KUALA LUMPUR, Nov 10 -- Investment uncertainty caused by a financial downturn and renewable energy are the two biggest concerns of Asia’s electric industry today, according to Black & Veatch’s first-ever Strategic Directions: Electric Industry Asia 2021.
Based on data provided by senior energy industry leaders, the report points to the need to balance affordability and pressure to decarbonise power generation while integrating reliable and resilient systems to cope with natural disasters, extreme weather events and intermittency of renewable energy.
Threats to reliable grid operations and performance across Asian electricity markets include network capacity investment not keeping pace with demand; underinvestment in more reliable transmission networks; and introduction of too much intermittent renewable energy.
“Financing and integrating renewable energy are of most concern for the region’s electric industry as we continue to manage through the impacts of COVID-19,” said Black & Veatch's Executive Vice-President & Managing Director, Asia Power Business, Narsingh Chaudhary.
“We see a need for more integrated solutions across generation, transmission and distribution, as well as the expansion of gas-fired generation and energy storage to improve efficiencies and resilience.”
The most significant investment growth in new capacity over the next three to five years is expected in renewable energy. Solar (land), energy storage, solar (floating), wind (offshore) and microgrids represent the top five categories.
A future for gas-fired power generation is also expected beyond 2035, with 66 per cent of respondents believing gas will feature as a significant component of the grid while only 18 per cent see a similar role for coal-fired power generation.
Looking out to an uncertain 2021, government regulators (66 per cent) continue to be viewed as the most influential agent of change, underlining their critical role in the months ahead.
More details at http://bv.com/reports.
-- BERNAMA
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