- 4 files (PDF report, 3 Excel files)
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- GENERAL OVERVIEW
- INSTITUTIONS AND ENERGY POLICY
- ENERGY COMPANIES
- ENERGY SUPPLY
- ENERGY PRICES
- ENERGY CONSUMPTION
- ISSUES AND PROSPECTS
- DATA TABLES
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This analysis includes a comprehensive Malaysia energy market report and updated datasets. It is derived from the most recent key economic indicators, supply and demand factors, oil and gas pricing trends and major energy issues and developments surrounding the energy industry. The report provides a complete picture of the country situation, dynamics, current issues and future prospects. With market data and continuous follow-up of markets news, this report brings clear and concise insights with which to tackle national energy challenges and opportunities. Browse the tabs below for a detailed table of contents, the list of graphs and tables, and details on the data files.
- The country targets a 31% share of renewables in the power mix in 2025 and a 45% reduction in the GHG intensity to the GDP in 2030.
- A domestic Emissions Trading System is planned to be launched.
- Two public companies dominate the energy sector: TNB for electricity and Petronas for oil and gas.
- Thermal generation represents around 85% of the power mix, shared almost equally between gas and coal.
- Three CCGT power plants totalling 4.5 GW were commissioned in 2021.
- Since 2020, fuel prices are fixed according to a "managed floating" system.
- Gasoline and diesel are much cheaper than in ASEAN countries.
- Oil and gas represent ~75% of total consumption. Electricity consumption has increased by around 3.5%/year since 2010.
- Petronas is partnering with various companies to explore the potential and viability of CCS technology, making Malaysia a key CCS hub in the ASEAN region.
- The National Energy Plan 2022-2040 plans to reduce the share of coal in the power capacity mix from 31% in 2018 to 18.6% in 2040.
Institutions & Energy Policy
The Economic Planning Unit (EPU), a powerful planning body under the supervision of the Prime Minister, drafts the country's energy policy through its energy division (Energy Section). Decisions are taken by a restricted council of ministers, the "Cabinet Committee on Energy".
The oil sector is dominated by Petronas (77.2% public, 8.5% foreign investors).
Natural gas production has increased by 4%/year since 2020, reaching 76.4 bcm in 2022 after decreasing by 8% in 2020 due to the contraction of gas demand induced by the COVID-19 pandemic. Previously, natural gas production had been increasing by 2%/year over 2010-2019.
In an attempt to reduce its fiscal deficit, Malaysia cut fuel subsidies in 2013, which saved US$1bn in 2014 and resulted in prices increasing by US$0.06/l. Low-income families benefited from higher cash pay-outs to soften the impact of the price hike. Between 2014 and 2020, the Government removed subsidies on gasoline (RON95) and diesel to reduce its fiscal deficit.
In 2022, consumption per capita was 3 toe. This is higher than neighbouring countries. Electricity consumption per capita reached almost 5 000 kWh in 2022.
Graph: CONSUMPTION TRENDS BY ENERGY SOURCE (Mtoe)
Graph: TOTAL CONSUMPTION MARKET SHARE BY ENERGY (2022, %)
Issues & Prospects
Petronas intends to increase its CAPEX to MYR 60bn (US$13.1Bn) for 2022 and MYR 45-50bn (US$9.8-10.9bn) for 2023.
- GRAPH 1: CO2-energy emissions (MtCO2)
- GRAPH 2: Installed electric capacity by source (2022, %)
- GRAPH 3: Gross power production by source (TWh)
- GRAPH 4: Power generation by source (2022, %)
- GRAPH 5: Gasoline & diesel prices (US$/l)
- GRAPH 6: Electricity prices for industry and households (US$c/kWh)
- GRAPH 7: Consumption trends by energy source (Mtoe)
- GRAPH 8: Total consumption market share by energy (2022, %)
- GRAPH 9: Final consumption market share by sector (2022, %)
- Economic Indicators: Annual historical data including population, GDP growth, imports and exports, inflation rate, energy security and efficiency indicators, CO2 emissions.
- Supply Indicators: Historical data including oil and gas reserves, electric and refining capacity, energy production, power production and external trade. All are detailed by energy source.
- Demand Indicators: Historical data including consumption per inhabitant, consumption trends, total consumption by energy source, final consumption by energy source and sector, and electricity consumption by sector.
- Energy Balances: Single table displaying the overall energy industry balance per annum, also graphically displayed by energy sub-segment.
- Infrastructure Projects: Covers power plant projects by energy, technology, status and operator.
The Malaysia energy market data since 1990 and up to
is included in the Excel file accompanying the Malaysia country report.
It showcases the historical evolution, allowing users to easily work with the data.
Key Data included in the excelsheet:
- Economic indicators: Annual historical economic indicators, energy security, energy efficiency and CO2 emissions.
- Supply indicators: Annual historical reserves, capacity, production and external trade (imports(+) exports(-) balance).
- Demand indicators: Annual historical consumption per capita, consumption trends, total consumption, final consumption (per energy and per sector) and electricity consumption total and per sector.
- Energy Balance: total and per energy.
- Malaysia Energy Prices: In addition to the analysis provided on the report we also provided a data set which includes historical details on the Malaysia energy prices for the follow items: price of premium gasoline (taxes incl.), price of diesel (taxes incl.), price of electricity in industry (taxes incl.), price of electricity for households (taxes incl.), price of natural gas in industry (taxes incl.), prices of natural gas for households (taxes incl.), spot price of Brent and CO2 emissions (from fuel combustion).
The Malaysia country dashboards are complemented with country forecasts from EnerFuture (excel file) with scenario comparison.
Data included in the excelsheet:
- Demand: Primary energy consumption, final energy consumption, by fuel, by sector.
- Power: Electricity generation & capacities, by technology.
- CO2: Total CO2 emissions.
- Macro-economy: Main macro-economic assumptions.
- Key indicators: Energy intensity, share of renewables, CO2 emissions per capita and per unit of GDP.