Gulf Development

Gulf Development (Thai: กัลฟ์ ดีเวลลอปเมนท์) it is a public limited company in the form of a Holding company, engaged in three main business groups: energy business, infrastructure and utilities business, and digital business.

Gulf Development

Company type	public
Traded as	SET: GULF
Founded	April 1, 2025; 7 months ago (2025-04-01)
Headquarters	87 M Thai Tower Building, All Seasons Place, 11th Floor, Witthayu Road, Lumphini Subdistrict, Pathumwan, Bangkok 10330

Gulf was incorporated as Gulf Energy Development Public Company Limited on August 19, 2011, expanding its business from Gulf Electric Company Limited (now Generating Electric Public Company Limited) and Gulf Holding Company Limited (now Land and Property Development Company Limited) and listed on the Stock Exchange of Thailand in 2017. Then in 2021, invested in Intouch Holdings Public Company Limited before merging into Gulf Development on April 1, 2025.

In April 2021, Gulf Energy Development made a bid worth about US$5.4 billion to acquire the remaining shares of Intouch Holdings PCL, the major shareholder of Advanced Info Service (AIS), Thailand’s largest mobile operator.^[1] Singapore Telecommunications (Singtel), a significant Intouch shareholder, rejected the offer later that year.^[2] In July 2024, Gulf and Intouch announced a strategic amalgamation plan that would align Gulf’s energy assets with Intouch and AIS under a combined energy-and-telecommunications group; the restructuring won shareholder approvals and proceeded toward completion in March 2025.^[3][4]

Gulf has Gulf VTP Co., Ltd. as its core company and also has other subsidiaries such as Gulf MP Co., Ltd., Independent Power Development Co., Ltd. and Gulf Solar Co., Ltd. There is also a Japanese joint venture company called Gulf JP Co., Ltd. If all subsidiaries are combined, there are 28 power plant projects with a total installed power generation capacity of 11,215.6 megawatts, making it the third largest power producer in the country (as of 2018).^[5]

History

Gulf Electric and Gulf Holdings

Gulf Energy Development has its origins since 1990 when the government of General Chatichai Choonhavan at that time had a policy to reform the energy industry by changing from the original Electricity Generating Authority of Thailand that would build power plants and distribute all electricity by itself to opening up for the private sector to participate in bidding to build power plants for EGAT to purchase electricity from both large independent power producers and small power producers so that the public would have sufficient electricity at a low cost to the government.^[6]

Awards and recognition

In November 2025, Gulf Development Public Company Limited received three major honors at the IAA Awards for Listed Companies 2025, organized by the Investment Analysts Association. The company’s Chief Executive Officer, Sarath Ratanavadi, was named Best CEO, while the Best CFO and Best Investor Relations awards also went to Gulf representatives.^[7]

Defamation lawsuit against Natthaphong Ruengpanyawut

In August 2025, Gulf Energy Development filed a 300 million Baht defamation lawsuit against Natthaphong Ruengpanyawut, Leader of the Opposition People's Party, and two Members of parliament, Woraphop Viriyaroj and Supachot Chaiyasat.^[8][9][10]

The lawsuit stemmed from the People's Party's criticism of the Thai government's energy purchases, noting that there is a lack of transparency in how the purchases work and no bidding process.^[8][11] The People's Party subsequently petitioned the National Anti-Corruption Commission (NACC) to investigate government purchases of energy from the Prayut Chan-O-Cha administration to the current Paetongtarn Shinawatra administration.^[8][10]

Gulf Energy Development is seeking 100 million baht worth of civil damages from each defendant.^[8][10]

Natthaphong's preliminary hearing is scheduled for 25 August 2025.^[9]

Controversies

Gulf Development and Thailand's electricity sector issues

Gulf Development Public Company Limited has been at the center of controversy surrounding Thailand's electricity pricing and oversupply issues. Despite the country generating more electricity than needed, the Thai government continues to grant power contracts to a few companies, including Gulf, which benefits from state subsidies and "Availability Payments" under Power Purchase Agreements (PPAs), even when its plants remain idle. Gulf's dominance in the sector, with the company selling 90% of its electricity to the Electricity Generating Authority of Thailand (EGAT), has made it the largest beneficiary of these arrangements, contributing to rising electricity costs for consumers. Gulf is also involved in controversial hydroelectric projects in Laos, including the Pak Beng and Pak Lay dams, which are criticized for exacerbating the oversupply problem. Despite delays and failure to meet contractual deadlines, Gulf has received favorable extensions and protection from penalties, raising concerns about lack of accountability and the financial burden placed on Thai consumers.^[12][13]