Based on our assessment, the power sector continues to maintain a positive outlook, supported by robust growth in electricity demand in line with GDP expansion. To meet rising load pressure, the national power system will need to mobilize substantial investment capital to expand generation capacity and modernize the transmission network.

In terms of the generation mix, coal-fired and hydropower plants remain the backbone of the system, while LNG-fired power has begun to reach key operational milestones despite ongoing cost-related challenges. At the same time, institutional reforms and regulatory enhancements are accelerating the development of a competitive electricity market and promoting renewable energy deployment. In this context, engineering, procurement and construction (EPC) and power generation companies such as PC1, REE, and POW are well positioned for growth, underpinned by sizable project backlogs and strong positioning within the sector’s new investment cycle.

Overall, the power sector is entering a phase of strategic reconfiguration aimed at ensuring energy security while progressing toward long-term low-emission objectives.