Power sector: Power consumption improved from 3Q25, supporting sector’s earnings
Posted: Sep 23, 2025
- 3Q25 nationwide power consumption started to recover from the low level in Q2, increasing 7.7% yoy. Notably, the first 20 days of September recorded ~13% yoy growth, supporting the outlook for higher plant dispatch in 2H25.
- Hydropower output to remain stable compared to last year’s high base, while coal- and gas-fired power plants benefit from improved profit margins.
- 3Q25 NPAT-MI growth of power companies under MBS coverage is forecasted to reach 17% yoy, with some companies expected to post impressive recoveries from a low base, such as NT2 and GEG.
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