Thailand backs rooftop solar to guard against LNG price surges, minister says

Thailand backs rooftop solar to guard against LNG price surges, minister says BANGKOK, Sept 2 : Thailand will help the public install 5 gigawatts of rooftop solar panels within a year to shield a million homes from soaring energy prices driven by the Middle East conflict, Energy Minister Akanat Promphan said on Wednesday. The plan will use financing from a 400 billion baht ($12.02 billion) emergency borrowing decree, which earmarked 200 billion baht to finance the green energy transition. Last month, Finance Minister Ekniti Nitithanprapas said the government planned to provide 50,000 baht ($1,502) in financial support per household, along with loans, to help pay for the rooftop solar installations. The solar rooftops will be part of the country's power development plan, Akanat told Reuters in an interview. The plan aims to raise the share of renewables in the country's overall power generation mix to 60 per cent, with the remainder sourced from gas, the minister said. "This will be a very aggressive plan. It will span over 25 years," he said. The plan also includes the deployment of carbon capture technology at Thailand's gas-fired plants, as well as improved energy storage and grid modernisation, Akanat added. The country was also looking for new sources of natural gas. "We're looking to secure longer-term agreements that will stabilise the source of liquefied natural gas, which will be regardless of what's happening in the Middle East or any geopolitical conflicts," the minister said. Currently, about 64 per cent of the country's electricity generation is fueled by natural gas, according to the Electricity Generation Authority of Thailand. Thailand imported 10.4 million metric tons of LNG last year. Of the total, 5 million tons were spot purchases, according to data intelligence platform Kpler. PTTEP, the exploration and production arm of the state-owned energy giant PTT, has set aside a budget to explore new gas fields in the Andaman Sea and Myanmar, Akanat said. ($1 = 33.2800 baht)