Prices during Malaysia’s 2019 auctions for 365MW of solar projects saw solar prices as low as 17.77 cents/kWh – lower than the price for gas-based power in the country.
According to Malaysia’s energy minister, Yeo Bee Yin, grid parity for solar power can be seen in the foreseeable future.
During her opening speech at POWER-GEN Asia 2019, Yeo identified grid parity for renewables along with prosumerism, market disruption, demand management and international power trading as the pillars on which the country’s transition to sustainable energy will be built.
In order to achieve this however, Yeo noted that the incentivisation of renewable energy infrastructure and deployment would be necessary, and for that, the country would need approximately $7.83 billion in investment.
Malaysia will also be looking to continue tax allowances and exemptions for investors in the country’s renewable energy projects, whilst exploring green energy trading through bilateral agreements with private sector partners.
“This is a challenging time, but this is also an exciting time,” the minister said.
We spoke to leading energy minds about Asia’s coming energy transition. The insights that will shape Asia’s energy future are right here.
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