RATCH legacy electricity profile
RATCH Group Public Company Limited (SET:RATCH, formerly Ratchaburi Electricity Generating) is a Thai listed independent power producer (IPP) with portfolio across gas-fired, renewable, and Lao-hydropower assets. Originated as the privatised IPP arm of Electricity Generating Authority of Thailand (EGAT). Co-exists with Electricity Generating Public Co (SET:EGCO) and Gulf Energy Development (SET:GULF) as Thailand's three SET-listed IPP flagships. Diversifying into Australian renewables and Indonesian thermal assets.
Profile overview
RATCH Group Public Company Limited (SET:RATCH, formerly Ratchaburi Electricity Generating) is a Thai listed independent power producer (IPP) with portfolio across gas-fired, renewable, and Lao-hydropower assets. Originated as the privatised IPP arm of Electricity Generating Authority of Thailand (EGAT). Co-exists with Electricity Generating Public Co (SET:EGCO) and Gulf Energy Development (SET:GULF) as Thailand's three SET-listed IPP flagships. Diversifying into Australian renewables and Indonesian thermal assets.
Business segments
Gas-fired power
Domestic gas-fired generation
Ratchaburi gas-fired power plant in Ratchaburi province with approximately 3,645 MW nameplate capacity, one of Thailand's largest IPP facilities. Sells to EGAT under long-term PPA at contracted take-or-pay rates.
Renewables
Wind, solar, and hydro portfolio
Diversified renewable portfolio including wind farms in Thailand and Vietnam, solar projects in Japan and Australia, and Lao PDR hydropower assets. Renewable capacity approximately 1,500 MW as of 2024.
Peer comparison — Thai listed independent power producers
| Company | Ticker | Installed capacity (MW) | Primary focus |
|---|---|---|---|
| Gulf Energy Development | SET:GULF | ~11,000 MW | Gas-fired, LNG, data centres |
| RATCH Group | SET:RATCH | ~5,600 MW | Gas-fired, renewable, Lao hydro |
| EGCO | SET:EGCO | ~5,000 MW | Gas-fired, coal, ASEAN renewable |
| CK Power | SET:CKP | ~1,800 MW | Lao hydro, Thai solar |
Watchpoints 2025–2026
PDP 2024
Power Development Plan capacity awards
Thailand's 2024 Power Development Plan (PDP 2024) determines new IPP capacity awards. RATCH's ability to secure new contracted capacity in renewable auctions is critical for growth beyond legacy Ratchaburi gas-plant revenues.
Gas price
LNG feedstock cost exposure
Ratchaburi gas-fired plant is exposed to LNG spot-price volatility where PPA fuel-pass-through arrangements have caps. Elevated LNG prices can compress plant-level margins in non-pass-through contract tranches.
Related Market profiles
Peers, parents, partners, agencies, and other Power Generation actors.
Competitor
EGAT (Electricity Generating Authority of Thailand)
Thailand's state-owned electricity generator, transmission operator, single-buyer PPA counterparty; ~15-20 GW own capacity.
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Competitor
Banpu Power
Banpu Group power arm; Thailand, China, Japan, Vietnam, Australia, US thermal, renewables portfolio.
Open Market profile →
Competitor
CK Power
Ch. Karnchang Group power arm; Xayaburi 1,285 MW Laos hydropower flagship, domestic solar, small hydro.
Open Market profile →
Sector peer
Electricity Generating Public Co (SET:EGCO)
Listed Thai IPP; SET:EGCO; gas-fired and renewables portfolio across Thailand, Lao PDR, Philippines, Australia, Korea.
Open Market profile →
Reports featuring this profile
Related Market profiles
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.
competitor
CK Power
Ch. Karnchang Group power arm; Xayaburi 1,285 MW Laos hydropower flagship, domestic solar, small hydro.