Utilities

Schneider Electric SE agreed to acquire U.S.-based engineering software developer PTC Inc. for $22.6 billion, or €20.1 billion, paying $205 per share in an all-cash deal. The transaction was among a string of major deals reported across sectors this week. Viatris said it will acquire all outstanding shares of Pacira BioSciences for $36.50 per share in cash, an aggregate equity value of $1.65 billion, while CD&R and McKesson agreed to acquire Option Care Health for $32.05 per share, valuing it at approximately $5.8 billion including debt, sending its shares up 34% in early trading Tuesday. Energy Transfer agreed to acquire Vaquero Midstream in a $2.625 billion deal consisting of $1.95 billion in cash and about 33.3 million newly issued Energy Transfer common units, and Cenovus Energy agreed to acquire Athabasca Oil in a cash-and-stock deal valued at about C$5.7 billion, a 14% premium to Athabasca's 20-day volume-weighted average trading price. Canadian utilities Emera and Canadian Utilities agreed to an all-stock merger worth C$14.3 billion, or US$10 billion, creating a combined company with a C$72 billion enterprise value and a regulated rate base of C$45 billion serving roughly 6 million customers. Separately, TKO LLC proposed to acquire Service Properties Trust's entire hospitality portfolio for $2.0 billion, and CCC Intelligent Solutions soared 13% in after-hours trading on a report that GTCR and Elliott Investment Management are in advanced discussions to purchase the car-insurance software firm.

Duke Energy declared quarterly cash dividends of US$1.085 per common share and US$359.375 per Series A preferred share, payable on December 16, 2026, to shareholders of record on November 13, 2026. The utility also reached agreements with Amazon, Google, Meta and Microsoft to broaden financial safeguards for North Carolina data centers, tying directly into its multi gigawatt data center pipeline. If regulators approve the framework, it would sit alongside existing electric service agreements as part of the story investors are watching around large load growth, capital spending and how much external funding Duke must raise to build out the grid and new generation. Duke's narrative projects $38.3 billion in revenue and $6.5 billion in earnings by 2029, requiring 5.3% yearly revenue growth and about a $1.3 billion earnings increase from $5.2 billion today. The company's rising capital needs could still collide with a period of persistently higher borrowing costs.

Fluxys Belgium reported half year 2026 sales of €342.97 million and net income of €46.78 million, with higher basic earnings per share than a year earlier. The shares now trade at €21.2, up 1.44% over one day and 3.41% over seven days, though the 30-day return is down 5.78%; the 90-day return is 8.16% and the year-to-date gain is 10.99%. The stock carries a price-to-earnings ratio of 16.6x, above the 12.5x peer group average and the 13.9x average for the broader European oil and gas industry, while revenue is expected to decline 2.8% per year. A discounted cash flow model values the shares at €1.5 each, far below the current price. Over one year total shareholder return is 16.66%, against a broadly flat 3-year total shareholder return of 0.09% and a 5-year total shareholder return that declined 18.04%.

Gulf Development Public Company Limited, or GULF, has announced the final coupon rates for six tranches of bonds and digital bonds with maturities of 3 to 10 years, at 1.83% to 3.00% per year, with a total face value of not more than 20 billion baht. Subscription will open from 19 to 21 October 2026 through eight leading financial institutions and the Paotang application. All six tranches received a credit rating of AA- with a Stable outlook from TRIS Rating on 24 August 2026. As for the coupon rate of each tranche: tranche 1, a 3-year bond, is a zero coupon bond with a discount rate of 1.83% per year; tranche 2, a 4-year bond, carries a fixed coupon of 2.10% per year; tranche 3, a 5-year bond, carries a fixed coupon of 2.33% per year; tranche 4, a 7-year digital bond, carries a fixed coupon of 2.80% per year; tranche 5, a 7-year bond, carries a fixed coupon of 2.80% per year; and tranche 6, a 10-year bond, carries a fixed coupon of 3.00% per year. Interest is paid every six months throughout the life of the bonds, except for the 3-year bond. Miss Yupapin Wangwiwat, Chief Financial Officer of GULF, said the company had once again succeeded in bookbuilding, with demand reaching as high as 3.3 times the value of the bonds allocated to institutional investors and/or high-net-worth investors, and that the proceeds from this fundraising will be used to repay bonds due for redemption as well as to support expansion of investment in renewable energy and digital infrastructure businesses such as data centers, cloud and AI. In the second quarter of 2026, GULF posted a record core profit of 12.332 billion baht, up 74% from the same period a year earlier, with total revenue of 50.294 billion baht, up 24% from the same period a year earlier.

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.

Pinnacle West Capital Corp. is reaffirming its 2026 earnings guidance of $4.55-$4.75 per share and its long-term earnings growth target of 5-7%, citing rising electricity demand across its service territory. Its Arizona Public Service subsidiary saw customer growth of 2.1% in the second quarter of 2026, with weather-normalized sales up 5.6%, total sales up 9.6%, and commercial and industrial sales up 12.7% as data centers and advanced manufacturing customers ramped up. The company expects retail customer growth of 1.5-2.5% in 2026 and weather-normalized retail electricity sales growth of 4-6%, with new large manufacturing facilities and data centers projected to contribute 3-5% to sales growth, and through 2030 it forecasts weather-normalized retail sales growth of 5-7%, with large commercial and industrial customers accounting for 4-6%. Pinnacle West aims to invest $7.95 billion through 2028 in generation, transmission and distribution infrastructure. The Zacks Consensus Estimate points to a 6.34% year-over-year decrease in 2026 EPS and an 18.21% increase in 2027 EPS, and the stock carries a Zacks Rank #3 (Hold).

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.

Land and Houses Securities issued an analysis recommending the purchase of two stocks, setting a target price for TU at 14.80 baht, with support estimated at 12.40/12.60 baht and resistance at 13.20/13.5 baht, and a target price for GULF at 72 baht, with support estimated at 58.5/60.0 baht and resistance at 62.75/63.5 baht. For TU, higher tuna costs are pressuring gross margin in the fourth quarter of 2026 after September tuna prices rose 42% year on year, expected to hit gross margin by about 50 basis points before gradually recovering in the first quarter of 2027 in line with the downward trend in tuna prices. Core profit in the third quarter of 2026 is expected to grow 12-15% year on year and 2-4% quarter on quarter on higher sales from product price adjustments, strong pet food demand, and improved mixed products, while gross margin recovers year on year but slows quarter on quarter from a high base in the previous quarter. GULF has a strong long-term outlook from the gradual commercial operation of power plants, especially renewable energy, the expansion of its data center business, for which GULF has readiness at a level of 2,000 megawatts, as well as profit sharing from ADVANC that continues to grow, and it is expected to benefit from the new PDP 2026 plan amid rising electricity demand, which increases opportunities for new power generation capacity that GULF is highly ready to bid for, including new M&A deals for power plants overseas. Normal profit in the third quarter of 2026 weakened quarter on quarter on the absence of KBANK dividend income but still grew strongly year on year on profit sharing from ADVANC and new renewable energy projects in Thailand.

Krungsri Securities has raised its target for BGRIM's Data Center business capacity to 500 megawatts by 2030, up from 300 megawatts previously, viewing it as a positive factor for investment confidence. It maintains a Buy recommendation and a 2027 target price of 23 baht, based on a sum-of-the-parts valuation. It expects normal profit in 2027 and 2028 to grow 22% and 17% respectively, driven by lower natural gas costs amid an LNG supply glut 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. However, the research team has not included large pipeline projects in its estimates, namely the 184 MWe Nakwol 2 wind power plant, a 735 MWe IPP power plant in Malaysia, and a 411 MWe battery energy storage system project in Italy, since developing these projects simultaneously could require substantial investment. Meanwhile, the interest-bearing debt-to-equity ratio stands at 2.2 times, compared with a loan covenant limit of no more than 3.0 times. BGRIM shares traded intraday at 19.20 baht, up 0.30 baht or 1.59%.

BGRIM shares rose 2.12% to 19.30 baht on trading value of 310.84 million baht after the company raised its power generation capacity target for the data center business to 500 megawatts by 2030, up from its earlier goal of 300 megawatts in Thailand, alongside plans to expand investment further in Japan and South Korea. Krungsri Securities noted that BGRIM already has data center projects totaling roughly 300 megawatts under its original target, but remains cautious on the additional 200 megawatts, since several large projects in the 2027-2030 pipeline are not yet included in its estimates, including the 184-megawatt Nakwol 2 wind power project, a 735-megawatt IPP power plant in Malaysia, and a 411-megawatt BESS project in Italy. Krungsri said BGRIM's net debt to total equity ratio stands at about 2.2 times, against a debt covenant of 3 times, and estimated that if the company develops projects as planned, holding roughly 40% stakes alongside foreign partners, it may need additional capital of about 800 to 1,200 million baht. The data center business with Digital Edge is expected to deliver an IRR of about 12% and an average power cost of roughly 10 to 15 cents per kilowatt-hour. Krungsri maintained its buy recommendation with a 2027 target price of 23 baht, viewing the expansion of the data center business and entry into a new investment cycle as factors supporting profit growth going forward.

Gulf Development Public Company Limited, or GULF, has announced the final coupon rates for six tranches of bonds and digital bonds with maturities of 3 to 10 years, offering 1.83% to 3.00% per year, with a combined face value of not more than 20 billion baht. Subscription opens from 19 to 21 October 2026 through eight leading financial institutions and the Paotang application. All six tranches carry a credit rating of AA- with a Stable outlook from TRIS Rating, as of 24 August 2026. The tranches offered to the general public comprise a 4-year bond at 2.10% per year, a 5-year bond at 2.33% per year, a 7-year digital bond at 2.80% per year, and a 10-year bond at 3.00% per year. The 3-year tranche is a zero-coupon bond with a discount rate of 1.83% per year, and there is also a 7-year bond at 2.80% per year. Yupapin Wangwiwat, Chief Financial Officer of GULF, said the company succeeded in bookbuilding with demand reaching 3.3 times the value of the bonds allocated to institutional investors and/or high-net-worth investors. The proceeds will be used to repay bonds due for redemption and to support investment expansion in renewable energy and digital infrastructure businesses such as data centers, cloud, and AI. For its second-quarter 2026 results, GULF posted a record operating profit of 12.332 billion baht, up 74% from the same period a year earlier, with total revenue of 50.294 billion baht, up 24% from the same period a year earlier.

Krungthai Bank has partnered with Gulf Development to open subscriptions for a 7-year GULF digital bond with a fixed interest rate of 2.80% per year, paying interest every 6 months, through the bond trading wallet on the Paotang application, starting October 19, 2026 at 08:30 until fully subscribed but no later than October 21, 2026 at 15:00. The minimum subscription amount is 1,000 baht, increasing in multiples of 1,000 baht, with a maximum of 50 million baht per subscription. Allocation is on a first-come, first-served basis. The bond is a registered, unsubordinated, unsecured bond with a bondholders' representative. It has been assigned a credit rating of AA- with a stable outlook by Tris Rating Company Limited on August 24, 2026. GULF reported record operating profit in the second quarter of 2026 of 12.332 billion baht, up 74%, with total revenue of 50.294 billion baht, up 24% from the same period last year. Investors can buy and sell the bond in the secondary market through digital channels in real time, 24 hours a day, receiving the bond immediately upon purchase and receiving funds immediately upon sale.

Power plant stocks rose prominently this morning, with GPSC jumping 4.62%, up 2.25 baht to 51.00 baht, on trading value of 578.88 million baht, buoyed by progress on revising data center criteria, as the Data Center board gradually finalizes the approval and regulatory framework for new data center investment within a one-month timeframe, with a conclusion expected no later than October 15. Meanwhile, agencies that must amend related laws are scheduled to present proposals to the Cabinet within October 2026, a positive sentiment for the power plant sector, especially companies with strong capital bases such as GULF and GPSC. Short-term support also comes from the baht strengthening to 33.55 baht per dollar from 33.73 baht per dollar yesterday, and short-term US government bond yields falling 5 bps to 5.227%. Krungsri Securities recommends focusing on GULF, GPSC and BGRIM with 2027 target prices of 77.00 baht, 61.00 baht and 23.00 baht respectively. Asia Plus Securities noted that GPSC targets new generating capacity of about 5,000 MW from the power plant procurement round under Thailand's PDP2026 plan, and plans to list its AEPL project in India on the Indian stock market in 2028, while seeking M&A in Laos, targeting new projects that yield more than 8-10% returns, and plans initial data center investment of about 50-100MW in both Thailand and India.

Gulf Development Public Company Limited, or GULF, announced the final interest rates for six tranches of bonds and digital bonds with maturities of 3 to 10 years, at 1.83% to 3.00% per year, with a total face value of not more than 20 billion baht. Subscription will be open from 19 to 21 October 2026 through eight leading financial institutions and the Paotang application. All six tranches received a credit rating of AA- with a Stable outlook from TRIS Rating on 24 August 2026. For the rates on each tranche, the 3-year bond is a zero-coupon bond with a discount rate of 1.83% per year, the 4-year bond carries a fixed rate of 2.10% per year, the 5-year bond carries a fixed rate of 2.33% per year, the 7-year digital bond and the 7-year bond carry a fixed rate of 2.80% per year, and the 10-year bond carries a fixed rate of 3.00% per year. Interest is paid every six months, except for the 3-year bond. Miss Yupapin Wangwiwat, Chief Financial Officer of GULF, said the company succeeded in its bookbuilding with demand reaching 3.3 times the value of the bonds allocated to institutional investors and/or high-net-worth investors. The 4-year, 5-year, and 10-year bonds are offered through eight leading financial institutions with a minimum subscription of 100,000 baht, while the 7-year digital bond is offered only through Krungthai Bank's Paotang application, with a minimum subscription of 1,000 baht and a maximum of 50 million baht per single transaction. The funds raised will be used to repay bonds due for redemption and to support expansion of investment in renewable energy and digital infrastructure businesses such as data centers, cloud, and AI. Meanwhile, in its second-quarter 2026 results, GULF posted a record operating profit of 12.332 billion baht, up 74% from the same period a year earlier, with total revenue of 50.294 billion baht, up 24% from the same period a year earlier.

Gulf Development Public Company Limited, or GULF, has set the final interest rates for six tranches of bonds and digital bonds with maturities of 3 to 10 years at 1.83-3.00% per year, with a combined face value of up to 20 billion baht. The bonds will be open for subscription by the general public from October 19 to 21, 2026. The bonds carry a credit rating of AA- with a Stable outlook from TRIS Rating Company Limited. The six tranches consist of a 3-year zero-coupon bond with a discount rate of 1.83% per year, a 4-year bond at 2.10% per year, a 5-year bond at 2.33% per year, a 7-year digital bond at 2.80% per year, a 7-year bond at 2.80% per year, and a 10-year bond at 3.00% per year. Miss Yupapin Wangwiwat, Chief Financial Officer of GULF, said that the offering to institutional investors and high-net-worth investors during the bookbuilding process drew demand as high as 3.3 times the value of the bonds allocated to those investor groups, reflecting confidence in the company's business and financial position. As for subscription channels, the 4-year, 5-year, and 10-year bonds are being offered through eight leading financial institutions: Bangkok Bank, Krungthai Bank, Kasikornbank, Siam Commercial Bank, United Overseas Bank, Bank of Ayudhya, CIMB Thai Bank, and Asia Plus Securities, with a minimum of 100,000 baht. The 7-year digital bond is available for subscription only through Krungthai Bank's Paotang application, with a minimum investment of 1,000 baht and a maximum of 50 million baht per transaction. The company plans to use the proceeds to repay maturing bonds and to support expansion in renewable energy and digital infrastructure businesses such as data centers, cloud, and AI. As for operating results in the second quarter of 2026, GULF posted a record operating profit of 12.332 billion baht, up 74% from the same period a year earlier, while total revenue was 50.294 billion baht, up 24% from a year earlier.

Gulf Development Public Company Limited, or GULF, announced the final coupon rates for six tranches of bonds and digital bonds with tenors of 3 to 10 years, at 1.83% to 3.00% per annum, with a total face value of not more than 20 billion baht. Subscription opens from 19 to 21 October 2026 through eight leading financial institutions and the Paotang application. All six tranches carry a credit rating of AA- with a Stable outlook from TRIS Rating, as of 24 August 2026. The tranches offered to the general public comprise a 4-year bond at 2.10% per annum, a 5-year bond at 2.33% per annum, a 7-year digital bond at 2.80% per annum, and a 10-year bond at 3.00% per annum. The 4-year, 5-year and 10-year bonds are offered through eight leading financial institutions, with a minimum subscription of 100,000 baht, while the 7-year digital bond is offered only through Krungthai Bank's Paotang application, with a minimum subscription of 1,000 baht and a maximum of 50 million baht per transaction. Ms. Yupapin Wangviwat, Chief Financial Officer of GULF, said the company succeeded in its bookbuilding, with demand reaching 3.3 times the value of the bonds allocated to institutional and high-net-worth investors. The proceeds will be used to repay bonds due for redemption and to support investment expansion in renewable energy and digital infrastructure businesses such as data centers, cloud and AI. Meanwhile, in its second-quarter 2026 results, the company posted a record operating profit of 12.332 billion baht, up 74% from the same period a year earlier, with total revenue of 50.294 billion baht, up 24% from the same period a year earlier.

Gulf Development Public Company Limited, or GULF, has announced final interest rates for six tranches of bonds and digital bonds with maturities of 3 to 10 years, at 1.83% to 3.00% per year, with a total value of up to 20 billion baht. Subscription opens from October 19 to 21, 2026, through eight leading financial institutions and the Paotang application. The six tranches consist of a 3-year zero-coupon bond with a discount rate of 1.83% per year, a 4-year bond at 2.10% per year, a 5-year bond at 2.33% per year, a 7-year digital bond and a 7-year bond at 2.80% per year, and a 10-year bond at 3.00% per year. The bonds received a credit rating from TRIS Rating Company Limited on August 24, 2026, at AA- with a Stable outlook. Miss Yupapin Wangviwat, Chief Financial Officer of GULF, said the bookbuilding was successful, with demand reaching 3.3 times the value of bonds allocated to institutional and high-net-worth investors. The 7-year digital bond is offered exclusively through Krungthai Bank's Paotang application, with a minimum subscription of 1,000 baht and a maximum of 50 million baht per subscription. The proceeds from the fundraising will be used to repay bonds due for redemption and to support investment expansion in renewable energy and digital infrastructure businesses such as data centers, cloud, and AI. For its second-quarter 2026 results, GULF posted a record operating profit of 12.332 billion baht, up 74% from the same period last year, with total revenue of 50.294 billion baht, up 24% from the same period last year.

GPSC shares climbed 3.59% to 50.50 baht on trading value of 268.20 million baht, driven by speculation ahead of clarity on the new Power Development Plan, PDP2026, and on data centre business criteria expected to be submitted to the Cabinet and to take effect by October 2026. KGI Securities (Thailand) said in a research note that it holds a positive view on GPSC and assigns a base target price of 60 baht, seeing clarity on both issues as a positive factor for power plant stocks, including GPSC. An additional supporting factor is the planned listing of GPSC's renewable power business in India, Avaada, on the Indian stock exchange, expected to take place during 2027-2028, which could help unlock investment value and create further value-creation opportunities for GPSC down the road.

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.

Krungsri Securities maintains its Buy rating on B.Grimm Power Public Company Limited, or BGRIM, with a 2027 target price of 23.00 baht per share, after the company raised its Data Center business target to 500 megawatts by 2030 from a previous goal of 300 megawatts, and plans to expand investment into Japan and South Korea. The research team estimates that if the additional 200 megawatts of Data Center projects are developed as targeted, and the company keeps its roughly 40% stake alongside foreign partners, this could generate incremental profit of about 800 million to 1.2 billion baht, based on BGRIM-Digital Edge's Data Center profit of about 12 million baht per megawatt and the global industry average of 10-15 million baht per megawatt. However, the research team remains cautious on further investment, since current forecasts already include only the projects under the original 300-megawatt target, while large projects in 2027-2030 are not yet included in the estimates. These include the Nakwol 2 wind power plant in South Korea with 184 megawatts of electricity, an Independent Power Producer plant in Malaysia with 735 megawatts of electricity, and a battery energy storage system project in Italy with 411 megawatts of electricity. In addition, the interest-bearing debt-to-equity ratio stands at 2.2 times, compared with the Debt Covenant condition of 3.0 times. For the third-quarter 2026 outlook, profit may soften on higher Pool Gas costs, averaging about 380 baht per MMBtu, but this is partly offset by the start of operations at the Nakwol 1 offshore wind power plant in South Korea and Gas Link contracts covering about 50% of all contracts. The research team expects normal profit in 2027 and 2028 to grow 22% and 17% respectively, driven by falling gas costs and the gradual commercial start-up of new projects.

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.

Gulf Development Public Company Limited, or GULF, together with Krungthai Bank Public Company Limited, or KTB, is opening subscriptions for a 7-year GULF digital bond with a fixed coupon of 2.80% per year, paying interest every 6 months, through the bond trading wallet on the Paotang application from 19 October 2026 at 08:30 to 21 October 2026 at 15:00, or until the full offering amount is subscribed. The minimum subscription is 1,000 baht, in multiples of 1,000 baht, with a maximum of 50 million baht per subscription, allocated on a first-come, first-served basis. The bond is a registered, unsubordinated, unsecured issue with a bondholders' representative, and carries a credit rating of AA- with a stable outlook from TRIS Rating Company Limited as of 24 August 2026. In the second quarter of 2026, GULF posted record operating profit of 12.332 billion baht, up 74%, and total revenue of 50.294 billion baht, up 24% from the same period a year earlier, driven by its energy businesses spanning natural gas power plants, renewable energy power plants, and natural gas procurement and wholesale trading, as well as recognition of its share of profit from ADVANC. Investors can also trade the bond in the secondary market through digital channels in real time, 24 hours a day.

Datang Power announced that the company plans to increase capital in its associate, China Datang Nuclear Power Company, by approximately 628 million yuan, to pay for construction costs of the Liaoning Xudapu Nuclear Power Project and the Fujian Ningde Nuclear Power Phase II Project, among others. After the capital increase, the company's shareholding ratio will remain at 40%.

Binhai Energy announced that the company plans to jointly invest with its controlling shareholder Xuyang Group to establish Shangdu Xuyang New Energy Co., Ltd., with registered capital of 1 billion yuan, of which the company will subscribe 515 million yuan, accounting for 51.5%. The new company is intended to be used for the construction of an integrated anode material and supporting green power project, which will help accelerate capacity expansion. The transaction constitutes a related-party transaction, has been approved by the board of directors, and still needs approval from the shareholders' meeting.

On the evening of October 9, multiple A-share listed companies released positive earnings forecasts for the first three quarters of 2026. China Jushi expects net profit attributable to shareholders of the listed company for the first three quarters of 2026 to be between 5.136 billion yuan and 5.393 billion yuan, an increase of 100% to 110% year on year. The company said demand increased in major downstream application areas for fiberglass, with both product volume and prices rising. Shaoneng Group expects net profit of 278 million yuan to 302 million yuan, an increase of 61.12% to 75.03% year on year, as operating results in clean renewable energy and precision intelligent manufacturing grew year on year, and the papermaking business significantly narrowed losses. Hongfuhan expects net profit of 170 million yuan to 200 million yuan, an increase of 108.19% to 144.93% year on year, with the liquid cooling plate cabinet module business completing mass production delivery and becoming the core growth driver. Kinwong Electronic expects net profit attributable to owners of the parent company for the third quarter of 2026 to be between 912 million yuan and 1.089 billion yuan, an increase of 205.46% to 264.74% year on year and 147.20% to 195.18% quarter on quarter, benefiting from accelerated mass production and shipment of high-performance PCBs in high-speed communications and AI data infrastructure. Guanghe Technology expects net profit for the first three quarters of 1.45 billion yuan to 1.5 billion yuan, an increase of 100.33% to 107.23% year on year, and non-GAAP net profit of 1.42 billion yuan to 1.47 billion yuan, an increase of 101.84% to 108.94% year on year. The company focuses on the computing power PCB market for general-purpose servers, AI servers, switching products, and accelerator cards. Guanghe Thailand completed core customer certification and gradually released production capacity, achieving profitability during the reporting period.

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.

Longyuan Power announced on October 9 that its power generation in September 2026 was 5.67 million megawatt-hours, an increase of 7.08% compared with the same period in 2025. Among this, wind power generation rose 3.20% year-on-year, while solar power generation increased 20.21% year-on-year. As of September 30, 2026, the company's cumulative power generation was 56.25 million megawatt-hours, down 0.52% year-on-year, with wind power generation down 4.97% and solar power generation up 19.29%. In the first half of 2026, Longyuan Power achieved revenue of 14.642 billion yuan and net profit attributable to the parent company of 2.393 billion yuan.

Changyuan Electric Power announced that it generated 3.253 billion kilowatt-hours of electricity in September 2026, up 18.66% year-on-year. By segment, thermal power generation rose 26.13% year-on-year, hydropower fell 53.10%, and new energy grew 24.36%. Cumulative power generation from January to September reached 26.528 billion kilowatt-hours, down 2.94% year-on-year.

Shaoneng Shares announced that it expects net profit attributable to shareholders of the listed company for the first three quarters of 2026 to be between 278 million yuan and 302 million yuan, an increase of 61.12% to 75.03% year on year. The company said that during the reporting period, its clean and renewable energy business achieved a substantial year-on-year increase in operating results through various measures to increase revenue and reduce expenditure; its precision intelligent manufacturing business achieved year-on-year growth in operating results by focusing on production and operations; and its papermaking business achieved a significant year-on-year reduction in losses by focusing on production and operations. Based on this calculation, the company's net profit for the third quarter is expected to be between 110 million yuan and 134 million yuan, while net profit for the second quarter was 158 million yuan, meaning third-quarter net profit is expected to decline by 15% to 30% quarter on quarter.

Shaoneng Group disclosed an earnings forecast after market close on October 9, expecting attributable net profit for the first three quarters of 2026 to be between 278 million yuan and 302 million yuan, up 61.12% to 75.03% year on year. Net profit after deducting non-recurring items is expected to be between 256 million yuan and 280 million yuan, up 94.87% to 113.12% year on year. The company said that during the reporting period, its clean renewable energy business achieved a substantial year-on-year increase in operating results through various cost-saving and revenue-enhancing measures; its precision smart manufacturing business achieved year-on-year growth in operating results by strengthening production and operations; and its papermaking business significantly narrowed losses year-on-year by strengthening production and operations. Shaoneng Group's main businesses are energy, eco-friendly plant fiber products, and precision smart manufacturing. Its main products include electricity, heat, auto parts, eco-friendly paper tableware, and paper products. In the first half of 2026, the company's operating revenue was 2.516 billion yuan, up 7.7% year on year; attributable net profit was 168 million yuan, up 75.6% year on year; and net profit after deducting non-recurring items was 148 million yuan, up 174.8% year on year. As of the end of the first half, the company's total installed power capacity was 1.21 million kilowatts, including 680,000 kilowatts of hydropower and 360,000 kilowatts of biomass power generation. Its precision smart manufacturing business has annual production capacity including 80,000 new-energy gearboxes and 10 million gears. Its eco-friendly plant fiber products business has annual production capacity including 100,000 tonnes of eco-friendly paper tableware and 370,000 tonnes of base paper for household paper.

ATCO has agreed to a CAD 6.6b takeover by Emera, paired with a spin off of its industrial services arm, a deal that turns one ATCO share into Emera plus New ATCO. The announcement has flipped ATCO from a slow mover into a deal-driven story, with a 7 day share price return of 7.89%, a 30 day gain of 8.28%, and a year to date share price return of 40.60%. The 1 year total shareholder return of 62.45% and 3 year total shareholder return of 157.42% show the latest surge comes on top of a longer run rerating as investors reassess both growth potential in the utilities assets and the risk profile of a more focused industrial services business after the spin off. ATCO last closed at CA$79.54, while the most followed narrative pegs fair value at CA$91.00, suggesting the deal news sits on top of an already optimistic long term earnings story leaning heavily on its modular housing and infrastructure platform. On the other side of that CA$91 fair value story, ATCO trades on a P/E of 49.2x, against a peer average of 40.2x and a fair ratio pointing to 39.5x.

Northwest Natural Holding Company has declared a quarterly dividend of 50 cents per share, lifting its indicated annual rate to $2.00 per share from the previous $1.97 per share. The 3-cent increase marks the company's 71st consecutive year of raising shareholder dividends and its largest declared increase since 2012. Chief Financial Officer Ray Kaszuba said strong execution gave the company flexibility to raise the dividend at a higher rate than in recent years while positioning it to meet its targeted payout ratio. The company evaluates its dividend annually based on capital requirements and financial performance, and over the long term expects increases to be supported by earnings growth while maintaining a target payout ratio of 55% to 65% of earnings per share. The dividend is payable on Nov. 13, 2026, to shareholders of record on Oct. 30, 2026.

Google and Constellation Energy Corporation announced a 20-year power purchase agreement on October 6 that will bring 890 megawatts of new nuclear capacity to the PJM Interconnection grid. The deal supports more than $4.3 billion of new investment by Constellation in 11 of its nuclear units across Illinois, Pennsylvania, and New Jersey, funding equipment and technology upgrades to improve thermal and electrical efficiency and unlock additional generation capacity without building new reactors. Beyond the 890 megawatts of new capacity, Google agreed to purchase another 2,700 megawatts for 15 years from the PJM fleet, giving Constellation greater long-term revenue visibility and a long-term customer relationship with one of the world's largest technology companies. Constellation shares jumped around 12% following the announcement, and of the 24 analysts covering the company, 88% rate the stock a Buy, with a median 12-month price target of $350 implying roughly 20% upside from the stock's price as of October 6. Hedge fund interest declined in the second quarter, with 73 hedge funds holding the stock at the end of the quarter, down from 79 in the first quarter, and the companies did not disclose the pricing or immediate earnings contribution of the agreement.

Terrestrial Energy Inc. announced on October 8, 2026 that it has submitted its Thermal and Electric Facility Topical Report to the U.S. Nuclear Regulatory Commission. If approved, the TEF, which houses the generators, turbines, and steam supply systems of the Integral Molten Salt Reactor Plant, could be customized for each site and built and operated ahead of the plant's nuclear construction permit and operating license. The IMSR Plant is designed in two discrete parts: the Nuclear Facility, containing standardized and modular nuclear systems, and the TEF, containing non-nuclear heat transfer, steam supply and electric systems. With NRC approval, the TEF could enter commercial service ahead of the Nuclear Facility, using an auxiliary heat source such as natural gas as a bridge to nuclear power. The report asks the NRC to confirm that building the TEF is not nuclear construction under 10 CFR 50.10(a)(1), and it is the Company's third Topical Report submission of 2026, following NRC approval of its PIE and Principal Design Criteria Topical Reports in 2026 and 2025, respectively, and a September submission on graphite qualification methodology.

ATCO has agreed to merge its regulated utilities with Emera in a transaction that will create a top 20 North American power and gas provider, while spinning off New ATCO as an independent industrial services company focused on non regulated operations. Under the deal, holders of ATCO shares will receive 0.865 of an Emera common share plus one share in New ATCO for each ATCO share. The combined utilities business is expected to sit among the largest Canadian-listed power and gas players by asset base and customer footprint, and ATCO is expected to retain a 20% stake in the Emera and Canadian Utilities entity that will house the regulated operations. ATCO operates a CA$9.1b integrated utilities and services platform across energy, logistics, transportation, shelter, and real estate, and the separation of New ATCO isolates the non regulated, higher variability industrial services side focused on housing, defence, and investments. The deal now hinges on regulatory and shareholder approvals ahead of a targeted closing in the third or fourth quarter of 2027, with bodies including the Alberta Utilities Commission and U.S., Mexican, and Australian competition and foreign investment authorities needing to sign off broadly in line with that timeline.

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.