Recent research published in the International Journal of Energy Economics and Policy highlights Malaysia’s ambitious plans to boost its renewable energy (RE) capacity from 23% to 40% by 2035, aiming for an installed capacity of 18.0 GW. This shift is particularly focused on harnessing solar and biogas energy, which, while promising, presents challenges due to their inherent unpredictability influenced by weather and feedstock availability.
The study, led by Shafini M. Shafie from the School of Technology Management and Logistics at Universiti Utara Malaysia, underscores the critical role of energy storage systems in facilitating this transition. As Malaysia integrates more renewable sources into its energy mix, energy storage solutions will help stabilize supply, making the grid more resilient against fluctuations.
Shafie emphasizes the importance of selecting the right energy storage technology, stating, “When selecting the most adequate energy storage system, the technological, environmental and economic aspects need to be considered.” This approach not only addresses the challenges of renewable energy integration but also aligns with the government’s Renewable Energy Roadmap.
The implications for various sectors are significant. For energy companies, the push towards energy storage creates opportunities for innovation and investment in new technologies. Manufacturers of energy storage systems, such as batteries, will likely see increased demand, driving growth in this sector. Additionally, businesses focusing on renewable energy projects can benefit from government incentives aimed at increasing RE consumption, as outlined in the study.
Moreover, the research serves as a guideline for policymakers, providing insights into how energy storage can support the growth of the renewable energy sector. By fostering an environment that encourages the adoption of energy storage technologies, Malaysia can enhance its energy security, reduce dependence on fossil fuels, and contribute to global sustainability goals.
As Malaysia moves forward with its energy transition, the integration of energy storage systems will be pivotal in achieving its renewable energy targets, presenting a wealth of commercial opportunities for stakeholders across the energy landscape.
