Asean energy demand to grow 70% between 2020 and 2040

Published onNovember 5, 2020

Singapore is set to ink an agreement with Laos, Thailand and Malaysia at an Asean meeting next month to advance cooperation on cross-border power trading, Second Minister for Trade and Industry Tan See Leng said on Monday. The memorandum of understanding for the Lao PDR-Thailand-Malaysia-Singapore Power Integration Project (LTMS-PIP) is expected to be signed at the 38th Asean Ministers on Energy Meeting, which will be hosted by Vietnam mid-November. “Tapping on regional power grids and electricity imports for cleaner energy is another key switch of our low carbon energy future,” Dr Tan said in a speech at the Singapore Energy Summit, which is part of the Singapore International Energy Week (SIEW) 2020. The LTMS-PIP currently involves the sale of electricity from Laos to Malaysia, with Thailand acting as a transit country, according to a September 2019 report by the International Energy Agency (IEA). Establishing multilateral power trading would allow Asean member states to tap into the potential benefits of an integrated Asean power system, including reduced costs and an increased ability to integrate variable renewable energy resources, IEA said in the report.