Asia Pacific Energy Review: April 8-15
This weekly column focuses on energy events in Asia and the Pacific, and all that impacts markets in the region.
ASEAN / Energy demand
Energy demand in the ASEAN countries could increase 21% this year over 2021, with fossil fuels to dominate. The ASEAN Centre for Energy said oil will hold the largest share in energy consumption at 45.8%.
Bangladesh / Natural gas
Total electricity generation from natural gas is expected to grow to 93 TWh by 2032, up from 70 TWh in 2023. It will be driven by state plans to build more gas-fired power plants. The power sector is Bangladesh's largest natural gas consumer, comprising 39% of total consumption last year.
China / Coal
The state planner finalized a rule to set up a domestic coal reserve system by 2027 in order to stabilize thermal coal prices and supplies to power plants. The rule calls for 300 MMT of dispatchable annual coal production by 2030, equal to about 6% of last year's output.
Coal
In 2023, total global coal power plant capacity saw a net increase of 48.4 GW, the highest growth since 2016, bringing the total to 2.13 TW, said Global Energy Monitor. About 69.5 GW of coal power came online last year, two-thirds of which, or around 47 GW, were from China; meanwhile, 21 GW was retired during that period.
India / Hydropower
India has 15 GW of hydroelectric power projects under construction; if realized, it would increase the country's total hydro capacity by over 50% to 67 GW by 2032, up from the current total of 42 GW.
India / Pumped storage
Pumped storage capacity might reach 55 GW by 2032, up from today’s 4.7 GW. India has 2.5 GW of pumped storage capacity under construction; an additional 48 GW of such projects are in the planning stage.
Indonesia / LNG-fueled station
PT Jawa Satu Power started operations of an LNG-fueled power plant (1.76 GW) that’s 100 km east of Jakarta. This is significant because Indonesia relies on coal-fired power generation to meet 60% of its energy needs.
Myanmar / Natural gas
Chevron has quit the Yadana natural gas field. Rather than being sold, Chevron's 41.1% stake was redistributed to the other shareholders — Thailand's PTT Exploration and Production and state-owned Myanma Oil and Gas Enterprise. PTTEP, the gas field’s operator, said its Yadana stake had increased to 62.96%.
Natural gas demand
By 2050, the global power sector will account for 40% to 50% of natural gas demand, with Asia to account for the largest growth, said McKinsey, adding that power sector demand growth is driven by increasing electrification requirements in building and industry.
Philippines / Power
Power company First Gen said it targets to reach 13 GW of total power capacity by 2030 but it will need investment of $20 billion; this includes work on the 1.2 GW Santa Maria natural gas power station in Batangas province.