Thailand's conventional power sector, anchored in gas, with limited coal and large-scale thermal generation is entering a decisive period. While transition pressures are emerging gradually within a stable, centrally planned framework, the risk landscape is widening: shifting fuel dynamics and LNG exposure, evolving Power Development Plan (PDP) priorities, more cyclical operating patterns, climate-related hazards, tightening ESG expectations, and a sharper stakeholder spotlight on the license to operate.