东盟电网融资（英）2026

Financing theASEAN Power Grid INTERNATIONAL ENERGYAGENCY The IEA examines the fullspectrumof energy issuesincluding oil, gas andcoal supply anddemand, renewableenergy technologies,electricity markets,energy efficiency,access to energy,demand sidemanagement and muchmore. Through its work,the IEA advocatespolicies that will enhancethe reliability,affordability andsustainability of energyin its32Member countries,13Association countriesand beyond. IEAAssociationcountries: IEAMembercountries: ArgentinaChinaEgyptIndiaIndonesiaKenyaMoroccoSenegalSingaporeSouth AfricaThailandUkraineViet Nam AustraliaAustriaBelgiumCanadaCzech RepublicDenmarkEstoniaFinlandFranceGermanyGreeceHungaryIrelandItalyJapanKoreaLatviaLithuaniaLuxembourgMexicoNetherlandsNew ZealandNorwayPolandPortugalSlovak RepublicSpainSwedenSwitzerlandRepublic of TürkiyeUnited KingdomUnited States This publication and any mapincluded herein are withoutprejudice to the status of orsovereignty over any territory,to the delimitation ofinternational frontiers andboundaries and to the nameof any territory, city or area. The EuropeanCommission alsoparticipates in thework of the IEA Source: IEA.International Energy AgencyWebsite: www.iea.org Abstract The Association of Southeast Asian Nations (ASEAN) has a long history ofelectricity system connectivity, and the development of the ASEAN Power Grid(APG)is central to achieving a sustainable,secure and affordable energytransitionacross the region.Delivering the APG will require a significantstep-change in investment over the coming 15 years, and unlocking financing froma diverse range of sources will be essential for this to happen. Yet financingapproaches and business models have not evolved at the pace required to supportan increasingly ambitious and complex pipeline of interconnector projects. Thisreport examines how interconnectors are approached today from thefinancing and business model perspective. It explores how, in combination withbroad macro-financial and market-specific factors, current approaches may createchallenges given the size and characteristics of the APG project pipeline. Ratherthan focussing on institutions or regulatory frameworks, this report approaches theissue through an investor’s lens – asking how these assets are financed in practiceand what must change to make them bankable for a wide set of potential investors. By quantifying total investment needs and potential sources of finance, identifyingkey barriers and offering clear, actionable recommendations, this report aims toequippolicy makers,regulators,utilities,financiers and private-sectorstakeholderswith the guidance needed to accelerate the financing andimplementation of the ASEAN Power Grid. Foreword The Association of Southeast Asian Nations (ASEAN) is expected to account fora quarter of global energy demand growth over the next decade, driven by itsgrowing population, rising incomes and expanding manufacturing sector. Whilethe benefits of power connectivity for energy security, affordability, sustainabilityand economic prosperity have long been recognised, the Age of Electricity,increasingdeployment of variable renewables,and rising energy securityconcerns further strengthen the case for regional power integration. Momentum continues to build around the ASEAN Power Grid (APG) vision,supported by sustained leadership from successive ASEAN chairs and memberstates. Yet implementation has lagged political will and power integration remainsnascent. Realising the ambitions of the APG will require a substantial scale up ofinvestment in the coming years. As is often the case for many emerging marketsand developing economies, mobilising investment is not just a matter of politicalcommitment and effective institutions, but also of access to finance. Thisreport aims to support ASEAN to translate the APG from vision toimplementation. It provides guidance on actionable steps to encourage successfulfinancing and deployment of interconnectors in the region, with reference tointernational best practice and case studies. We consider the role of innovativefinancing models, commercial frameworks and robust risk management to meetinvestmentneeds.Above all,we believe that success will require strongleadership and close collaboration between policy makers, regulators, utilities,development finance institutions and the private sector. I would like to warmly thank the Energy Investment Unit in the Office of the ChiefEnergy Economist and the report’s lead author James Bragg for designing anddelivering this timely report. We also thank our external partners that contributedtothis analysis.We hope it will serve as a practical reference point forstakeholders across the region as they work together to build a more connected,secure and sustainable energy future. Sue-Ern TanHead of the IEA Regional Cooperation CentreInternational Energy Agency Acknowledgements, contributorsand credits The study was prepared by the Energy Investment Unit in the