At the Chula Thailand Presidents Summit 2025, Mr. Sarath Ratanavadi, CEO of Gulf Energy Development Public Company Limited (SET: GULF), gave a speech on “Future Thailand: Energizing Society,” discussing the challenges and opportunities facing Thailand in terms of energy, technology, and the economy. He highlighted Thailand’s reliance on natural gas for electricity generation due to a lack of natural resources.
The CEO notes that the global trend is shifting towards cleaner and cheaper energy sources, such as renewable energy and nuclear power. He emphasizes the need for Thailand to invest in these alternative energy options to remain competitive.
GULF is expanding its investments both domestically and internationally. The company is currently exploring the acquisition of a natural gas power plant in the United States, with a capacity of at least 1,000 megawatts, to add to its existing 1,200 MW Jackson power plant.
In 2025, GULF plans to invest tens of billions of baht in data centres and power plants, both in Thailand and abroad. The company is focusing on expanding its data centre business and is also looking at investment opportunities in various countries for power plant development.
GULF is not planning to invest in small modular nuclear reactors (SMRs), believing it is more appropriate for the government to manage such projects. Instead, the company plans to invest 70-80% of its 20-30 billion baht budget in renewable energy projects, including wind farms, solar farms, solar with battery storage, and hydropower plants.
The CEO opined that Thaksin Shinawatra’s proposal to reduce electricity costs to 3.70 baht per unit is feasible due to the stabilisation of natural gas prices and increased gas production in the US.
GULF is evaluating the growth of its new entity (NewCo) following its merger with Intouch Holdings (SET: INTUCH). The merger is expected to significantly increase the company’s revenue from the previous estimation of 15-20% growth.
The company expects an increase of 1,500 megawatts of power generation capacity from the Hin Kong 2 power plant (770 MW), and 5 solar farm projects (295 MW). Additionally, 7 solar farm projects with battery storage (385.2 MW) are expected to start operation later this year. Additionally, the company plans to add 500 MW from solar rooftop projects this year.
GULF is also expanding its data centre business, with the first phase (25 MW) already fully booked and a second phase planned in the EEC. Revenue generation is expected to be 2-3 billion baht per year from the first phase of its data center business.
The company is collaborating with Google Cloud to launch the first Sovereign Cloud in Thailand with AI technology, expected to be operational in the second quarter of 2025. The company also anticipates that TikTok may use its data centre facilities as well.
Lastly, in 2025, GULF plans to import 5 million tonnes of LNG to fuel its IPP power plants, with a total capacity of 5,000 MW, and the Hin Kong power plant.
