Nuclear Generation & Utilities

Spain's upcoming general election could reshape the country's energy policies, creating opportunities and risks for utility companies, according to Goldman Sachs. In an October 6 report, Goldman Sachs said a potential government led by the centre-right People's Party could introduce more market-friendly energy policies, including greater support for nuclear power, renewable energy and data centre development. Spain's general election is scheduled for November 29, having been brought forward from August 2027, and polls cited by the bank suggest the People's Party could emerge as the largest parliamentary group. Goldman estimates longer operating lives for nuclear reactors could generate an additional €500 million to €750 million in annual EBITDA for each of Endesa and Iberdrola, depending on electricity prices, while a 10%-20% reduction in retail margins could lower annual pre-tax profits at Endesa and Iberdrola by €120 million to €240 million each, translating into estimated 2027 earnings-per-share reductions of approximately 7% for Endesa and 2% for Iberdrola. The bank also warned that a government transition could further delay hydrogen infrastructure investments, creating uncertainty for Sell-rated Enagas, though it expects the overall impact on most Spanish utilities to be neutral to positive.

Google and Constellation Energy announced a long-term clean energy collaboration that will add 890 megawatts of new nuclear capacity to the PJM grid under a 20-year power purchase agreement. The deal also includes a 15-year, 2,700 megawatt supply agreement and more than US$4.30 billion of nuclear fleet investments supported by Google Cloud's AI technology. The Google contracts follow a separate 20-year agreement with Amazon backing over US$3.00 billion of upgrades and a 190 megawatt uprate at Maryland's Calvert Cliffs plant. Together the contracts show how hyperscale customers are directly underwriting incremental nuclear capacity, life extensions and digital optimization across Constellation's fleet. Constellation Energy's narrative projects $39.9 billion revenue and $6.5 billion earnings by 2029, requiring 8.5% yearly revenue growth and a $3.0 billion earnings increase from $3.5 billion today.

Constellation Energy has landed two 20-year contracts with tech giants in about a week, with Google committing to 890 MW of new nuclear capacity on PJM days after Amazon signed a deal tied to a 190 MW expansion at Calvert Cliffs. Constellation, the largest nuclear operator in the US, runs 55 gigawatts of capacity across nuclear, gas, geothermal, hydro, wind and solar since buying Calpine earlier this year, and sells power to about 2.5 million customer accounts, including 80% of the Fortune 100. The company will invest more than $4.3 billion to upgrade 11 nuclear units across Illinois, Pennsylvania and New Jersey, with the first uprate due by 2028, while a separate 15-year agreement covers 2,700 MW from existing plants. Adjusted operating earnings rose to $2.55 a share from $1.91 a year earlier and management raised full-year adjusted guidance to $11.50 to $12.50 a share, though GAAP earnings fell to $1.42 from $2.67. The quarter's 920 MW of new agreements run 15 to 20 years with investment-grade buyers and start between 2029 and 2032, and the Crane Clean Energy Center restart now has its fuel license and a key grid-connection approval, with the company still targeting 2027.

Kansai Electric Power announced on the 9th that it will restart the No. 3 reactor at the Mihama nuclear plant on the 10th, after the unit was shut down in September when water droplets were found leaking from pipe insulation. Commercial operation will resume on November 4. According to Kansai Electric, the pipe in question is made of corrosion-prone carbon steel, and a cover on a bent section was mistakenly installed upside down, allowing rainwater to seep in and possibly accelerating corrosion. The company is proceeding with replacement using corrosion-resistant stainless steel and has also circulated guidance on how the cover should be installed.

Krungsri Securities said in a research note that power plant stocks GPSC, GULF and BGRIM have regained investor attention on rising electricity demand from data centers, artificial intelligence and the chip industry, setting 2027 target prices of 61 baht, 77 baht and 23 baht respectively and recommending a buy on all three. GPSC, or Global Power Synergy Public Company Limited, has drawn interest from the draft national power development plan, or PDP2026, which may allow existing power plants to extend their power purchase agreements by another seven years. GULF, or Gulf Development Public Company Limited, stands to benefit from direct power purchase agreements, or Direct PPAs, from data center, AI and chip businesses, with estimated power demand of around 2,000 to 3,000 megawatts. That figure reflects an assessment of the market opportunity, not the total capacity for which GULF has already secured contracts. BGRIM, or B.Grimm Power Public Company Limited, has raised its power generation target for the data center business to 500 megawatts by 2030 from 300 megawatts previously. Krungsri expects BGRIM's normalized profit to grow 22% in 2027 and 17% in 2028, helped by lower natural gas costs amid an oversupply of LNG and the gradual commercial start-up of new projects, namely the Nakwol 1 wind power plant in South Korea and a data center project in Thailand. Investors, however, still need to watch for clarity on energy policy and related regulations, as well as fuel cost trends and the investment burden of each company.

Yuanta Securities has issued an analysis recommending a buy on GPSC shares with a target price of 66.50 baht, following a dinner talk with Cherdchai Boonchuchuay, the company's new Chief Executive Officer. He was previously Senior Executive Vice President of the Natural Gas Business Unit at PTT Public Company Limited and has served as chairman of several companies within the PTT group. Management is maintaining the goal of securing new PPAs from the PDP plan totalling 5.1 to 5.2 gigawatts, in line with the previous CEO's plan, but views this as not overly difficult and is in the process of setting a clearer new target plan after reporting third-quarter 2026 results, which is expected to be significantly higher than the original plan. The brokerage sees GPSC as having potential for at least 10,000 megawatts of further investment. In the data center business, the company plans to invest as a minority shareholder, roughly 500 to 700 megawatts under the original plan, but expects no less than 300 megawatts at a shareholding proportion of about 30 percent. Direct PPAs are seen as the main growth driver after the PDP plan, because actual demand is far higher than the government's pilot plan of 2,000 megawatts. The listing of Avaada is expected to be completed by late 2027, which will unlock value and increase profits for GPSC. The company may reduce its shareholding if it obtains a satisfactory IPO price, but not below 30 percent from the current 39 percent, and the added value from Avaada could lift GPSC's target price by as much as about 20 baht. As for the ERU project with TOP, a conclusion will be reached this month, with a high chance it will not proceed, in which case an investment of 96 million US dollars would be returned, along with interest of roughly 700 million to 1 billion baht.

Constellation Energy Corporation signed a 3,590 megawatt power agreement with Google, sending its shares up roughly 12% on October 6. The deal is unusually large for a company whose nuclear fleet cannot be replicated quickly, since licensing and building a nuclear plant in the United States takes more than a decade before a single megawatt is sold. Revenue grew 23.00% in the most recent quarter, but earnings fell 38.90% over the same period, and operating cash flow of $4.21 billion against capital expenditure of $3.90 billion left only $309.00 million in free cash flow to service $24.70 billion of debt. The stock traded at around $300 on October 7, down 0.27% on the day and 21.61% lower over twelve months, giving it a market value of $106.15 billion. Constellation was held by 73 hedge funds with a combined stake value of about $2.67 billion at the end of Q2 2026, down from 79 holders and roughly $3.38 billion in the previous quarter.

Datang Power announced on October 9 that it will increase capital in its associate China Datang Group Nuclear Power Company by approximately 628 million yuan. The capital increase will mainly be used to pay for the basic construction costs of the Liaoning Xudabao nuclear power project and the second phase of the Fujian Ningde nuclear power project, as well as preliminary expenses for related projects. In the first half of 2026, Datang Power achieved revenue of 58.418 billion yuan and net profit attributable to the parent company of 5.509 billion yuan.

Black Hills Corp. has signed long-term agreements running through 2048 to supply up to 590 MW of energy and manage a 2.7 GW resource mix for Google's planned Cheyenne, Wyoming data center. The deal is supported by US$1.80 billion of new natural gas generation investment starting in 2027, alongside approximately US$399 million of refundable advances from Google and contract-based microgrid management fees. Black Hills said the project structure is designed to generate substantial long-term cash flow while preventing cost shifts to existing retail customers. The company is also moving toward final regulatory approval of a pending all-stock merger with NorthWestern Energy, which would broaden it from a regional utility with a concentrated Wyoming data center pipeline into a larger, more diversified platform. Black Hills' narrative projects $3.7 billion in revenue and $593.3 million in earnings by 2029, requiring 17.1% yearly revenue growth and about a $294.2 million earnings increase from $299.1 million today.

Finansia Securities stated that BGRIM has begun factoring in the potential value from being allocated power generation capacity under the new PDP, which is expected to open for bidding next year. Initially, it assumes that EGAT will open an auction for new renewable energy of about 10GW, and BGRIM will receive 5%, or approximately 500MW, in solar projects under power purchase agreements with a feed-in tariff of 2.16 baht per kWh. It estimates investment costs at 25 to 30 million baht per MW and project returns of about 12%, which is expected to add approximately 2 baht per share in value to BGRIM. On the data center business, BGRIM aims to expand capacity to 300MW by 2030. It is currently developing two hyperscale data center projects, each with 48MW of IT capacity, through a joint venture with Digital Edge on a 40:60 basis. The first phase already has customers booking nearly all of the space, and revenue recognition is expected to begin in 2027. Currently, BGRIM has total power generation capacity of about 4.6GW, with projects under development that will support growth, including the Nakwol 1 project in South Korea at 360MW, a project in Thailand at 100MW, a hydropower plant project in the United States at 420MW, and data center projects totaling 96MW, of which the first phase of 48MW is expected to be completed in the fourth quarter of 2026. Finansia maintained its buy recommendation and raised its target price to 21.70 baht after including the expected value from the new PDP power generation auction next year, and it has not yet included additional clean power capacity under the DPPA scheme in its valuation. Therefore, there is still room to raise the target price further if project clarity increases.

B.Grimm Power Public Company Limited, or BGRIM, is preparing to invest in a new data centre project with a capacity of approximately 250 megawatts together with a new foreign partner, in order to serve rapidly rising demand for artificial intelligence, or AI, services. Dr. Harald Link, Chairman of BGRIM, said the project will help push the company's Data Center capacity target up to 500 megawatts by 2030, from an earlier target of 300 megawatts that was announced just last month. He did not disclose the name of the partner that will join the investment. At the same time, BGRIM is still studying the feasibility of developing Data Center projects in South Korea and Japan with a combined capacity of about 200 megawatts, to expand its business base and serve growing demand for digital infrastructure in the region. For investment in Thailand, BGRIM has entered the Data Center business through Digital Edge B.Grimm, a joint venture between BGRIM and Digital Edge of Singapore. It is currently developing a 96-megawatt Data Center project in Thailand and expects to begin commercial operations within this year, with plans to expand capacity further in the future. In addition, BGRIM has set a target of increasing its total power generation capacity to about 10 gigawatts by 2030, from roughly 4.8 gigawatts at present, by continuing to expand investment in renewable energy in the United States, Italy, Greece and various countries in Asia. Meanwhile, Yuan Ta Securities (Thailand) Company Limited said BGRIM's plan to invest in a new 250-megawatt Data Center, which will raise its 2030 capacity target to 500 megawatts, is a positive factor for the share price because it reflects growth opportunities from electricity demand from the Data Center business, which is likely to keep rising. However, the research team views the target size as not yet very outstanding compared with other operators, and it still prefers Global Power Synergy Public Company Limited, or GPSC, estimating that the company has Data Center-related projects awaiting investment of no less than about 500 megawatts, with some clarity possibly emerging in 2026 for about 300 megawatts, while the remainder is expected to become clearer in 2027, with a chance that total capacity will exceed 500 megawatts.

Jim Cramer named Constellation Energy Corporation and Vistra Corp. as power stocks worth revisiting on Mad Money on October 1, citing their share-price declines and demand for nuclear electricity. Constellation announced a 20-year agreement with Amazon on September 30 covering 690 megawatts, including roughly 190 megawatts of additional capacity at Calvert Cliffs expected between 2030 and 2032, supporting more than $3 billion in infrastructure investment and the plant's proposed license extension. Constellation also raised its full-year adjusted operating earnings outlook to $11.50 to $12.50 per share after second-quarter adjusted earnings of $2.55, up from $1.91 a year earlier, helped by the addition of Calpine and favorable market conditions. Vistra reported approximately $1.77 billion in ongoing-operations adjusted EBITDA, an increase of $418 million, and reaffirmed its full-year range of $6.8 billion to $7.6 billion, though its quarterly net income declined to $305 million. Cramer noted Constellation and Vistra have pulled back 37% and 36% from their highs, respectively, and said they look cheap at these levels.

Google has contracted 3,590 megawatts of power from Constellation Energy in the largest US power grid, PJM Interconnection, with new nuclear energy accounting for about a quarter of that supply, or 890 megawatts. The 20-year power purchase agreement will fund more than $4.3 billion of new investments at 11 Constellation-owned nuclear units in Illinois, Pennsylvania, and New Jersey, boosting thermal and electrical efficiency, with electricity from the first upgraded plants delivered in 2028. The deal responds to PJM's "bring your own power" proposal, which followed a more than 11-fold increase in PJM capacity prices since 2024 and a power shortfall driven largely by data center expansion. It is the latest in a string of nuclear power announcements involving "Magnificent Seven" tech companies, following Constellation's 20-year agreements with Amazon for 690 megawatts from Calvert Cliffs and with Meta for 1,121 MW, and Google's contract to restart NextEra Energy's Iowa nuclear plant. Data center power consumption is projected to double globally by 2030, reaching around 945-980 terawatt-hours annually, and could account for up to 12% of total US electricity consumption by 2030.

Data centers have become the main financier of new Finnish power capacity, with Google's 507-megawatt agreement with Fortum at Loviisa marking Finland's first nuclear power purchase agreement. The 22-year tenor of that deal keeps a plant that supplies 10% of the country's electricity from retiring in 2030, and at 507 MW it is the largest single PPA ever signed in Finland, surpassing Amazon's 367 MW contract with OX2 for the Rajamäenkylä wind project. Data centers have overtaken manufacturing and industrial companies as the largest buyers of power in Finland, and the country is expected to become Europe's fifth-largest data center market by 2035, with installed capacity rising from 0.8 gigawatts in 2026 to 5 gigawatts in 2035 and data centers accounting for about 15% of national power consumption by 2030. Rystad Energy expects the next wave of Finnish offtake to pair wind and solar with battery energy storage systems to deliver a more baseload-like profile, while Finland has proposed replacing its first-come, first-served grid connection queue with a priority procedure that favors newly built, local and firm supply.

SpaceX is reportedly seeking about $40B to finance a major Nvidia chip purchase, with Apollo Global Management expected to lead the financing. The package could include roughly $10B of bank loans and $30B of investment-grade debt, the Financial Times reported, adding another large financing commitment to the AI infrastructure buildout. Separately, David Ellison said technology will be central to Skydance's strategy following the completion of its $110B acquisition of Warner Bros. Discovery, noting in a memo obtained by Business Insider that technology is changing how content is created, distributed, and consumed. Constellation Energy jumped 12.2% Tuesday after announcing a 20-year power purchase agreement with Google tied to 890 MW of additional nuclear generation, lifting Talen Energy, Vistra, and NRG Energy by 12.4%, 10.7%, and 7%, respectively, while the State Street Utilities Select Sector SPDR rose 3%. Chevron agreed to sell interests in Hess Midstream and its DJ Basin crude midstream assets as it restructures related contracts, with revised Bakken agreements expected to cut midstream costs for its Bakken operations by roughly half. Ray Dalio warned the AI investment cycle is approaching a point where rising interest rates and heavy borrowing could trigger a reversal.

Google and major U.S. power producer Constellation Energy announced on the 6th that they have agreed to partner in the nuclear power business. Under the deal, Google will purchase for 20 years the additional generating capacity created by investment in nuclear plant equipment, aiming to secure electricity for data centers being built amid the expansion of artificial intelligence use. According to the announcement, Constellation will increase the generating capacity of 11 reactors it owns in the Midwestern state of Illinois and the Eastern states of Pennsylvania and New Jersey. Constellation will make more than 4.3 billion dollars in new investment, which is expected to create about 7,200 jobs during the construction period.

Constellation Energy surged more than 12% after Alphabet's Google agreed to buy nuclear power from the company under a 20-year power purchase agreement that will drive more than 4.3 billion dollars of investment to upgrade systems at 11 Constellation reactors. The deal made Constellation the second-biggest gainer in the S&P 500 and the top gainer in the Nasdaq 100, lifting utilities and uranium-linked names on hyperscaler demand for clean, reliable baseload power. The S&P 500 closed at a record high of 7,819.04, up 45 points or about six-tenths of a percent, while the Nasdaq 100 also set a record and the Dow Jones Industrial Average added about 253 points, or half a percent. Nvidia rose to another record high and moved toward becoming the first company with a 6 trillion dollar market cap, while Marvell Technology finished just under 6% higher after raising its fiscal 2028 revenue guidance to 20 billion dollars, topping the average analyst estimate. On the downside, Seagate Technology fell 9% and Western Digital dropped almost 7%, while Moderna slid about 7.7%.

US power consumption will reach record levels in 2026 and 2027, the US Energy Information Administration projected Tuesday in its Short-Term Energy Outlook. The EIA expects demand to climb from a record 4,195 billion kilowatt-hours in 2025 to 4,288 billion kWh in 2026 and 4,356 billion kWh in 2027, driven largely by artificial intelligence and cryptocurrency data centers, with homes and businesses also consuming more electricity as they cut fossil fuel use for heating and transportation. Power sales in 2026 are projected at 1,541 billion kWh for residential consumers, 1,549 billion kWh for commercial customers and 1,055 billion kWh for industrial customers, surpassing the prior peaks of 1,515 billion kWh residential and 1,493 billion kWh commercial set in 2025, while the industrial record of 1,064 billion kWh dates to 2000. Coal's share of generation will slip from 17% in 2025 to 16% in 2026 and 15% in 2027, natural gas holds a 40% share in 2026 before easing to 39% in 2027, renewables rise from about 24% in 2025 to 25% in 2026 and 27% in 2027, and nuclear holds steady at 18% through 2026 and 2027. Natural gas sales in 2026 are forecast at 12.5 billion cubic feet per day for residential consumers, 9.5 bcfd for commercial customers and 23.8 bcfd for industrial customers, with power generation consuming 37.0 bcfd.

Google and Constellation Energy have signed a $1 billion deal, putting nuclear energy back in focus as a power source for AI. On a Market Hang panel, one analyst noted Constellation had already secured five plant approvals, letting it reach market faster than competitors, which is why the news was likely already priced in. The panel flagged that the biggest obstacle for the sector is that the United States has not built these plants, citing one Georgia reactor that was meant to take three years but took seven. The analyst said the government will probably get involved after the election to push-start more nuclear plant construction, calling it one of the fastest ways to deliver large amounts of safe, clean power. The panel also raised the unresolved problem of nuclear waste, noting that Yucca Mountain in Nevada never came together and that growing nuclear output will produce more radioactive rods that cannot stay on site.

Google and Constellation Energy announced a 20-year deal to bring 890 MW of new nuclear capacity onto the PJM grid in Illinois, Pennsylvania and New Jersey, with Constellation spending more than $4.3 billion on the build-out. The deal follows Amazon's similar agreement with Constellation, as surging electricity demand from AI revives interest in nuclear power. Separately, Option Care Health shares jumped after the Financial Times reported that McKesson and private equity firm Clayton Dubilier & Rice are closing in on a deal to buy the medical infusion provider for $32.50 a share, or a total enterprise value of about $5.8 billion including debt, representing a 37% premium to the prior close. Under the deal, CD&R would hold a 51% majority interest and McKesson would invest $1.4 billion for a 49% stake, with Option Care remaining a separate company led by its own management. SpaceX shares were the most actively traded in the premarket as NASA nears announcing a bulk purchase of rocket launches to fuel its $30 billion drive to build a permanent base on the moon.

Dominion Energy is positioned to benefit from rising electricity demand driven by data-center expansion in Virginia, with Dominion Energy Virginia reporting approximately 53.8 gigawatts of contracted data-center capacity as of July 2026, up about 5.3 gigawatts, or 11%, from December 2025. That total comprises 12 gigawatts under electric service agreements, 9.4 gigawatts under construction letters of authorization and 32.4 gigawatts under substation engineering letters of authorization. The company retained its 5-7% long-term operating earnings growth outlook through 2030 and plans to invest $65 billion through 2030, with a large-load contracting framework that includes mechanisms to recover infrastructure costs from data-center customers. Dominion and Santee Cooper also received regulatory approval to jointly develop the 2,200-megawatt Canadys Station natural gas-fired combined-cycle facility in South Carolina. The Zacks Consensus Estimate points to 2026 and 2027 earnings per share increases of 4.97% and 6.21%, respectively, while Dominion's debt-to-capital ratio stands at 61.38% versus the Zacks Utility - Electric Power industry's 62.33%, and its shares have fallen 2.7% over the past six months against the industry's 13.9% decline.

Chinese AI developer DeepSeek is close to securing $12 billion in new funding from investors including CATL and Tencent, setting the stage for a potential IPO, while fellow Chinese AI firm Moonshot is reportedly eyeing a Hong Kong listing in the first quarter at a $50 billion valuation and considering raising $5 billion. The two moves come as OpenAI seeks at least $30 billion in a round anchored by Abu Dhabi-based MGX, with BlackRock reportedly in discussions. Alphabet also agreed to buy 20 years of nuclear power from Constellation Energy, covering 890 megawatts of new power that Constellation will build out at a cost of $4.3 billion, following Amazon's 690 megawatt deal with Constellation last week. Separately, the New York Federal Reserve has been visiting major Wall Street banks including JPMorgan, Wells Fargo, Barclays and Morgan Stanley to examine their lending to private credit firms, according to Semaphore, as loans from banks to non-bank institutions rose from $300 billion in 2016 to more than $1.5 trillion, now accounting for 11% of all bank loans outstanding. President Trump signed an executive order opening road vehicles to red dyed diesel and deferring the federal road tax, moves economists said would not meaningfully relieve farmers, while Chevron CEO Mike Wirth warned that a diesel export ban would send a very bad signal to allies.

Yuanta Securities (Thailand) has raised its fair value for Ratch Group, or RATCH, to 46.25 baht per share from 32 baht, and upgraded its recommendation from Trading to Buy, implying roughly 25.9% upside from the share price of 36.75 baht on October 1, 2026. In an analysis dated October 2, 2026, the brokerage said it holds a positive view on several new investment opportunities whose prospects became clearer in late 2026, particularly the renewal of the power purchase agreement, or PPA, for the Ratchaburi power plant and the opportunity to sell electricity to data center operators. Currently, units 1-2 of the RG power plant, with combined capacity of about 1,470 megawatts, saw their contracts expire in October 2025, while three remaining units with total generating capacity of about 2,175 megawatts are due to see their contracts expire in November 2027. If the PPAs are not renewed, the company has the option of selling the output to data center operators, and is in talks with about five to six customers, each of which needs no less than 300 megawatts, while the existing site and infrastructure can support demand of up to about 1,400 megawatts. In addition, the draft PDP 2026 plan, which covers 2027-2037 and targets an increase in total power generation capacity of about 50 gigawatts, is another positive factor. It comprises about 24.3 gigawatts of solar power, nearly 14.5 gigawatts of wind power, about 2.7 gigawatts of natural gas-fired plants, about 9.1 gigawatts of hydropower and the first small modular nuclear reactor, or SMR, with capacity of about 300 megawatts. For the third-quarter 2026 outlook, the research team expects RATCH to post normal profit of about 1.4 billion to 1.6 billion baht, up from the previous quarter, after the RG and HKP power plants returned to more efficient operation and with no major maintenance shutdowns. SG&A expenses are also likely to fall on a seasonal basis, but profit is expected to decline from the same period a year earlier, partly because of the impact of the expiry of the PPAs for units 1-2 of the RG power plant from October 2025.

Finansia Securities said GULF is well positioned to link energy infrastructure and ICT businesses with AI, with a strong financial position and capacity to take on an additional 200-300 billion baht in debt. It estimates that added capacity under PDP 2026 could create roughly 10 baht per share of upside for GULF, assuming EGAT opens bidding for about 10GW of new renewable energy projects next year and GULF secures a 40% share, or roughly 4GW of solar projects, under power purchase agreements at a feed-in tariff of 2.16 baht per kWh. Investment is expected to require about 25-30 million baht per MW, with an IRR of approximately 12%. On the AI megatrend, electricity demand is expected to grow faster than GDP, especially demand for clean power from data centers, which are more power-intensive than general industry. Key catalysts include the new PDP, Direct PPAs for 2GW of data centers, and opportunities to invest in renewable energy projects in Europe over the next year. The research team maintained its Buy recommendation and raised its target price to 89.50 baht per share to reflect the opportunity to add capacity from bidding under the new PDP, as well as the acquisition of a 50% stake in solar and wind projects from GUNKUL, representing total capacity of 339.5MW on a proportional ownership basis. The acquired projects are estimated to have a combined NPV of about 9.7 billion baht based on a DCF valuation with a WACC of 5.5%, adding roughly 0.5 baht per share, with net IBD/E of only 1.06 times.

The U.S. Department of Energy has approved a roughly US$4.00 billion federal loan package for Vistra to upgrade three nuclear plants serving the PJM grid, as power demand climbs from data centers and other intensive users. The federal backing supports nuclear capacity upgrades and underscores Vistra's role as a reliability provider in a tightening U.S. power system. The loan sharpens the company's investment narrative around long-term contracted power, though Vistra has separately challenged PJM's Interim Resource Adequacy Service at FERC, arguing the measure could chill investment and misprice capacity for large loads. Vistra's narrative projects $26.0 billion in revenue and $4.1 billion in earnings by 2029, requiring 10.7% yearly revenue growth and a $2.1 billion earnings increase from $2.0 billion today, while some analysts assume revenues near US$33.4 billion and earnings around US$4.9 billion by 2029.

Oracle and We Energies announced a nuclear power subscription deal on October 2, 2026, under which Oracle will take 10-20% of the output from the Point Beach Nuclear Plant, or 125-250 megawatts, for the $15 billion Lighthouse Campus AI data center in Port Washington, Wisconsin. The campus, co-developed by Oracle, OpenAI, and Vantage Data Centers as part of the broader Stargate initiative, is designed to house close to 1 gigawatt of AI capacity within a 1.3 gigawatt total electrical footprint, with completion targeted for 2028. Oracle has committed to fully funding the energy costs for its portion, and the deal is the primary driver of a proposed $176 million electric rate hike for We Energies customers in 2027, accounting for roughly 20% of that increase, while the utility projects the arrangement will save customers approximately $300 million in fuel costs between 2027 and 2033. The subscription, a first-of-its-kind model in Wisconsin, requires approval from the Wisconsin Public Service Commission, which is weighing whether to require tech companies to cover 100% of new power plant costs. The deal is part of an industry-wide pivot in which Big Tech has contracted over 10 gigawatts of new nuclear capacity in the United States over the past year, including Microsoft's 20-year power purchase agreement for the 835-megawatt restart of Three Mile Island, Amazon's acquisition of a nuclear-adjacent Pennsylvania campus for over $650 million and its $500 million investment in X-energy small modular reactors, and Google's order of 500 megawatts from Kairos Power. Data center power demand reached 29.6 gigawatts by late 2025, equivalent to the peak demand of New York state, and the International Energy Agency projects it will rise by 130% by 2030, even as U.S. nuclear output stayed largely flat between 2020 and 2025 and no small modular reactors are under construction in the country.