Eurocham’s Breakfast Talk Marks a Milestone on Energy Outlook

• 31 August 2018
• Local News
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The European Chamber of Commerce in Cambodia (EuroCham Cambodia) organised a Breakfast Talk regarding “Bloomberg’s 2018 New Energy Outlook” on 30 August 2018, bringing an in-depth understanding on how low-cost energy options are reshaping energy investment plans.

Held at Raffles Hotel Le Royal, Phnom Penh, the event brought guest speakers from Bloomberg New Energy Finance (BNEF), Investing in Infrastructure (3i), and others guests totaling to more than 100 people.

According to Ms Colleen Regan, the guest speaker from BNEF, wind and solar energy are fundamentally reshaping energy investment plans across the globe. In addition, Ms Colleen Regan also said that BNEF’s research revealed that by 2050 the world’s energy will be produced through wind and solar as a result of dramatic cost reductions, displacing the reliance on fossil fuels as sources energy.

Giving an insightful analysis of energy in Cambodia, Mr Morten Kvammen, a financial consultant from 3i highlighted the significant pace of progress Cambodia had made in order to diversify its energy sources.

Over the period of 10 years, Cambodia has transitioned away from diesel-generated electricity and has reduced power imports from a peak of 60% to less than 20%, as electricity demand surges said Mr Morten Kvammen.

Speaking on Cambodia’s progress regarding energy supply, Mr Morten said that the country has a number of hydropower projects but at the same time it has also recognised the benefits of solar, with a number of projects already operational or under tender.

Meanwhile, during the discussion, guest speakers also highlighted the government’s policy of adopting its first regulation which clarifies the conditions of connecting solar systems to the national grid.

While being optimistic about the future of solar in Cambodia, Mr Morten stressed that the country would benefit from balancing priorities that seek the most appropriate lowest cost option while protecting existing energy assets.

However, regarding the promotion of solar energy in Cambodia, the panel had agreed that local banks must begin to embrace solar as a viable asset class and provide funding, particularly as electricity demand continues to rise and that the solar payback period in most areas of Cambodia is now less than 5 years.

Established in 2011 EuroCham Cambodia is a business organisation that works to promote the interests of European businesses operating in Cambodia while also facilitating the entry of European companies and organising various networking events. To date, the organisation has more than 300 members.

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