Southeast Asia is setting sights on pumped storage hydropower that supports generating a clean energy powerhouse over the next few years. The region predominantly relies on fossil fuels, which account for 64% of total power generation coming from fossil fuels. As per the latest insights and research by Rystad Energy, pumped-storage hydropower in Southeast Asia is predicted to surge from 2.3 GW to 18 GW by 2033. This exponential growth created a sharp rise of 8x in less than a decade, attracting total investments from US $12 billion to $70 billion.
Our green energy storage solutions can greatly enhance electricity flexibility with renewable energy sources like solar and wind. Looking at the consumption rates, 2.7 GW of pumped hydro storage is underway, while the remaining 13.3 GW is still under development. To be more specific, Thailand will boost its existing capacity, and the Philippines will soon surpass the mark of 5.7 GW, following Vietnam and Indonesia, which boast over 4.5 GW and 4.2 GW of pending capacity.
For instance, the Philippines Department of Energy (DOE) regulates energy storage technologies, including pumped hydro. Similarly, Vietnam’s national Power Development Plan 8 (PDP 8) aims to attain 2.4 GW of pumped hydro by 2030 with undertaking projects like Bac Ai and Nihn Sohn.
Follow Tradeflock Asia to stay tuned for updates!
