ASEAN Renewable Energy OutlookOnline, 6 July 2021On July 6th 2021, the Executive Director of ASEAN Centre for Energy (ACE), Dr Nuki Agya Utama, was invited to deliver the welcome remarks and a special talk on “ASEAN Renewable Energy Status, Future Trends and Their Role in Energy Transformation” in ASEAN Energy & Utilities Digital Week.
During the welcome remarks, Dr Nuki Agya Utama mentioned that through the ASEAN Plan of Action for Energy Cooperation (APAEC), the region has committed to achieving the targets on Renewable Energy (RE) share 23% in Total Primary Energy Supply (TPES), as well as the 35% share in installed power capacity by 2025. To fulfil the target, the region needs about US$360 million investment in the power sector alone. Hence more incentives are required to build a sustainable ecosystem such as capacity building to drive down the cost of renewables.
After delivering the welcoming remarks, Dr Nuki also invited to present in the special talk session. Opening the presentation, he explained a significant increase of about 50% increase of energy demand from 2005 – 2017 with 662,569 Ktoe energy supply and 393,245 energy consumption. This energy landscape is expected to increase more rapidly in the future.
Looking at Renewable Energy, power installed generation cannot be neglected. Currently, power generation in ASEAN is 1,081,313 GWh while in Europe, 2,806,000 GWh meaning that ASEAN needs twenty years to have an equal power generation with Europe’s now. Also, the most significant share of power generation in ASEAN is still dominated by fossil fuels, which are coal, natural gas, and oil.
Further discussion, Dr Nuki also shared some insights regarding the multiplier effects on the electricity sector 2020 – 2021 from the COVID-19 pandemic. The results are a fall in electricity demand, net profit loss of electricity sales, increased vulnerable groups, further financial loss to provide electricity tariff relief, redesign of PDP, and delay of power plants. But there are also some builds back better in 2021, for example, the positive outlook of GDP with 6% growth in 2021 in Malaysia. Singapore experienced a gradual increase in electricity price in Q3 after its lowest level in the past 20 years in April 2020.