poised to capture clean energy opportunities from Direct PPA policy to support Data Centers
GPSC reported a net profit of THB 4,901 million for the nine-month period of 2025, representing an increase of 60% (YoY). This strong performance reflects greater cost management efficiency, optimized financial structure, and continued value creation from international investments. The company is well-positioned to benefit from the government's initiative to promote renewable energy infrastructure through Direct Power Purchase Agreements (Direct PPA), supporting new investments in Data Centers in Thailand.
Mr.Worawat Pitayasiri, Chief Executive Officer of Global Power Synergy Public company Limited or GPSC, the innovative power flagship of PTT Group, stated that the company achieved a consolidated net profit of THB 4,901 million for the first nine months of 2025, up 60% from the same period last year. The results underscore the strength of its core operations and effective cost management. GPSC also recognized a one-time gain of THB 745 million from the sale of a 3.03% equity stake in Avaada Energy Private Limited (AEPL), while improving financial costs through partial debt repayment and benefiting from declining interest rates. Meanwhile, the share of profit from associates and joint ventures rose by THB 310 million, an increase of 500%, driven by improved performance from Xayaburi Power Company Limited (XPCL) in Lao PDR due to higher water inflows from China and the La Ni?a phenomenon. In addition, AEPL delivered better operating results as new renewable projects commenced commercial operations, adding 905 MW of COD capacity during the nine-month period. This reinforces the continuous growth of GPSC's renewable energy portfolio in India.
For the third quarter of 2025, GPSC reported a net profit of THB 1,742 million, down 14% (QoQ) due mainly to seasonal factors and foreign exchange impacts. However, core operating performance remained strong, with gross profit of THB 5,717 million, an increase of 12% (QoQ) and 9% (YoY), supported by higher demand from industrial customers and lower natural gas prices. The company's IPP plants successfully optimized fuel management, improving energy margin. Although returns from associates softened due to seasonal effects particularly from the Changfang & Xidao Offshore Wind Project (CFXD) and AEPL XPCL saw improved performance from higher water volume, and Nam Lik 1 Power Company Limited (NL1PC) recorded gains from a PPA adjustment. GPSC also recognized dividend income of THB 53 million from Ratchburi Power Company Limited.
Mr. Worawat added "GPSC continues to expand its clean energy portfolio to capture growth from the Direct PPA policy, which allows private enterprises especially Data Centers and advanced technology businesses to procure renewable electricity directly from producers, ensuring both reliability and sustainability. We are leveraging our technology capabilities and energy management expertise to support Thailand's long-term digital economy development." However, the company continues to closely monitor energy price trends, international trade policies, and progress of the new tariff structure under the PDP framework, as well as regulatory development for Third Party Access (TPA) to the national grid. The government is expected to launch a Direct PPA pilot program for Data Centers through the TPA system with initial capacity of up to 2,000 MW by 2027. This will create an opportunity for GPSC to expand renewable energy investments in Thailand, particularly in the EEC and other high-potential areas, to meet accelerating demand for clean energy in the future.