GPSC’s net income jumps 60% in 9M

Availability rates of IPPs improved during the period.

Global Power Synergy Public Company Limited (GPSC) has reported a net income of $151.93m (THB 4.901b) in the first nine months of the year, up 60% from the same period last year.

According to the company, its net profit surged 126% in the third quarter to hit $54m (THB 1.742b).

GPSC’s key revenue drivers are independent power producers (IPP), which reported improved availability rates of in 9M.

The Sriracha Power Plant achieved a 100% availability rate, increasing by 1% compared to the same period in 2024, whilst the Glow IPP Power Plant achieved a 98% availability rate, mainly due to a reduction in unplanned maintenance activities during the second quarter of 2025. Lastly, the GHECO-One Power Plant achieved an availability rate of 96%, improving from the same period in 2024 due to shorter unplanned maintenance downtime.

“For the nine-month period of 2025, total electricity sales amounted to 4,847 gigawatt-hours (GWh), an increase of 1,139 GWh or 31% year-on-year. The increase was mainly driven by higher electricity sales from GHECOOne, following greater dispatch from EGAT, with 245 operating days in 2025 compared to 178 days in 2024,” GPSC said.

Meanwhile, total small power producer electricity sales amounted to 9,972 GWh, decreasing by 520 GWh or 5% year-on-year, mainly due to lower electricity sales from GSPP3 after the expiration of its PPAs with EGAT in August 2024 and March 2025. Whereas electricity demand from industrial customers rose in line with their operating plans.

For total very small power producers, electricity sales reached 183 GWh, up 12 GWh or 7% year-on-year, mainly due to higher generation from CHPP projects that began commercial operations and stronger solar irradiation supporting higher production from solar plants under GRP and the Glow Group. Electricity sales from RDF waste-to-energy plants also increased, supported by higher dispatch from the PEA and reduced unplanned maintenance downtime.