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Southeast Asia seen among drivers of global energy demand in 2030

Posted on February 10, 2015

By Juzel L. Danganan

MANILA, Feb. 10 (PNA) — The Southeast Asian region is forecast to be among the main drivers of global energy demand by 2030, according to the International Energy Agency (IEA).

In the IEA’s World Energy Outlook, it said that by 2030 India, Southeast Asia, the Middle East and sub-Saharan Africa will take over as the engines of global energy demand growth.

Aside from Southeast Asia, other areas seen to prompt power demand growth are India, the Middle East and the sub-Saharan Africa.

The IEA said the energy revolution will start on 2025, with Asia, Africa, Middle East and Latin America expected to contribute 60 percent to the total global energy demand by that year.

Meanwhile, the energy body stressed the world needs to create another 7,200 Gigawatts (GW) of power capacity by 2040 to complement the pace of electricity demand.

The 7,200 MW capacity is apart from the generation expected from the replacement of existing power plants, which are set for retirement by 2040.

The IEA also projects that one-third of power generation will be sourced from renewables by 2040.

Moreover, it will also provide half of the globe’s total electricity generation.

The IEA even noted the renewable energy spike will likely instigate market reforms and even electricity pricing.

In the Philippines, renewables created a huge spark last year, in which Energy Secretary Jericho Petilla said it might even be the best player in all of Southeast Asia.

In 2013, global wind power spurred the largest share growth in renewables-based generation at 34 percent.

It was followed by hydropower at 30 percent and solar technologies at 18 percent.

However, the IEA said other challenges may arrive from the growth of wind and solar power.

”As the share of wind and solar PV in the world’s power mix quadruples, their integration both from a technical and market perspective becomes more challenging, with wind reaching 20 percent of total electricity generation in the European Union and solar PV accounting for 37 percent of summer peak demand in Japan,” the IEA said.

Last year, a World Bank study found out the power infrastructure deficit in Asia, with the exception of China, totals US$ 4.1 trillion from 2010-2020.

It noted this was caused by a power infrastructure spending gap between 2010 to 2013.

To catch up with the US$ 4.1 billion spending halt, the World Bank said Asia needs to spend US$ 800 billion to US$ 1.3 trillion yearly until 2020 (since manufacturing is also expected to grow).

On the other hand, Asian countries are also projected to import two out of every three barrels of crude from the Middle East by 2040.

The IEA is an autonomous organization that works to ensure reliable, affordable and clean energy for its 29 member countries and beyond.

It focuses on energy security, economic development, environmental awareness, and engagement worldwide. (PNA)

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