Singapore – Financing will be the main hurdle in the way of $800 million ASEAN power grid, Department of Energy Said.
Energy Secretary Sharon S. “ASEAN Power Grid cross-border projects demand substantial capital, requiring innovative financing models and mixed mechanisms that leverage public, private and multilateral support,” Garin said in a speech at the Singapore International Energy Week.
ASEAN, the Asian Development Bank and the World Bank recently launched a new fiThe initiative to support the grid, which aims to link the electricity networks of the bloc's member countries, enables cross-border electricity trade. The target timetable for the program is 2045.
According to the World Bank Group, the project will require an estimated $800 billion in generation and transmission investment.
“This interconnected system will drive the transition towards a clean, resilient and sustainable energy future, where progress and prosperity will be shared equally across Member States,” Ms Garin said.
He said the private sector would be an “essential partner” while governments would provide direction.
“The Philippines stands ready to contribute to this shared vision,” Ms. Garin said, highlighting its own interconnection of the three major island grids following the completion of the Mindanao-Visayas Transmission Interconnection Project.
“This experience, although at a national level, reflects the same principles of the ASEAN Power Grid, in which by connecting our systems, we can optimize our different resources and contribute to the stability of supply,” she said. , Sheldin Joy Talavera
