Traditional power projects failed to meet deadlines.
Energy policymakers are set to revise the national power development plan (PDP) for 2015-36 after traditional power projects failed to meet deadlines and the cost of renewable energy fell. According to Maybank Kim Eng, the new plan will revise up the share of renewable energy to 40% by 2023.
The existing PDP aims to reduce the country’s reliance on natural fuels from 70% to 40% and lift renewable fuels from 8% to 20%.
Here's more from Maybank Kim Eng:
It aims to add 57,500MW of renewable power by 2036, bringing national capacity to 70,400MW, net of the 24,670MW ageing generator that are to be cut off.
As technology develops, it could potentially lower investment costs on renewables and this will propel increase of contribution by renewable energy.
We believe this would provide opportunities to renewable powerplant operators such as TPIPP, EA & BPP and new entrants to the power-storage business such as GPSC.
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