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Currently, soaring energy prices are helping corporate renewable energy purchase agreements (PPAs) in Asia Pacific reach a record 700 GW
this year.
Wood Mackenzie analysts said the figure was up 80 percent compared to 2021, which also reflects the recovery
from pandemic-related disruptions.
Corporate renewable energy purchases are driven by decarbonization targets and increasingly driven by market forces, as soaring prices for liquefied natural gas (LNG), crude oil and coal mean that renewable energy generation costs are 46%
lower than the average industrial end-user electricity price by 2022.
The market is dominated by India with 44%, or 8.
1 GW of cumulative contracted capacity
.
Together with Australia and Taiwan, these three regions account for 89%
of the production capacity.
In many Southeast Asian countries, such as Cambodia, Thailand, Vietnam, Pakistan and the Philippines, rooftop solar projects
of limited scale are contracted.
In terms of resources, solar energy accounts for 57% of corporate PPAs in the region to date, and wind energy accounts for 25%.
Largest customers include Taiwanese chipmaker TSMC, Australian miners BHP and Newcrest, supermarket chains and telecom providers
.
The research firm believes that there is still potential for further growth in the Asia-Pacific region, as the region still accounts for only 15% of the global PPA market and energy prices are expected to remain high in the coming years
.
The main obstacle to growth is the lack of regulation that does not allow large-scale procurement of renewable energy
in some markets, the report said.
Wood Mackenzie said while regions such as South Korea, Japan and Chinese mainland were gradually deregulation, Australia, India and Taiwan were seen as continuing to drive future growth
.
Currently, soaring energy prices are helping corporate renewable energy purchase agreements (PPAs) in Asia Pacific reach a record 700 GW
this year.
Wood Mackenzie analysts said the figure was up 80 percent compared to 2021, which also reflects the recovery
from pandemic-related disruptions.
Corporate renewable energy purchases are driven by decarbonization targets and increasingly driven by market forces, as soaring prices for liquefied natural gas (LNG), crude oil and coal mean that renewable energy generation costs are 46%
lower than the average industrial end-user electricity price by 2022.
The market is dominated by India with 44%, or 8.
1 GW of cumulative contracted capacity
.
Together with Australia and Taiwan, these three regions account for 89%
of the production capacity.
In many Southeast Asian countries, such as Cambodia, Thailand, Vietnam, Pakistan and the Philippines, rooftop solar projects
of limited scale are contracted.
In terms of resources, solar energy accounts for 57% of corporate PPAs in the region to date, and wind energy accounts for 25%.
Largest customers include Taiwanese chipmaker TSMC, Australian miners BHP and Newcrest, supermarket chains and telecom providers
.
The research firm believes that there is still potential for further growth in the Asia-Pacific region, as the region still accounts for only 15% of the global PPA market and energy prices are expected to remain high in the coming years
.
The main obstacle to growth is the lack of regulation that does not allow large-scale procurement of renewable energy
in some markets, the report said.
Wood Mackenzie said while regions such as South Korea, Japan and Chinese mainland were gradually deregulation, Australia, India and Taiwan were seen as continuing to drive future growth
.
