Asia Pacific Energy Review, Aug 19-25

This column focuses on the previous week's main energy events in Asia and the Pacific.

Australia / Solar power

Environmental approval was granted for a $19 billion solar power project to export electricity to Singapore. The Australia-Asia Power Link is planned to generate 6 GW of renewable energy, one-third of which would be sent to Singapore via an undersea cable.

Australia / Wind power

Collgar Renewables, which operates the largest wind farm in Western Australia, has announced plans to boost its portfolio by building five new wind projects across the state, with a total capacity of 1.7 GW. 

China / Coal power

China, the world's largest builder of coal-fired power stations, cut the number of permits for new plants by nearly 80% in the first half of 2024, said Greenpeace East Asia.

China / Nuclear power

Nuclear power accounts for under 2% of China’s total installed energy capacity but has increased at about 5% per year since late 2018 compared with total capacity growth of 9% per year. China plans a major nuclear reactor expansion that should boost capacity and generation significantly in the next decade.

India / Natural gas

India is unlikely to meet its goal of increasing the share of natural gas in the national energy mix to 15% by 2030, said Spencer Dale, BP’s chief economist, adding that the country will reach only about 8%.

India / Nuclear power

Nuclear Power Corp of India said that Unit 4 of the Kakrapar NPP achieved full operation at 700 MW, marking India’s second domestically built nuclear reactor to reach its full capacity.

Indonesia / Energy minister

Outgoing president Joko Widodo reshuffled the cabinet and replaced the country's energy minister today, just weeks before leaving office. Bahlil Lahadalia will replace Arifin Tasrif as the Minister of Energy and Mineral Resources.

Marine bunkering

Global maritime trade is set to grow more than 40% by mid-century, but total global marine fuel sales are expected to grow 2% between now and 2030. Marine bunkering in Asia Pacific is set to grow 3 percentage points between now and 2030, increasing its share of the global marine bunker market to 51%. However, the global marine fuel market is expected to start declining by the early 2030s due to increased fuel efficiency. 

Offshore wind

Global offshore wind installations grew 7% in 2023 and is expected to expand, surpassing 520 GW by 2040, (excluding China), according to Rystad Energy. Europe will drive growth since it will heavily depend on floating wind to meet national targets. The continent is expected to account for more than 70% of global floating wind installations by 2040.

Southeast Asia / solar power

Southeast Asia’s solar industry boom could be threatened by looming U.S. tariff hikes of as much as 50% as the U.S. and EU attempt to check China. Four countries are targeted: Malaysia, Thailand, Vietnam and Cambodia. They account for over 40% of solar module production outside China, though many Chinese firms are setting up shop in the region.