Thailand Powers Up: New Renewable Energy Incentives and
The 2024 updates to Thailand''s renewable energy framework open significant opportunities for both new and established players. The introduction of Direct PPAs provides
Thailand may lack the Battery Energy Storage Systems (BESS) necessary to navigate supply and demand challenges. The 2024 PDP draft included 10,000 MW of BESS, but this may see the country struggle to fulfil carbon neutrality and Net Zero commitments over the coming decades.
This mirrors global trends and signals Thailand's intention to integrate more solar-plus-storage systems into its energy mix, enhancing the reliability of its renewable energy capacity.
“Our report shows Thailand can prioritize deployment of renewables and energy storage to meet growing electricity demand,” said Ponglert Chanthorn, BNEF's Thailand and Singapore lead analyst and co-author of the report.
This is partly due to a lack of clarity on how battery storage fits into existing electricity infrastructure. In 2022, the Thai government approved 24 BESS projects, all of which were located alongside solar operations. Their total combined storage capacity was 994 MW.
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