The Electricity Generating Public Company (EGCO Group) has reported its third-quarter and nine-month 2025 performance, highlighting hydropower as the linchpin of its operating results. The Nam Theun 2 and Xayaburi hydropower plants in Laos, key assets for the company, delivered strong output, driving steady cash flow and offsetting pressures from scheduled outages and accounting-related factors.
In Q3 2025, EGCO Group posted Bt6,928m ($213.5m) in revenue and Bt844m in operating profit. However, fair-value adjustments and foreign-exchange impacts resulted in a net loss of Bt656m. The robust performance of the Laos hydropower plants, benefiting from high seasonal water levels, was instrumental in counterbalancing 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 contributed steady income.
For the nine months ending September 2025, EGCO Group recorded Bt29.17bn in revenue, Bt4.35bn in operating profit, and Bt5.08bn in net profit. Hydropower remained a central pillar of the company’s performance, 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 has been strategically expanding its US footprint. During the period, it completed the acquisition of a 49% stake in the 125MW Wheatsborough Solar project and increased its ownership in the 980MW Linden Cogeneration facility to 38%. The company anticipates that its US assets will benefit from rising demand driven by the growth of data centres and the AI sector.
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 mergers and acquisitions and greenfield opportunities in existing markets, particularly the US. Domestically, EGCO is awaiting results from the second round of the RE Big Lot programme, where it has been shortlisted for 11 projects totalling 448MW. It is also assessing opportunities under Thailand’s direct power purchase agreement policy, which is expected to see growing demand from energy-intensive industries seeking clean, reliable power.
As of 17 November 2025, EGCO Group holds 6.74TW-electrical (TWe) in equity capacity across operating and under-construction projects. Renewable energy accounts for 1.54TWe, with hydropower being 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.
This strategic focus on hydropower and diversification into new markets and technologies could shape the future of the energy sector. The reliance on large-scale hydropower plants, while beneficial in the short term, raises questions about long-term sustainability and the impact of climate change on water levels. Additionally, EGCO Group’s expansion into the US market, driven by the growth of data centres and AI, highlights the increasing intersection of technology and energy sectors. This trend could accelerate the demand for clean, reliable power sources, influencing the development of renewable energy projects and policies worldwide.