Electricity Generating Public Co (SET:EGCO)
Electricity Generating Public Company Limited (SET:EGCO, also known as EGCO Group) is a SET-listed Thai independent power producer (IPP) with a diversified generation portfolio covering gas-fired, hydro, wind, solar, and biomass assets across Thailand, Lao PDR, Philippines, Australia, Korea, and Indonesia. Originated as the privatised IPP arm of Electricity Generating Authority of Thailand (EGAT) in 1992. Co-exists with RATCH Group (SET:RATCH) and Gulf Energy (SET:GULF) as Thailand's three SET-listed IPP flagships.
Profile overview
Electricity Generating Public Company Limited (SET:EGCO, also known as EGCO Group) is a SET-listed Thai independent power producer (IPP) with a diversified generation portfolio covering gas-fired, hydro, wind, solar, and biomass assets across Thailand, Lao PDR, Philippines, Australia, Korea, and Indonesia. Originated as the privatised IPP arm of Electricity Generating Authority of Thailand (EGAT) in 1992. Co-exists with RATCH Group (SET:RATCH) and Gulf Energy (SET:GULF) as Thailand's three SET-listed IPP flagships.
Generation portfolio segments
Thailand
Domestic gas-fired and renewables
Khanom gas-fired power plant (1,468 MW, PPA with EGAT); plus solar, wind, and biomass assets totalling approximately 500 MW domestic renewable capacity. PPA-backed stable cash flows underpin dividend yield.
International
Overseas IPP portfolio
Overseas assets include Philippines (Quezon coal plant, Masinloc), Lao PDR (Nam Theun 2 hydro minority stake), Australia (wind), and Korea (solar). Overseas EBITDA contribution approximately 30-35% of group total.
Thai SET-listed IPP comparison
| Company | Ticker | Equity capacity (MW, est.) | Major shareholder |
|---|---|---|---|
| EGCO Group | SET:EGCO | ~5,400 MW | EGAT (25.4%), Mitsubishi (18.2%) |
| RATCH Group | SET:RATCH | ~6,000 MW | EGAT (45%) |
| Gulf Energy Development | SET:GULF | ~13,000 MW | Sarath Ratanavadi (34%) |
| B.Grimm Power | SET:BGRIM | ~4,500 MW | B.Grimm family (72%) |
Watchpoints 2025-2026
PPA renewal
Khanom gas PPA cycle
Khanom gas-fired units 1-2 PPA with EGAT approaching renewal horizon; renegotiation capacity tariff and dispatch terms are the single biggest domestic cash-flow variable for EGCO's next 5-year outlook.
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EGAT (Electricity Generating Authority of Thailand)
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Reports featuring this profile
Related Market profiles
competitor
RATCH legacy electricity profile
Thai listed independent power producer; SET:RATCH; gas-fired, renewable, and Lao hydro generation portfolio.
competitor
EGAT (Electricity Generating Authority of Thailand)
Thailand's state-owned electricity generator, transmission operator, single-buyer PPA counterparty; ~15-20 GW own capacity.
competitor
Banpu Power
Banpu Group power arm; Thailand, China, Japan, Vietnam, Australia, US thermal, renewables portfolio.