW of generating capacity in the state of Texas. There are currently no official details regarding the power sales contract, project investment, COD schedule, shareholding structure, or funding sources, but it marks good progress in expanding the gas power plant business in the United States, with negotiations for a power sales contract with a Hyperscaler customer expected to become officially clear by March 2027. The 1.2 GW of capacity represents about 80% of the Temple I&II power plants, which have a combined capacity of 1.5 GW, comprising Temple I at 752 MW and Temple II at 747 MW. This project is an upside that analysts and the market have not yet factored into estimates. Preliminary assessment suggests the new project would be an upside to 2028–2029 profit estimates of about 4–6% and would add roughly 0.8–1.4 baht per share to the target price. The equipment procurement contract also includes a Backstop Agreement under which, if the power sales contract negotiations do not materialize, the Hyperscaler will compensate 90% of the value BKV pays for equipment under the contract, which is valid until March 31, 2027, helping to close downside risk if the deal between BKV and the Hyperscaler does not happen. Yuanta Securities maintains its Buy recommendation with a fair value of 19.00 baht, citing a positive view on the coal and natural gas business, growing profit momentum in 2027, and a valuation that is still not expensive.

Jinguan Electric announced that its wholly owned subsidiary Jinguan Solar-Storage-Charging has signed an EPC general contracting framework agreement with SPIRO, with a total contract value not exceeding 296 million US dollars including tax, covering 50 grid-connected or off-grid integrated solar-storage-charging station projects in Africa. The company stated that this amount is an estimate based on standard station benchmark prices and planned quantities, and is not the final determined total price; actual execution will be subject to the specific EPC execution agreements subsequently signed by both parties. It is expected that only some batches of stations will be completed and delivered within this year, and contract revenue will be recognized in stages, with a relatively limited impact on the company's operating performance for 2026.

Wuhan Tianyuan announced that its wholly-owned grandchild company Wuhan Tianyuan Shuzhi Engineering Co., Ltd., in a consortium with Ningxia Luyu Integrated Energy Services Co., Ltd., recently signed the 'Ningxia Xiangteng Ningdong Town Jianghan Energy Storage Station Phase II Project Equipment Plus Installation Integrated Project Contract' with Ningxia Xiangteng No. 5 Power Technology Co., Ltd. The contract price is a fixed lump sum of 195 million yuan including tax.

Far East Smarter Energy announced that in September 2026, its subsidiaries received contract orders of over 10 million yuan each, totaling 1.412 billion yuan. Of this, contracts with national and local power grids amounted to 231 million yuan, and contracts with other strategic customers amounted to 1.181 billion yuan. The company said these contracts will have a positive impact on future operating performance.

Analysts at Bualuang Securities stated that the PDP2026 plan is likely to win approval from the National Energy Policy Council, or NEPC, by October 2026 without needing to go through the Cabinet, and the first auction round is expected in mid-2027. The plan follows the Case 4 approach, a mix of renewable energy and CCS, and still keeps natural gas in the system. Investment of about 500 billion baht will be needed for grid stability during 2029-2050. Meanwhile, the 2027-2050 work plan will be developed on the basis of Smart Meter, digital power stations, VPP and DR, which are key factors determining other aspects of PDP2026. Direct PPA demand already exceeds 2,000MW, and electricity demand from Data Centers stands at around 7-8GW, but buyers will have to bear the Wheeling charge, grid system costs, and imported LNG costs of about 25 US dollars per MMBtu. The research team maintains an overweight stance on Thai listed power plant stocks relative to the market, naming GULF and GUNKUL as top picks. Investment in the power grid, EPC and equipment will come first, pushing GUNKUL to the front of the investment cycle through its EPC, transmission system and equipment distribution businesses, supported by the lowest base Net gearing in the sensitivity analysis. GULF, meanwhile, still has the highest valuation upside, around 10.0-12.1% of net profit in 2028, under a capacity addition cap of 5,000-6,000MW, and has exposure to investment under Case 4 covering Solar, Wind, BESS and the flexibility of natural gas power plants. The extension of power plant operating life will support the cash flow of GPSC, RATCH and EGCO, while the current upside from BGRIM's Direct PPA depends on the Wheeling charge. Key drivers include NEPC approval in October, the announcement of the Wheeling charge and TPA rules, the form of grid-level BESS procurement, and the first auction round in mid-2027.

MASTEC Link Public Company Limited, or MASTEC, disclosed that it has established a new subsidiary to strengthen its capacity to bid for projects and form joint ventures with both public and private partners. Chief Executive Officer Dusadee Meechai said third-quarter 2026 results and the remainder of the year will grow significantly better than the first half, in line with the business's high season. The company currently has work in hand of approximately 400 to 500 million baht and targets a year-end 2026 backlog of 500 to 600 million baht under its JUMP+ plan, which aims for 2026 revenue of 1.338 billion baht and profit of 100 million baht. The company is preparing to join bids for power purchase agreements, or PPAs, in community solar projects with a combined capacity of no more than 1,500 megawatts, alongside partners in roughly four to five projects, and has already registered as an installer of public solar systems with the electricity authority. The program expands eligibility to cover 1.5 million households, with installation subsidies of 50,000 baht per rooftop. The company is also pressing ahead with expanding its data center business and building a global strategic partnership with Honeywell of the United States to develop Integrated Building and Infrastructure Solutions covering customers in office buildings, industrial plants, hospitals, hotels, data centers, and large real estate projects.

Tutor Perini Corporation announced that its subsidiary Fisk Electric Company has been awarded an electrical services contract worth approximately $24 million for a confidential data center customer in Houston, Texas. Fisk's scope covers prefabrication and assembly of modular containment systems and related electrical infrastructure, including liquid-cooled components and piping, for a new ground-up data center. Those units will be built at Fisk's new 75,000-square-foot prefabrication and manufacturing facility in Houston, which the company says positions it to serve a fast-growing prefabrication market driven by a nationwide shortage of electricians. Electrical construction work is expected to begin in the fourth quarter of 2026, with substantial completion anticipated in the first quarter of 2027. The contract value will be reflected in Tutor Perini's backlog for the third quarter of 2026.

Oppenheimer analyst Colin Rusch named GE Vernova, American Superconductor, Shoals Technologies Group and Ormat Technologies as the firm's top power technology picks heading into third-quarter 2026 earnings season, advocating selective trading positions with exposure to power management and labor savings solutions. The sector faces four key headwinds: rising material costs from strong demand growth in utility-scale and distributed power, tight construction labor markets due to data center buildout, elevated interest rates impacting project economics, and ongoing policy changes favoring domestic manufacturing. U.S. wholesale power prices remained sharply higher year-over-year in PJM, up 42%, and SPP, up 23%, despite a mid-single-digit decline in natural gas prices, while construction wage growth accelerated to 4.4% year-over-year, with electrical and powerline workers seeing even steeper increases of 7.3% and 7.7%, respectively. GE Vernova ranks first, benefiting from Executive Order 14420, which bans bulk power equipment imports from China and could add pricing power as domestic manufacturing preferences strengthen. American Superconductor ranks second on the same import ban, Shoals Technologies Group ranks third as a key provider of in-field labor efficiency solutions, and Ormat Technologies rounds out the list on its exposure to power management solutions.

SPIE announced it has acquired 94% of CLAUSER, a family-owned French company specializing in industrial maintenance and high-power electrical installations. Founded in 1963 and based in Saint-Jean-de-Maurienne and Dunkirk, CLAUSER employs around 100 people and generated revenue of approximately €22 million in 2025. The company is recognized for its longstanding expertise in aluminium production and processing as well as electrochemical processes. SPIE said the deal strengthens its position in industrial maintenance and high-power electrical installations, a sector where the electrification of industrial processes is playing an increasingly important role. Frédéric Toussaint, Managing Director of SPIE Industrie (France), said CLAUSER's expertise in aluminium-related processes is a major asset for supporting the electrification and decarbonisation of French industrial sites.

Quanta Services raised its full-year 2026 free cash flow outlook to $2-$2.5 billion, alongside operating cash flow expectations of $2.9-$3.4 billion, after a strong first half. In the second quarter, Quanta generated operating cash flow of $1.10 billion and free cash flow of $886 million, bringing first-half free cash flow to $1.07 billion, sharply higher than $288 million in the comparable 2025 period. Management attributed the second-quarter strength partly to favorable working-capital dynamics, particularly from large-load and renewable projects, while days sales outstanding improved to 57 days. The outlook is underpinned by a record $53.4 billion backlog, expanding project activity and rising investment in electric grids, power generation, data centers and other mission-critical infrastructure. Quanta still expects roughly $900 million of net capital expenditures in 2026, and cash generation could fluctuate with project timing, working-capital requirements, acquisitions, weather, permitting, supply-chain issues, inflation and project execution. Quanta competes with MasTec and EMCOR Group across power, electrical and mission-critical infrastructure markets; MasTec reported negative $59 million of free cash flow in the second quarter, while EMCOR posted record remaining performance obligations of $17.14 billion.

Sterling Infrastructure is positioning its business mix toward higher-margin work, reporting an adjusted EBITDA margin of 22% in the second quarter of 2026, up 150 basis points year over year. E-Infrastructure's adjusted operating margin stood at 24%, with margins improving across both site development and electrical operations, though CEC's faster growth weighed on the consolidated rate because electrical margins remain below those of site development. CEC revenues increased 140%, while site development revenues more than doubled organically, and Sterling is moving resources away from lower-margin transportation work toward higher-margin E-Infrastructure projects. The company expects 300-500 bps of margin improvement at CEC over 12-18 months as it exits lower-margin legacy activities and benefits from larger data center projects and later-phase work. Sterling's 2026 and 2027 earnings estimates have moved upward over the past 60 days to $20.02 and $25.79 per share, implying year-over-year growth of 84% and 28.8%, respectively, while the stock trades at a forward 12-month price-to-earnings ratio of 22.75.

Several brokers have issued research notes recommending a buy on Gunkul Engineering, or GUNKUL, after it signed a partnership agreement with Gulf Development, or GULF, to set up a joint venture for renewable energy projects. Bualuang Securities said GUNKUL signed power purchase agreements, or PPAs, for an additional 261.8 megawatts in phase 2 renewable energy projects, and sold a 50 percent stake in seven project companies, or SPVs, with total capacity of 673.4 megawatts to GULF for 467 million baht. The deal helps keep 26 billion baht of project debt off GUNKUL's balance sheet and opens the door to EPC backlog not yet included in estimates. It maintained its buy rating with a target price of 6.50 baht. Krungsri Securities upgraded the stock to Buy from Neutral with a 2027 target price of 6.30 baht per share based on a sum-of-the-parts method, split into 4.05 baht per share for the power business and 2.24 baht per share for the EPC and trading business. It also raised its 2026 to 2028 profit forecasts by an average of 8 percent, putting profit at 2.1 billion, 2.1 billion and 3.3 billion baht, an average growth rate of about 25 percent a year, with clear growth expected in 2028 after commercial operation, or COD, of large renewable energy projects in the Philippines. Asia Plus Securities kept its estimates and 2027 fair value at 6.40 baht per share, saying the restructuring does not significantly affect long-term project returns, and recommended gradually accumulating the stock for the long term. GUNKUL shares closed the morning session at 5.15 baht, up 0.10 baht or 1.98 percent.

Kasikorn Research Center reports that the world is entering an era in which electricity is at the center of the economic system, the Age of Electricity. The international energy organization IEA indicates that since 2019 global electricity demand has grown more than twice as fast as overall energy use, driven by electric vehicles, air conditioners, the industrial sector, and data centers. In the latest data for 2025, electricity accounted for about 23% of global final energy consumption, while economic activity dependent on electricity generated nearly half of global GDP, or 45%, and it is estimated that electricity's share of global final energy consumption will rise to 35% in 2035. Thailand is entering the Age of Electricity just as the world is, which changes the challenge for the energy system from simply having enough electricity to having electricity that is sufficient, clean, stable, and competitively priced. Clean electricity will become even more important to competitiveness, because Thailand's power generation sector still emits about 87 million tons of CO2 per year. The challenge therefore is not only increasing clean power generation capacity, but also investing in the grid and BESS to create flexibility in time for new demand, while also monitoring related energy policies such as PDP2026, Direct PPA, and the use of loans under the emergency decree for loans of 200 billion baht for the energy transition.

CIBC raised its price target on Enerflex to CA$30 from CA$27.50 after updating its model for a 450 MW behind-the-meter power generation award tied to a North American data center developer, while keeping a Neutral rating on the stock. The firm had already lifted its target to CA$30 in July 2026, and it cited strong Engineered Systems bookings and a modest EBITDA beat in the second quarter as positives supporting execution on the core business. CIBC noted that earlier weakness in the shares followed a lack of secured data center power generation bookings, which it believes pushed potential catalysts into later quarters. On the updated assumptions, Simply Wall St's fair value for Enerflex rose to CA$46.94 from CA$44.50, with revenue growth now 6.72% versus 3.39% previously, net profit margin at 8.64% versus 9.01%, a future P/E of 18.29x versus 17.87x, and a discount rate of 6.83% versus 6.68%.

Interlink Telecom Public Company Limited, or ITEL, is preparing to join the bidding for smart grid power network projects after Thailand's Power Development Plan, or PDP 2026, opened the way for increased investment in the power grid. Dr. Nattanai Anantaramporn, the company's Chief Executive Officer, said the company already has expertise in communications network systems and expects business direction in the third quarter of 2026 to hold steady near the level of the second quarter of 2026, with its current backlog at 3.9 billion baht. It is maintaining its full-year 2026 revenue target of 3.6 billion baht and plans to bid for new work from government agencies and other sources continuously through the remainder of the year. Meanwhile, the Secretary-General of the Federation of Thai Industries, or FTI, estimates that investment in grid and power systems to support renewable energy, energy storage, electricity, electric vehicles and data centers could total around 500 billion baht within five years. Krungsri Securities Public Company Limited expects profit in 2027 to grow outstandingly from 2026, at around 65 million baht, driven by recognition of revenue from SI projects through its 80 percent stake in a joint venture with THCOM and TKC. It therefore sets a target price for ITEL shares at around 2.00 baht and gives a buy recommendation.

KB Securities analyst Wooje Chun named Hanwha Solutions and DL Holdings as top solar stock picks, arguing that surging electricity prices more than offset higher module costs and interest rates. Module prices are expected to climb from $0.30-0.33 per watt to $0.38-0.437 per watt, a 32% increase, but because modules account for only 31% of costs for utility-scale systems and 11% for residential installations, the overall impact on total investment costs stays modest at 3-10%. The U.S. 10-year Treasury yield rose from 4.42% in the second quarter of 2026 to 5.24% as of September 28, while three-year PJM power futures jumped to $89.5 per megawatt-hour on September 28, up 37% year-over-year and 20% from the second quarter of 2026, with MISO up 14% and ISO-NE up 15%. KB Securities calculates that a 14% rise in power purchase agreement prices would lift revenue by $36.1 million for a typical 100-megawatt utility-scale solar plant, while higher interest rates would add only $3.3 million in interest expense, and even a 16% increase in total investment costs would be offset by a 5.6% hike in PPA prices. Hanwha Solutions is favored for its EPC and third-party ownership businesses and its module business, which produces 80% of its output in the United States, while DL Holdings benefits from two U.S. gas-fired power plants in the PJM market totaling 2.1 gigawatts, held at 25% and 30% ownership stakes, as power purchase prices rise without matching increases in Henry Hub natural gas prices.

Bualuang Securities is warning investors to watch for the risk of a new round of flooding that could prove more severe than expected, potentially repeating the pattern of 2011 and pressuring the Thai stock market into a correction. The brokerage said the seasonal flood risk could inundate low-lying areas and key economic zones such as Bangkok, Rayong, Chonburi and Kanchanaburi, disrupting transport systems and industrial estate areas. Factors to monitor are the volume of rainfall still to come during the monsoon and water management at major dams. Bhumibol Dam is currently at 65.37% of capacity and Sirikit Dam at 80.27%, while high sea tides are also a concern. If water management fails, damage similar to 2011 could occur, and this is the most heavily weighted issue pushing the Thai stock market lower over the next one to two weeks. The research team recommends caution over further share price declines and says it will issue an immediate signal to cut portfolio exposure if panic selling occurs or the flood situation becomes untrustworthy. Today's recommended stock is BGRIM, based on the theme of accelerating the expansion of grid interconnection bottlenecks and the free electricity market, or smart grid, and the unlocking of power sales in basic energy segments such as gas to support direct and cross-area electricity purchases from producers. This is expected to directly support the power plant business and electricity sales to data centers. Support is at 18.3 baht, resistance at 19.0 baht, and stop loss at 18.0 baht.

Maybank Securities (Thailand) released an analysis summarising key issues in Thailand's energy and power sector after holding a special meeting with Energy Minister Ekkanat Prompan, attended by 24 institutional investors and major clients. Maybank holds a slightly negative view, as new capacity from large power plants, or IPPs, for the private sector is limited, and returns from future IPP PPA extensions tend to be relatively low. On the positive side, it sees opportunities from the opening of the electricity market through Direct PPAs and Thailand's still-strong ability to attract data centre investment. The draft PDP 2026, expected to take effect officially by October 2026, sets out the principle of balancing three goals: clean energy, energy security, and fairness. The government is developing a Smart Grid system with investment of more than 100 billion baht, and the National Energy Policy Council is opening the electricity market through Direct PPAs that allow all industrial electricity users to participate without a capacity quota limit. However, the structure of the wheeling charge for using the transmission network is still under consideration by the Energy Regulatory Commission, with the rate expected to be appropriate and competitive at slightly above 1 baht per unit. In the first phase of the draft PDP 2026, new capacity from combined-cycle gas turbine plants, or CCGTs, totals 9.1 gigawatts, of which roughly 6 gigawatts is likely to be developed by the Electricity Generating Authority of Thailand, limiting new opportunities for the private sector, while renewable energy projects and battery energy storage systems, or BESS, remain open to private players. In the oil and gas group, the government is coordinating with the Myanmar government to secure the new gas concession Block 46, which can supply Thailand with natural gas of up to 250 million cubic feet per day, or about 6% of current demand, and will open a new round of petroleum concessions in Andaman blocks. Deepwater drilling development costs stand at 10 to 11 US dollars per million BTU, higher than 6 to 7 US dollars per million BTU on the Gulf of Thailand side, but still far cheaper than the current spot LNG price of 25 US dollars per million BTU. The government is also pushing to raise the share of long-term LNG contracts from about 30% of Thailand's natural gas supply, of which only 50% is currently under long-term contracts, to 80%, and is considering alternative LNG import sources such as Russia, as well as restructuring the gas pool price so that data centre users pay according to the marginal cost of LNG imports instead of the pooled gas price. For the oil group, the Energy Minister believes Thailand still has room to double the mandatory ethanol blending ratio from the current 10%, since raw materials from sugarcane molasses and cassava are readily available and ethanol production capacity is in surplus. Ethanol costs 20 to 21 baht per litre, compared with gasoline at 30 baht per litre. Biodiesel blending may face constraints because the price of crude palm oil, the main raw material, is relatively high compared with the price of petroleum diesel.

FirstEnergy Corp. plans to invest $6 billion in 2026 and $36 billion through 2030 under its Energize365 program, including more than $19 billion in transmission investments, while targeting a 10% compound annual growth rate in its rate base. The utility serves more than 6 million customers across six states, with transmission subsidiaries operating more than 24,000 miles of transmission lines and regulated distribution companies managing more than 269,000 miles of distribution lines. FirstEnergy's contracted and pipeline data-center demand reached 24.8 gigawatts in the second quarter of 2026, nearly 30% higher than in the first quarter of 2026, while contracted demand increased 50% to 6.4 GW. In the second quarter of 2026, the transmission rate base rose 22% in Integrated and 11% in Stand-Alone Transmission, lifting Core Earnings by 4 cents per share for the latter, and the company expects Core Earnings to grow near the upper end of its 6-8% annual target through 2030. For comparison, Eversource Energy plans to invest $26.5 billion through 2030, including about $7.24 billion in transmission and $11.24 billion in electric distribution, while PPL Corporation plans $23 billion of capital investment through 2029, including $8.0 billion for transmission and $7.2 billion for distribution.

MYR Group Inc.'s Transmission & Distribution segment posted a 10% year-over-year revenue increase to $1.06 billion in the first half of 2026, driven by higher activity under unit-price and time-and-equipment contracts, partly offset by lower fixed-price contract revenues. The segment accounted for 51.1% of MYR Group's total first-half revenues, down from 55.8% a year earlier, while T&D operating income rose 32.6% to $101.7 million and operating margin expanded to 9.6% from 7.9%. On a trailing-12-month basis through June 30, 2026, the segment generated $2.1 billion in revenues, reflecting an 11.2% compound annual growth rate since 2021, and its backlog stood at $1.27 billion at the end of June. MYR Group, one of the largest U.S. contractors serving the electric utility industry's T&D sector, performs about 65% of its business under Master Service Agreements. Peers are seeing similar demand: Quanta Services reported second-quarter 2026 Electric segment revenues of $7.84 billion, up 43.6% year over year, with first-half electric revenues of $14.3 billion and backlog of $43.8 billion, while MasTec's Power Delivery segment generated $1.25 billion in second-quarter 2026 revenues, up 19.2%, and $2.29 billion in first-half revenues, up 17.8%.

Prime Minister Burnham said in a speech at the Labour Party conference in Liverpool in the Midlands on the 29th that the government will accelerate government-led infrastructure development for power and water. A public body will be established to rapidly build out the transmission grid. Reversing the ban on public ownership of water and sewerage companies introduced under the Thatcher government, the aim is to strengthen public involvement and thereby ease the burden on households and businesses. UK energy prices have been a challenge due to a mechanism that adds the cost of introducing renewable energy such as wind and solar power to electricity and gas bills, causing prices to soar.

Pakpoom Srichamni, Chief Executive Officer of Stecon Group Public Company Limited, or STECON, disclosed that the company expects total revenue in 2026 to exceed its target of 35 billion baht, after total revenue in the first half of 2026 already reached 16.787 billion baht, or about 48% of the full-year target. It currently still holds construction work in hand from transportation projects, including the Purple Line electric train and the M6 and M81 motorways, while also tracking opportunities from the M82 project and continuing to bid for new work. The company places importance on data center projects, especially investment by major service providers, or hyperscalers, and is in the process of extending its business from a construction contracting base into the development of and investment in infrastructure, including water, utilities, and energy, in order to increase the share of recurring revenue. Kasikorn Securities stated that STECON currently has work in hand of about 113 billion baht, with management aiming to add approximately 69 billion baht more to its backlog during the remainder of 2026, divided into three data center projects worth a combined 49.8 billion baht, power plant projects worth 16 billion baht, and airport projects worth 3 billion baht. If it wins the work as planned, revenue in 2027 could be 50 billion to 60 billion baht, compared with the research department's current estimate of 37 billion baht, while gross profit margin will be above 7%. Initially, it forecasts normal profit in 2026 at 1.497 billion baht, up 63% year on year, and maintains a Buy recommendation with a fair value of 22.28 baht, selecting the stock as a top pick in the large contractor group.

Stéfane Marion, Chief Economist and Strategist at National Bank of Canada, said he is the most optimistic he has been on Canada's growth prospects in over a decade, pointing to new federal legislation including bills C5, C69 and C39 that he said are designed to foster more business investment in Canada. Speaking with Bloomberg's Erik Hertzberg at the 2026 Bloomberg Canadian Finance Conference, Marion said the policies were only deployed a few months ago, alongside a plan announced in May to double Canada's electricity grid by 2050. He said building more electricity capacity in Newfoundland, Quebec and Ontario is massive, with 14,000 megawatts to be added, and argued Canada can exploit a comparative advantage in cheap electricity that no other G7 country can match. Marion said the key reason he expects the Bank of Canada to raise rates next year is not second- or third-round effects of the energy shock but the deployment of fiscal policy that may prove more inflationary than assumed, citing the LNG 2 announcement at $30 billion, Port Churchill at $30 billion, and electricity grid construction in Quebec and Ontario running into many billions of dollars. He said the missing ingredient for sustainable growth remains muted business investment, and that the holy grail is attracting durable foreign direct investment, which he expects to turn positive in the next few quarters.

Andy Burnham, Prime Minister of the United Kingdom, is set to address the public today, September 29, on his approach to tackling the country's deep-seated problems, including the social care system and bringing public utilities under public control. It will be his first speech to the Labour Party conference as Prime Minister. In this speech, Prime Minister Burnham will unveil plans to reduce energy costs by announcing the creation of a new state body called Great British Grid, aimed at speeding up grid connections for businesses and helping drive the country's industrial revival. Burnham, a former mayor who rose to the premiership in July, replacing Keir Starmer, is under pressure to set out clearer, more concrete government plans. Businesses say that while the government has taken some emergency measures, such as capping bus fares and exempting electricity from value-added tax, its long-term strategy still lacks clear detail, whether on resolving the social care crisis, bringing some public utilities back under state management, or creating additional jobs. On Sunday, September 27, Prime Minister Burnham adjusted the timetable for fixing the social care system, saying he would present the reform plan at the next general election, scheduled for the middle of 2029. Prime Minister Burnham may also be open to proposals from groups calling for an end to the triple lock pension guarantee, so that the money can support social care reform in the future. The triple lock is a mechanism that guarantees the state pension rises each year by the rate of inflation, the rate of wage growth, or a minimum of 2.5%, whichever is highest.