National Power Supply Public Company Limited (NPS) reported total revenue of 8.305 billion baht and a net profit of 717 million baht for the first six months of 2025, up by 101.6% from the first half of 2024. This growth was driven by several key factors:
- Rising electricity demand from industrial customers, and better pricing offset volumes previously sold to the Electricity Generating Authority of Thailand (EGAT) under power purchase agreements (PPAs), with current prices above the EGAT rate.
- Planned maintenance shutdowns without PPA constraints improved efficiency and reliability across all plants, significantly reducing unplanned outages.
- The fully operational floating solar plant lowered consumption of biomass as fuel, enabling efficient management of fuel production, procurement, and moisture control. Additionally, the company’s adoption of Electric Vehicles (EVs) for biomass transportation reduced overall fuel costs by about 30%.
| (UNIT: MILLION BAHT) | JAN - JUN 2025 | JAN - JUN 2024 | YoY |
|---|---|---|---|
| Revenues | 8,305 | 8,410 | -1.3% |
| EBITDA | 2,211 | 1,701 | +30.0% |
| Net profit | 717 | 356 | +101.6% |
Mr. Yothin Dumnernchanvanit, Chairman of the Executive Board of NPS, stated that the company’s continuous 24-hour, clean energy production capacity of 543 MW—from biomass and solar power—has attracted numerous international manufacturers seeking to reduce their carbon footprints to build factories at 304 Industrial Park, where NPS provides full-service energy and infrastructure. Since early 2024, 30 new and existing industrial customers have expanded their production capacity, totaling about 75 billion baht of investment. These expansions are expected to increase the electricity demand by about 300 MW and industrial water use by about 54,000 cubic meters per day from the second half of 2025 to 2030.
About one-third of the company’s customers operate in the printed circuit board (PCB) and related export industries, representing a significant share of PCB production in the Asia-Pacific region. PCB World Media, a leading publication for the global PCB industry, has recognized Thailand’s 304 Industrial Park as one of the world’s major PCB production hubs. An internal survey of export-oriented customers at 304 Industrial Park found no significant impact from U.S. import tariffs, supporting steady and growing industrial electricity demand.
The development of NPS’s Green Logistics business is also progressing as planned. The company is transitioning its transport fleet by replacing internal-combustion vehicles with 215 electric trucks (EVs). Two charging and battery-swap stations are operating near the company’s Floating Solar Farm in Prachinburi Province, with nine additional charging stations in service across the Eastern and Central regions. NPS also plans to expand into water, transportation, and offshore cargo-handling services.
The success of the Green Logistics business has not only reduced transport fuel costs but also strengthened the company’s appeal to industrial investors at 304 Industrial Park by offering low-cost, low-carbon freight services using EV trucks.
Finally, Mr. Yothin reported on NPS’s financial profile and debt-servicing capacity. In August 2025, TRIS Rating reaffirmed the company’s BBB+ credit rating with a stable outlook, reflecting its solid performance and prudent financial management.