Sector Insight

I. Power sector update for 2025 and Q1 2026

According to EVN, total system electricity generation and imports in 2025 are estimated at 322.8 billion kWh (+4.6% YoY), while output in Q1 2026 reached 76.86 billion kWh (+6.5% YoY), broadly in line with growth in IIP and GDP over the same period.

II. Power sector outlook for 2026 and 2030 direction

_ In 2026, thermal power is expected to be dispatched at higher levels, driven by El Niño weather conditions and strong electricity demand. However, this also raises the risk of power shortages as available capacity is growing at a slower pace than demand.

_ Overall, the investment environment is improving, but the risk of not achieving targeted LNG capacity additions before 2030 remains high. Instead, renewable energy sources such as solar and wind power are being actively promoted.

III. Investment Opportunity– POW

Companies with significant thermal power assets and early exposure to LNG development are expected to benefit from this structural shift in the power source.