CKPower Core Profit Falls 33% in First Nine Months of 2026
CKPower reported a 33% year-on-year decline in core net profit to 1.102 billion baht for the first nine months of 2026, primarily due to lower revenue from Nam Ngum 2 and higher fuel costs at its Bangpa-in cogeneration plant. However, the company's share of profit from the Xayaburi hydropower plant rose 18% to 1.325 billion baht on stronger electricity sales and reduced financing costs. CKPower maintains healthy financial ratios and is expanding solar capacity through private PPAs and government auctions under Thailand's PDP 2026 plan.
CKPower uses water forecasting systems to enhance production planning for the remainder of the year. Bangkok, November 10, 2026 — Thanawat Trivisvavet, Managing Director of CKPower Public Company Limited (SET: CKP), one of the region's largest renewable energy producers with among the lowest carbon footprints, revealed that the Xayaburi hydropower plant's performance is a key supporting factor for CKPower's earnings. The company recognized a core share of profit from Xayaburi Power Co., Ltd. (XPCL) of 1.325 billion baht in the first nine months of 2026, an increase of 200 million baht or 18% from the same period last year, due to higher electricity sales volumes and reduced financing costs.
For CKPower, core net profit in the first nine months of 2026 amounted to 1.102 billion baht, down 33% from the same period last year. The main factor was lower electricity sales revenue from Nam Ngum 2 Power Co., Ltd. (NN2), which had a high base in the prior year due to above-average water inflows in 2025, combined with higher fuel costs at Bangpa-in Cogeneration Co., Ltd. (BIC) stemming from the ongoing geopolitical conflict in the Middle East.
As of September 2026, the Nam Ngum 2 hydropower plant's reservoir level stood at 366 meters above mean sea level, near the normal average, despite El Niño impacts in the third quarter. Meanwhile, average water flow through the Xayaburi hydropower plant remained at favorable levels similar to last year, enabling full-capacity generation. The company is closely monitoring water conditions in the fourth quarter of 2026, employing a hydrometeorological monitoring and forecasting system to support appropriate production planning. Xayaburi is expected to benefit from strong water volumes in the upper Mekong reservoirs in China, which will gradually release water from power generation in early 2027. The Luang Prabang hydropower project was 82% complete as of September 2026, on schedule.
Regarding financial position as of September 30, 2026, the company maintained a liquidity ratio of 2.26 times and a net interest-bearing debt-to-equity ratio of 0.52 times, reflecting appropriate liquidity management and debt service capacity. The company continues to monitor interest rate trends and manage long-term debt structure.
Thanawat stated that regarding Thailand's Power Development Plan (PDP 2026), which aims to increase renewable energy share and promote clean energy trading, CKPower sees opportunities to expand investment and grow its renewable energy business. The company targets increased solar power capacity through private power purchase agreements (Private PPAs) and participation in government renewable energy auctions. In September 2026, two solar power plants at Bangkhenchai Co., Ltd. (BKC), in partnership with Bangkok Expressway and Metro Public Company Limited (BEM), with a combined installed capacity of 7 MW, began commercial operation and sales.
