Electricity Generating Public Company Limited (EGCO Group) reported its third-quarter and nine-month 2025 performance, with hydropower emerging as the largest contributor to operating results. Strong output from the Nam Theun 2 and Xayaburi hydropower plants in Lao PDR supported steady cash flow and offset pressure from scheduled outages and accounting-related factors.
In Q3/2025, EGCO Group posted THB 6,928m (US$213.5m) in revenue and THB 844m (US$26m) in operating profit, though fair-value adjustments and foreign-exchange impacts resulted in a net loss of THB 656m (US$20.2m). The two Lao PDR hydropower plants were the key profit drivers, benefiting from high seasonal water levels. Their performance helped counterbalance weaker contributions from the Quezon power plant in the Philippines, which underwent planned maintenance ahead of its new Power Supply Agreement.
International assets – including Linden Cogen and Compass Portfolio in the US, Paju ES in South Korea, San Buenaventura in the Philippines, and CDI Group in Indonesia – also added steady income.
For the first nine months of 2025, EGCO Group recorded THB 29,126m (US$897m) in revenue, THB 4,348m (US$134m) in operating profit, and THB 5,078m (US$156.6m) in net profit. Hydropower again played a central role, supported by contributions from San Buenaventura, Paju ES, and US power assets. The company also booked gains from divestments in the RISEC power plant (US) and Boco Rock Wind Farm (Australia) as part of its asset-recycling strategy.
EGCO Group strengthened its US.footprint during the period, completing the acquisition of a 49% stake in the 125MW Wheatsborough Solar project and increasing ownership in the 980MW Linden Cogeneration facility to 38%. The company expects its US assets to benefit from rising demand driven by data center and AI sector growth.
Looking ahead, EGCO Group plans to expand its natural gas-fired and renewable power portfolio, with a continued focus on hydropower as a reliable, large-scale renewable source. The company is pursuing new M&A and greenfield opportunities in existing markets, especially the US.
Domestically, EGCO is awaiting results from the second round of the RE Big Lot program, where it has been shortlisted for 11 projects totalling 448MW. It is also assessing opportunities under Thailand’s direct PPA policy, which is expected to see growing demand from energy-intensive industries seeking clean, firm power.
As of 17 November 2025, EGCO Group holds 6,735MWe in equity capacity across operating and under-construction projects. Renewable energy accounts for 1,535MWe, with hydropower a major component. The company operates across seven countries and continues to invest in related businesses including engineering services, fuel and utilities infrastructure, customer solutions, and energy start-ups.
