Asia Pacific Energy Review, April 23-29
This weekly column focuses on energy events in Asia and the Pacific
ASEAN / Energy transition
Regional collaboration through power interconnectors, hydrogen networks and energy storage could reduce the cost of decarbonisation among ASEAN member states by $800 billion, says a report by DNV.
Australia / Renewable energy
The govt launched a 6 GW renewable energy tender for the National Electricity Market under the Capacity Investment Scheme, the country’s largest renewables tender. About 2.2 GW of capacity, which could power over one million households, is planned for New South Wales.
China / Carbon market
Fitch Ratings said that China’s government could reduce the free emission allowance for key emitters and place a cap on the quote that can be carried over to 2025. The expected tightening of China’s national carbon market could drive demand for renewable energy.
China / Coal power
China’s coal-fired power sector is set for another year of profit as coal prices drop, reports S&P Global Ratings. Spot coal prices domestically and internationally were down by about 11% due to abundant supply. In Q1 of 2023, the average spot price was 4% to 5% lower than 2023’s annual average.
EVs
In 2024, EV sales in China are projected to reach 10 million, about 45% of total car sales. In the U.S., about 11% of cars sold are expected to be EV. In Europe, despite the phase-out of subsidies, EVs might account for about 25% of cars sold.
Indonesia / Energy transition
The country’s sovereign wealth fund, the Indonesia Investment Authority, will invest up to $1 billion in 2024. Green energy will be a priority, such as investment in the EV ecosystem and geothermal energy, and financing early retirement of coal-fired power plants.
Malaysia / Oil & Gas
Malaysia's Sapura Energy will sell its entire 50% stake in oil and gas upstream company SapuraOMV to TotalEnergies for $705 million. The deal, which includes a cash payment of $530 million, will leave TotalEnergies as the sole owner of SapuraOMV
Offshore wind
The global offshore wind sector added an additional 9.8 GW capacity in 2023, across 25 new offshore wind farms, according to World Forum Offshore Wind. In 2022, that figure was 9.4 GW. Now the total global offshore wind capacity is 67.4 GW.
South Korea / Oil & Gas
The Korea Energy Terminal, a JV between Korea National Oil Corp (KNOC) and utility SK Gas, launched a new oil and gas import facility. Located in the Ulsan Free Economic Zone, the facility will also become a center for hydrogen technology development.
Taiwan / Offshore wind
Ørsted launched the Greater Changhua 1 and 2a offshore wind farm, with a total installed capacity of 900 MW, making it East Asia's largest offshore wind project.