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>Power capacity growth is lagging surging DC/AI demand, reflected in PJM’s higher DC load share versus other regions (12.5% in 2025E, 18%/22% in 2028–30E) and rising electricity prices, leading to policy risk and divergent medium- to long-term impacts on capacity prices (post mid-2028) under PJM Policy Briefs and White House-led Emergency Auctions.</li><li>Last Friday, PJM and stakeholders discussed price-control measures focused on keeping DCs connected to the grid while gradually reforming market structures.</li><li>Accordingly, capacity price intervention in PJM over the next 3–5 years appears likely, with differing outcomes by policy path.</li></ul>

Power capacity growth is lagging surging DC/AI demand, reflected in PJM’s higher DC load share versus other regions (12.5% in 2025E, 18%/22% in 2028–30E) and rising electricity prices, leading to policy risk and divergent medium- to long-term impacts on capacity prices (post mid-2028) under PJM Policy Briefs and White House-led Emergency Auctions.Last Friday, PJM and stakeholders discussed price-control measures focused on keeping DCs connected to the grid while gradually reforming market structures.Accordingly, capacity price intervention in PJM over the next 3–5 years appears likely, with differing outcomes by policy path.

Energy (Power Plant): DC Load And Electricity Prices Rise, Increasing Post-2028 Policy Risks