บทวิเคราะห์ (Research)

While the Thai PM suggested a potential reduction of the electricity tariff to Bt3.70/kWh, we foresee a gradual decrease rather than a sharp cut. We assess five scenarios, with the most likely being a targeted subsidy for vulnerable groups. Other scenarios involve tariff cuts post-adder expiry, fuel cost adjustments, or natural gas price reductions. SPPs, like B. Grimm Power (BGRIM.BK/BGRIM TB)* and Global Power Synergy (GPSC.BK/GPSC TB)*, face downside risks, while data centers stand to benefit (led by Gulf Energy Development (GULF.BK/GULF TB)*). We maintain a Neutral sector rating, recommending GULF and Ratch Group (RATCH.BK/RATCH TB)* as they face trivial impact from such an issue.