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Malaysia Achieves Electricity Savings Worth RM2.21 Bln As Of June 2024

KUALA LUMPUR, Oct 8 (Bernama) -- Malaysia has achieved significant success in energy efficiency, which has been described as the first fuel of the energy transition, said Deputy Prime Minister Datuk Seri Fadillah Yusof.

Fadillah, who is also the Energy Transition and Water Transformation (PETRA) Minister, highlighted that as of June this year, the country achieved 5.82 per cent in electricity savings, equivalent to 8,769 gigawatt hours (GWh) and valued at RM2.21 billion.

“This is great progress, as we target to reduce electricity demand growth by 8.0 per cent, resulting in a total reduction of 38 million tonnes of carbon dioxide equivalent in greenhouse gas emissions and expected savings of approximately 52,000 GWh of electricity by 2025,” he said in his opening remarks at Enlit Asia 2024 here today.

His speech was delivered by PETRA Deputy Minister Akmal Nasrullah Mohd Nasir.

Fadillah said vital to this achievement were programmes and initiatives such as the Minimum Energy Performance Standards (MEPS), energy audit in commercial and industrial sectors, and the Building Energy Index (BEI) labelling programme, which resulted in substantial energy savings and reduced carbon emissions.

He said Malaysia would expand its renewable energy (RE) capacity and recently had allowed the export of renewable energy and cross-border energy trade in pursuit of the 70 per cent target in installed capacity.

Earlier this year, the government agreed to establish the Energy Exchange Malaysia (ENEGEM) for cross-border green electricity sales to neighbouring countries.

“PETRA believes that the ENEGEM platform will allow Malaysia to further strengthen its cross-border electricity integration framework while paving the way for greater renewable energy development and regional cooperation on cross-border energy trading between ASEAN countries,” Fadillah said.

He noted that Malaysia’s RE development would increase further, fostering investment throughout the RE chain and diversifying the country's RE programmes through a “willing buyer-willing seller” principle.

The Corporate Renewable Energy Supply Scheme (CRESS) has been introduced to boost corporate access to green electricity supply.

Under the CRESS programme, eligible RE generators and corporate companies can arrange for green electricity supply with the agreed terms through the existing supply system.

Fadillah highlighted that these achievements reflected the government's dedication to driving the energy transition, not only within Malaysia but throughout the ASEAN region.

“We must acknowledge that no single entity or country can achieve this monumental task alone. Strong partnerships and collaborations across borders, industries, and sectors are essential,” he added.

Fadillah noted that a key enabler in this effort was the ASEAN Power Grid (APG), which would be one of Malaysia's primary focuses during its chairmanship of the ASEAN Ministers on Energy Meeting (AMEM) in 2025.

He noted that the APG offered a critical platform for accelerating the uptake of renewable energy throughout the ASEAN region, while ensuring energy security across borders.

According to him, by enabling greater integration of renewable energy resources across interconnected grids, the APG strengthens the resilience and reliability of power supply for all ASEAN member states.

“As we undertake the chairmanship of AMEM, Malaysia is well-positioned to link and work closely with other ASEAN member states as we embark on the next chapter of energy transition in the region,” he said.

Enlit Asia 2024 is an annual conference and exhibition that unifies two major events in the power and energy sector, namely Powergen Asia and Asian Utility Week.

Themed “Enabling a Multidimensional Energy Transition in ASEAN”, the conference is being held from Oct 8 to 10.

-- BERNAMA

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