Does ASEAN need energy storage?

The ASEAN energy storage landscape is undergoing a significant transformation driven by the region's ambitious renewable energy goals and growing energy demands. The ASEAN Centre for Energy (ACE) projects the region's total final energy consumption to increase by 146% by 2040, highlighting the urgent need for robust energy storage systems.

How is ASEAN transforming its energy landscape?

The ASEAN region is witnessing a significant transformation in its energy landscape, driven by ambitious renewable energy storage targets and the need for grid modernization.

Does ASEAN have a potential for solar power?

ASEAN has significant potential for solar power, particularly in the Mekong countries of Myanmar, Thailand, and Cambodia. The potential for solar PV at sites with an LCOE of less than US$150/MWh has been estimated to exceed 30 TW (Lee et al., 2019).

Why is energy storage important in South-East Asia?

More energy storage investments are also needed across the rest of South-east Asia. The region is set to account for 25 per cent of global energy demand growth up to 2035, second only to India, according to the IEA. This will be more urgent as solar energy becomes increasingly economical.

Why does Southeast Asia need flexible energy storage solutions?

Southeast Asia's exponential growth in electricity demand, averaging over 6% annually over the past two decades, has created an urgent need for reliable and flexible energy storage solutions. This surge in demand is primarily driven by increasing ownership of household appliances and rising consumption of goods and services across the region.

Should South East Asia Invest in solar energy?

But to seize this opportunity, the region will have to ramp up investments in energy storage systems. The US recently imposed tariffs of as high as 3,500 per cent on solar exports from four South-east Asian markets: Cambodia, Malaysia, Thailand and Vietnam. These countries accounted for nearly 80 per cent of US solar imports.