Gulf Energy Q3 Profit Surges 28% to 9.2 Billion Baht

Gulf Energy Development Public Company Limited reported its third-quarter 2026 results with total revenue of 52.809 billion baht, up 75% from 30.177 billion baht in the same quarter last year, and core profit of 9.045 billion baht, up 24% from 7.28 billion baht. The group's improved performance was mainly driven by growth in the energy business, covering both natural gas and renewable power plants. In the natural gas segment, the Gulf Pluuk Daeng (GPD) project, an IPP under the IPD group, saw higher profits compared to the same period last year due to increased electricity sales to the Electricity Generating Authority of Thailand (EGAT), with the average load factor rising from 45% in Q3 2025 to 72% in Q3 2026. Meanwhile, the company recognized a core profit share of 350 million baht from the Hin Kong Power (HKP) project, up 61% from 218 million baht in Q3 2025, as the prior year included a planned A-Inspection maintenance shutdown for Unit 1. The GJP group contributed 562 million baht in core profit, up 2% from 550 million baht, driven by higher electricity sales from the Gulf Uthai (GUT) and Gulf Nong Saeng (GNS) IPP projects, with average load factors reaching 18% and 37% respectively. However, the seven SPP projects under GJP saw slightly lower profits due to rising natural gas costs while the Ft tariff decreased. The Jackson Generation project in the United States contributed 932 million baht in core profit, up 67% from 557 million baht, primarily due to a significant increase in capacity payments driven by growing electricity demand from data centers in the PJM market. Average capacity payments rose from $270 per megawatt-day in Q3 2025 to $329 in Q3 2026, combined with a wider spread between electricity selling prices and fuel costs amid higher demand, particularly during the July 2026 heat wave. In renewable energy, the company recognized increased profits from solar farms and solar farms with battery energy storage systems (solar BESS) that have commenced commercial operations domestically. Currently, 14 projects are operational with total installed capacity of 1,379 megawatts, compared to just 5 projects with 532 megawatts in Q3 2025. Additionally, the company recognized 319 million baht in core profit from wind power projects under Gulf Gunkul, up 38% from 230 million baht, due to higher average wind speeds rising from 5.7 meters per second in Q3 2025.