Rystad Energy has announced that the installed capacity of pumped storage power plants (PSPPs) in Southeast Asia (SEA), including Thailand, the Philippines, Indonesia, and Vietnam, is expected to rise from 2.3 GW in 2023 to over 18 GW by 2033.
This growth is expected to attract up to USD70 billion in investments over the next decade. The Philippines will contribute to this increase with projects totalling 5.7 GW at the pre-investment stage. Vietnam and Indonesia plan projects totalling 4.5 GW and 4.2 GW respectively, meanwhile Thailand plans 1.6 GW. From 2013 to 2023, ASEAN countries, which include Brunei, Cambodia, Laos, Malaysia, Myanmar, and Singapore in addition to Thailand, Vietnam, Indonesia, and the Philippines, increased their renewable energy capacity from 9.4 GW to 48.6 GW, excluding hydroelectric power plants. The share of wind, solar, and biomass energy in the ASEAN energy mix increased from 4.6-10 per cent meanwhile, hydroelectric power remained at 15.5 per cent.