CK Power Public Company Limited (SET: CKP), one of the region’s largest producers of electricity from renewables with one of the lowest carbon footprints, reported continued growth in its CKPower’s Q1/2026 operating performance, with core net profit of THB 115.9 million, representing an increase of THB 52.5 million, or 82.9% compared to the same period last year.
River with some returns
The growth was primarily driven by the strong performance of both two main hydroelectric power plants of the Company. The Company recognized a share of core net profit of Xayaburi Power Company Limited (XPCL) amounting to Baht 198.6 million, an increase of Baht 190.7 million year-over-year. This was mainly attributable to higher water inflow through the Xayaburi Hydroelectric Power Plant compared to the same period last year, resulting in increased electricity sales volume. In addition, XPCL benefited from lower financial costs following the gradual repayment of long-term loans and the decline in interest rates in line with the global interest rate trend.
In addition, Nam Ngum 2 Power Company Limited (NN2) reported an improved performance, driven by higher electricity sales year-over-year. This was supported by higher reservoir water levels at the beginning of 2026, as well as increased water inflows during the first quarter of 2026. As a result, CKPower’s overall performance in the first quarter of this year continued to grow steadily, despite the dry season.
Resilience Through Renewable Energy
As of March 31, 2026, the Company maintained a Liquidity Ratio of 1.78 times, while the Net Interest-bearing Debt to Equity Ratio remained at a low level of 0.47 times, reflecting effective liquidity management and strong debt-servicing capability. Further reductions in policy interest rates in both the United States and Thailand are expected to help lower financial costs and support CKPower’s performance in 2026. The Company will continue to closely monitor interest rate movements and prudently manage its long-term debt to maintain an appropriate capital structure.
CKPower’s renewable energy-based portfolio has also helped shield the Company from the impacts of geopolitical conflict in the Middle East and volatility in global energy prices. Exposure remains limited mainly to fuel costs associated with electricity sales to industrial customers of Bangpa-in Cogeneration Company Limited (BIC), which account for approximately 3% of CKPower’s total electricity generation.
The probability of El Niño conditions is expected to gradually increase in the second half of 2026. To mitigate this risk, the Company has proactively strengthened its Hydrometeorological Monitoring and Forecasting System to improve efficiency and accuracy in electricity generation planning for its hydroelectric power plants. Meanwhile, construction progress of the Luang Prabang Hydroelectric Power Project reached 72% as of the end of March 2026, in line with the planned schedule.
Driving Growth Through Renewable Energy
Under the Company’s five-year plan (2026–2030), CKPower aims to expand its power generation capacity through solar power projects under Private PPA schemes, participation in government renewable energy bidding programs, and the sale of Renewable Energy Certificates (RECs).
In 2025, CKPower Group’s renewable energy facilities supplied more than 10 million megawatt-hours (MWh) of renewable electricity to Thailand, accounting for approximately 17% of the country’s total renewable electricity consumption. The Group’s operations also helped avoid 5.34 million tons of carbon dioxide equivalent (tCO2e) greenhouse gas emissions.
Amid the global energy transition, CKPower remains committed not only to driving sustainable business growth, but also to strengthening energy security alongside tangible sustainability efforts — key foundations that will continue to enhance the Company’s long-term resilience and support its future growth.
