CKPower Reports 9-Month Profit Drop, Expands Solar Plans
CKPower reported a 33% drop in nine-month net profit to 1.102 billion baht, despite a stronger 18% profit contribution from its Xayaburi hydropower stake. The decline was driven by lower Nam Ngum 2 revenue and higher fuel costs at its Bang Pa-In plant. The company is expanding solar capacity through Private PPAs and government auctions under Thailand's PDP 2026, with two new 7 MW solar plants already commercially operational.
CKPower discloses that the Xayaburi hydropower plant remains a key earnings driver. In the first nine months of 2026, the company recognized a 1.325 billion baht profit share from Xayaburi Power Company Limited (XPCL), an increase of 200 million baht or 18% from the same period last year, driven by higher electricity production and sales volumes as well as lower finance costs.
Consolidated net profit for the first nine months stood at 1.102 billion baht, down 33% year-on-year. The decline stemmed from lower revenue at the Nam Ngum 2 hydropower plant, which benefited from exceptionally high water inflows in the prior year, and higher fuel costs at the Bang Pa-In Cogeneration (BIC) plant due to geopolitical tensions in the Middle East.
As of late September 2026, the Nam Ngum 2 reservoir level was at 366 meters above mean sea level, near the normal average, while Xayaburi continued to see strong water flows and full-capacity generation. The company will closely monitor water conditions in the fourth quarter to align production planning.
On investment, CKPower sees opportunities in Thailand's draft Power Development Plan 2026 (PDP 2026), which targets higher renewable energy shares and supports clean energy trading. The company is preparing to expand solar capacity via Private Power Purchase Agreements (Private PPAs) and participation in government renewable energy auctions.
Most recently, two solar power plants operated by Bang Khun Chai Company Limited (BKC) in partnership with Bangkok Expressway and Metro Public Company Limited (BEM), with a combined installed capacity of 7 megawatts, began commercial operation in September. CKPower is also advancing its Renewable Energy Certificate (REC) business to meet growing corporate and industrial demand for clean energy.
