Banpu completed a major merger of its energy subsidiaries on 31 July 2026, consolidating upstream gas, power generation, and energy storage under one listed entity. The combined company targets 1.5x EBITDA growth by 2028 and is positioning itself for data center demand through dual 1.5 GW gas plants in Texas (Temple I & II), with long-term power contracts worth 1.5 GW expected by late 2026/early 2027. This restructuring reflects Banpu's pivot toward AI/data-center-driven energy demand and carbon transition, with Q2 2026 EBITDA up 22% QoQ to $327M.