Banpu Power Public Company Limited

Banpu announced its Energy Symphonics strategy after merging with BPP, with a capital expenditure budget of 3 billion US dollars for its five-year plan, of which more than 60 percent will be used in the natural gas business, and targets EBITDA growth of 1.5 times by 2030. The company is accelerating power purchase agreement negotiations to sell electricity from the Temple I and II power plants to hyperscaler groups in the United States, hoping to close deals from late 2026 to early 2027, and is developing more than 6,000 acres in Jack County, Texas to support AI and data centers. In the natural gas business, it targets production of 960 million cubic feet equivalent per day in 2026, up from 836 million cubic feet equivalent per day in the previous year, while advancing CCUS projects through BKV with a target of storing 1.5 million tonnes of carbon dioxide equivalent per year by 2028. The mining business maintains a total coal sales target of 43 million tonnes, and the Power+ business has 10 battery energy storage system projects totaling 2,340 megawatt-hours.

Banpu has announced its Energy Symphonics strategy following the merger with BPP, aiming to elevate itself into an integrated energy platform through four core business groups: a full-cycle natural gas business in the United States, next-generation mining, power and related businesses, and future technologies. The company targets natural gas production of 960 million cubic feet equivalent per day in 2026, up from 836 million cubic feet equivalent per day in the previous year. It is also developing the Temple I and II gas-fired power plants with a combined capacity of 1.5 gigawatts, along with a new project in Jack County, Texas, on more than 6,000 acres. Banpu aims to sequester 1.5 million tonnes of carbon dioxide equivalent per year by 2028 through BKV. Meanwhile, the company has a total of 10 battery energy storage system projects with combined capacity of 2,340 megawatt-hours by 2029, including the Megamount project with 200 megawatt-hours of capacity as its first BESS project in the United States, and the Woori project with 1,400 megawatt-hours in Australia. Chief Executive Officer Sinnamon Vongkusolkit said Banpu is ready to design and connect energy systems that support demand from hyperscalers and the AI economy, while extending investments in strategic minerals such as nickel and bauxite, and AI technologies through corporate venture capital.

Dao Securities maintained its 2026 target price for BANPU at 14.80 baht per share after attending an analyst meeting. Management said the amalgamation between BANPU and BPP was completed on 31 July 2026, with a dividend payment of 0.4 baht per share planned for 25 September 2026. The company expects coal production volumes in Indonesia and Australia to rise quarter-on-quarter in the third quarter of 2026, driven by higher production efficiency at Australian mines, and has set a natural gas production target of 940 to 960 million standard cubic feet equivalent per day in 2026. Dao Securities kept its 2026 and 2027 net profit forecasts at 2.4 billion baht and 2.8 billion baht respectively, compared with a loss of 2.0 billion baht in 2025, and sees average coal selling prices likely supported by ongoing war in the third quarter of 2026, while average natural gas selling prices are expected to be stable quarter-on-quarter.

BANPU shares resumed trading on the first day after completing its merger with BPP, opening at 15.50 baht, above the fundamental value of 14.50 baht estimated by analysts at Asia Plus Securities. The price hit a high of 15.90 baht before retreating to close the morning session at 15.20 baht. Under the new structure, each existing BANPU share was allotted 0.38242 new BANPU shares, and each existing BPP share was allotted 0.80208 new BANPU shares, along with an interim dividend payment of 0.40 baht per share. The XD date is set for September 11, with dividend payment on September 25. Benefits from the merger are expected to reduce organizational complexity, enhance management agility, and create synergies between the legacy business and the power plant business. Net profit for 2026 to 2027 is projected to rise by around 19 to 22 percent from previous estimates, to 3.6 billion baht and 4.7 billion baht respectively, while the debt-to-equity ratio is expected to remain stable at around 1.8 times.

Grid Connected Infrastructure has executed a 20-year site lease with the 100-megawatt Megamouth Energy Storage Project in Harris County, Texas, owned by Banpu Power US Corporation. The site is industrial land adjacent to a recently constructed CenterPoint Energy substation, serving a growing load pocket in the Houston load zone, a highly congested region in ERCOT, the largest battery storage market in North America. GCI identified the site based on future grid interconnection capacity, secured it before development, completed generator interconnection, and will now monetize it through the long-term lease. The company uses analytical tools, AI, and energy project development expertise to identify and secure grid connected land, then leases parcels to infrastructure operators for 20-year-plus terms.