Impact Live: Unleashing Wind in ASEAN
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[Impact LIVE] Unleashing Wind in ASEAN
(Feb 08, Online | Part of APAC Wind Energy Week 2023)
Date & Time: 14:00 - 16:15, GMT+7, Feb 8 Wednesday
Format: Digital Conference
The wind energy market in the ASEAN region has experienced significant growth since 2017, with countries such as Vietnam, Thailand, and the Philippines leading the way. According to the International Renewable Energy Agency, the region had a cumulative installed wind capacity of 8.5 GW by the end of 2020, with a projected capacity of 35 GW by 2030 if current policies and targets are achieved. However, despite the growth, challenges remain, such as the lack of supportive policy and regulatory frameworks, as well as financing challenges for wind energy projects.
Looking ahead to 2023, what the future would look link offer for the ASEAN wind sector and how to navigate these opportunities and challenges? Bearing these questions in mind, the IMPACT webinar was held live on Feb 8th to seek industry advices.
IRENA Report: the cumulative installed wind capacity in ASEAN stands at 8.5 GW by the end of 2020, with a total installed projection of 35 GW by 2030.
Vietnam is by far the largest wind market, with a capacity of 13.9 GW planned by 2025
Thailand has set a target of having 6 GW of installed wind capacity by 2036
Philippines is region’s newest offshore wind player with potential for 3 -20 GW by 2040.
Our Top 5 Key Takeaways:
1. ASEAN's cumulative wind power is projected to almost triple from 6GW as of now to 17GW by 2030, with 80% of the increase coming from onshore projects and the remaining 20% from offshore projects.
2. Investment Interests thrives in the booming PH offshore wind market as evidenced by the award of 52 service contracts for pre-feasibility studies, totaling 40.48GW.
3. Vietnam will remain as the largest wind power potential market in Southeast Asia in the long term, despite policy uncertainties (the delay of PDP issuance, reduction of ceiling price) in the short run.
4. To address inflation and profit challenges, wind turbine OEMs are advised to move upstream by building development business.
5. Long-termism requires the collaboration of both markets and governments. The main contradiction in the current Southeast Asian market is that while private enterprises are willing to take on industrial risks, the public sector is not actively involved, which means that better public-private partnership (PPP) should be designed and applied in power and infrastructure projects.
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