Leading energy companies from Malaysia, Singapore and Vietnam have penned an agreement to evaluate the potential export of renewable energy from Vietnam to its two neighbors via a new subsea cable.
Under the deal, an unincorporated consortium between Malaysia’s Petroliam Nasional Bhd. and Tenaga Nasional Bhd., called MY Energy Consortium, will collaborate with a consortium comprising PetroVietnam Technical Services Corp. and Singapore’s Sembcorp. Utilities Pte. Ltd., a joint statement said.
“Together, the consortia will focus on unlocking Vietnam’s rich renewable energy resources -particularly offshore wind power – as a source for green electron generation and to supply clean electricity across borders”, the statement said. “This alliance reflects the growing momentum towards a regionally integrated ASEAN Power Grid.
“Under this agreement, the consortia will evaluate the feasibility of exporting renewable energy from Vietnam to Malaysia and Singapore via a new subsea cable, wheeled in and through the Peninsular Malaysia National Grid with potential additional firming renewable energy generation and storage”.
The agreement was signed on the sidelines of the Association of Southeast Asian Nations (ASEAN) Summit in Kuala Lumpur, where the 11-member bloc advanced talks on a regional power grid.
During the summit, ASEAN finance ministers and central bank governors met on a proposed financing framework for the ASEAN Power Grid (APG).
“We also called on the private sector, financial institutions, philanthropic capital providers and relevant stakeholders, including multilateral development banks, to actively support the APG’s development, and the region’s overall transition efforts by mobilizing to mobilize green financing, expertise, technology, and resources”, Malaysian Prime Minister Anwar Ibrahim said in the Chairman’s Statement for the biennial gathering.
“We recognized that the ASEAN Power Grid is central to achieving a more resilient and sustainable energy future for ASEAN which will unlock investments and create new jobs in the renewable energy manufacturing sector”.
“We looked forward to the signing of the enhanced ASEAN Power Grid Memorandum of Understanding (MOU), and the endorsement of the Terms of Reference of Subsea Power Cable Development Framework in 2025”, Anwar added. The first MOU on the APG was signed August 2007.
“This will strengthen the legal and institutional framework for multilateral power trade and support the development of multiple cross-border overland and subsea electricity interconnections within ASEAN so as to realize the APG vision by 2045”, Anwar said.
The statement by the companies noted, “Singapore’s target is to import around 6GW of low-carbon electricity by 2035, which is around one-third of the nation’s energy demand then. Connecting regional power grids will also promote the development of renewable energy in the region and pave the way in realizing the ASEAN Power Grid vision”.
“This agreement highlights Singapore’s strategic role as a demand center and a key enabler of cross-border power imports to support its decarbonization goals”, commented Wong Kim Yin, chief executive of Sembcorp Industries, parent of Sembcorp Utilities. “We are committed to support ASEAN’s low-carbon transition through shared infrastructure and strengthened partnerships”.
The companies added, “This agreement endeavors to open pathways for a scalable model of cross-border renewable energy cooperation in Southeast Asia, which would position the region as a global leader in collaborative decarbonization and energy transition”.
Last year SunCable obtained conditional approval from Singapore’s Energy Market Authority for a project to import renewable electricity from Australia’s Northern Territory via a subsea cable running through Indonesia.
The generation component of the Australia-Asia PowerLink project is planned to have 5.75 gigawatts (GW) of capacity, 1.75 GW of which would be exported to the city-state. The remaining capacity would be allotted for Australia ‘to power future green industries in Darwin’, according to SunCable.
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