October 18, 2014
According to The Australian Trade Commission, Thailand is one of the most stable and fastest growing economies in Asia. As the second largest consumer in the region today, it’s no surprise that the Land of Smiles has growing energy needs, and an increased focus on renewable energy.
Oil is a significant source of energy for Thailand, about 90 percent of which is imported, per oil and gas sector wiki for industry professionals, A Barrel Full, Domestic oil production is low and importing can be expensive. As a result, Thailand is primarily using natural gas as an energy source.
While Thailand has large indigenous natural gas reserves readily available, the country remains dependent on imported natural gas to keep up with its domestic energy demands. The country’s growing energy needs have put an increased focused on harnessing the power of renewable energy.
According to Renewable Energy World, the country’s goal is to eventually cull one-fourth of its energy from renewable resources. This new focus has attracted the attention of investors as illustrated by recent positive Thai stock market returns in the area of renewable energy.
Thailand’s Energy Absolute Pcl, plans to invest about $1.4 billion dollars in solar projects and wind farms to boost production capacity from sustainable energy. Energy Absolute Pcl, already operates Thailand's largest solar power project. Others are joining in such as Concretemaker Superblock, which will be diversifying into solar and WHA Corporation’s recent solar joint venture announcement.
The trend of renewable energy in Thailand is only expected to grow. According to Market Watch, “The country ranks among a handful of emerging solar markets that are gaining major momentum in the solar industry. ”
Sincerely, Mercy Mildener
Marketing Executive, Tiger-Consulting