A Thai court has blocked government plans to partially privatise the state-owned Electricity Generating Authority of Thailand (EGAT).
The Supreme Administrative Court ruled that the planned sale was illegal, as it would mean transferring land bought as a state enterprise to a private firm.
Critics of the deal have said shares would be sold to government supporters and that prices would rise as a result.
The flotation of EGAT was suspended last year after consumer groups and anti- privatisation activists petitioned the court. The proposed sale would have raised as much as US$895 million.- With files from the BBC