One of the main goals of the ASEAN Plan of Action for Energy Cooperation 2016-2025 is ensuring that the citizens of ASEAN have accessibility to electricity. Over the past two decades, ASEAN countries have improved in leaps and bounds with regards to providing electricity for all their citizens. The electrification rate has risen 28 percent since 2000 and now 90 percent of Southeast Asia has access to electricity.

Saudi Arabia promised to act decisively to keep oil prices under control, signalling a real supply boost approaching one million barrels a day is on the way to global markets.“We will do whatever is necessary to keep the market in balance,” Saudi Energy Minister Khalid Al-Falih told reporters on Saturday, while sitting alongside his Russian counterpart Alexander Novak at the Organization of the Petroleum Exporting Countries (OPEC) headquarters in Vienna.

Estimates by the International Renewable Energy Association (IRENA) and the ASEAN Centre for Energy (ACE) indicate that US$290 billion of total investment in renewable energy capacity will be necessary to attain the regional aspirational target of 23 percent primary energy from renewable energy by 2025. Hence, renewable energy investment would need to be substantially scaled up to an estimated US$27 billion annually.

The chandeliered halls of Vienna’s Hofburg palace will be the venue for the meeting between leaders of the Organization of the Petroleum Exporting Countries (OPEC) as they decide on output policy amid calls by the major oil consuming economies of the United States (US), China and India to increase crude oil production and cool down oil prices.

Over the past decade, renewable energy investments in Southeast Asia have been fluctuating substantially, mainly influenced by the completion of large-scale projects and changes in the overall policy landscape. According to the International Renewable Energy Agency (IRENA), nearly US$27 billion was cumulatively invested in the region between 2006 and 2016. Thailand attracted the bulk of this sum, with upwards of US$10 billion, representing 40 percent of the total investment.

Since sanctions by the United States (US) and European Union (EU) were lifted, Myanmar has enjoyed relatively strong economic growth. According to the Economist Intelligence Unit (EIU), Myanmar’s economy has grown at an average of 7.5 percent between 2012 and 2017.

Hydropower is one of Southeast Asia’s biggest renewable energy sources, however, many still remain oblivious to the damaging side-effects of hydropower projects. According to the International Renewable Energy Agency (IRENA), hydropower capacity in the region grew almost threefold from 16 GW to 44 GW between 2000 and 2016. Currently, the use of hydropower is most prevalent in Vietnam, Lao PDR and Thailand, which take advantage of the Mekong River flowing through their respective borders.

The current period of sustained economic growth in Southeast Asia is expected to continue into the foreseeable future. Analysts are projecting the cumulative growth of economies in the Association of Southeast Asian Nations (ASEAN) to be upwards of 5.1 percent for this year. This situation has rightly prompted a rise in energy demand within the region.

Coal power is set to soar as the region’s energy demands are expected to multiply in the coming years. According to a report released by the International Energy Agency (IEA) in October last year, Southeast Asia’s energy demands are forecasted to grow as much as 60 percent by 2040.This increase in energy demand is led by a growing population. Higher incomes in the region also means consumers are buying more electric appliances and increasing their consumption of electricity.

With a rapidly growing economy, Vietnam is facing an increase in energy demand. According to Vietnamese power company, Electricity of Vietnam, energy demand in the country is forecasted to grow 10% annually. Accounting for a significant chunk of the demand for energy is the demand for electricity.