Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

A full service Thai brokerage

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

Thematic (Sector/Industry)

United states Energy / Thematic (Sector/Industry)

<ul><li>PJM announced the 2027/28 capacity price at USD333.44/MW-day, extending its upward trend for a third consecutive year and confirming tight power supply conditions (peak demand exceeding reliable capacity), which supports stable capacity revenue (30–35% of total revenue) over 2025–27E for PJM-exposed players such as BCPG (US CCGT 857MWe; 59% of operating MWe) and GULF (Jackson 588MWe; 6% of operating MWe).</li><li>We maintain a positive view on US power portfolios as good assets, supported by tight power supply that has lifted capacity prices into an uptrend and raised the share of capacity revenue to 30–35% (vs. 10% before the 2025/26 reset).</li><li>Energy revenue (around 65–70% of total revenue), which reflects spark spreads (gas-fired power plant margins), depends on gas price movements, plant efficiency, and risk management, such as spark spread hedging to lock in margins by fixing electricity selling prices and gas costs in advance.</li></ul>

PJM announced the 2027/28 capacity price at USD333.44/MW-day, extending its upward trend for a third consecutive year and confirming tight power supply conditions (peak demand exceeding reliable capacity), which supports stable capacity revenue (30–35% of total revenue) over 2025–27E for PJM-exposed players such as BCPG (US CCGT 857MWe; 59% of operating MWe) and GULF (Jackson 588MWe; 6% of operating MWe).We maintain a positive view on US power portfolios as good assets, supported by tight power supply that has lifted capacity prices into an uptrend and raised the share of capacity revenue to 30–35% (vs. 10% before the 2025/26 reset).Energy revenue (around 65–70% of total revenue), which reflects spark spreads (gas-fired power plant margins), depends on gas price movements, plant efficiency, and risk management, such as spark spread hedging to lock in margins by fixing electricity selling prices and gas costs in advance.

Energy (Power): PJM: 2027/28 Capacity Price At USD333.44/MW-Day — Within Expectations