Development of a country’s energy infrastructure is an important parameter to evaluate its growth. In the present decade, a country’s energy infrastructure is adjudged as equipped when it comprises of minimum setup and elements to integrate advanced technologies and improving infrastructure. The minimum elements include the electrification status, grid connectivity, transmission and distribution substations to monitor the electricity supply, high capacity transmission lines, capacitor banks, and step up and down transformers, among others. Countries in the ASEAN region are also working toward ensuring these elements in their respective power grids. According to the data provided by United Nations Economic and Social Commission for Asia and Pacific (UNESCAP) 2016, the electrification percentage of all the ASEAN countries have improved in the past decade.
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The source for power generation in the ASEAN countries has been a mix of conventional and renewable energy. For instance, the countries such as Indonesia, Brunei, Vietnam, and Thailand depend heavily on conventional sources for power generation. On the other hand, countries such as Myanmar, Laos, and Malaysia are dependent on hydro power for generation of electricity. According to ASEAN, plans of action for energy cooperation (APAEC) 2016-2025, the countries are focusing on developing energy sustainability and enhancing the energy infrastructure with established connectivity. Moreover, the transmission and distribution infrastructure is also planned to be upgraded in order to reduce the T&D losses.
However, there lies a challenge for the power utilities and investors to continuously evaluate smart grid projects to define a specific tenure for return of investment (ROI). Moreover, the setup of a smart grid project involves in advance economic analysis to estimate the cost the benefits associated with that particular project. The economic analysis will give a clear idea about the capital cost invested in a particular project, its scope, and the benefits associated with the same. For developing countries such as Singapore, the benefit can be easily identified by analyzing a customized smart grid project. One such method for evaluating the smart grid investment is cost benefit analysis. Therefore, a customized smart grid project has been considered to analyze the cost and benefit associated with that project for Singapore.
The smart grid software segment currently holds the highest share of the ASEAN smart grid market (by product offering). The smart grid software is used by the power utilities to efficient manage the electricity distribution and transparent monitoring of electricity consumption using metering data management system. Moreover, vehicle electrification and HVAC systems are mainly responsible for the load on the grid. According to Federal Electricity Regulatory Commission, the charging of electric vehicles increases the load on the local feeder at an average of 20% during the peak hours. To mitigate the issue on load hike due to vehicle electrification, smart grid software using demand response technologies are used in smart grids to shift the load on the grid during off-peak hours.
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Strategies such as mergers and acquisitions have also been significantly employed by the players across the supply chain to expand in the ASEAN smart grid market. For instance, in February 2019, Mitsubishi Electric, one of the leading players in the ASEAN smart grid market, acquired OVO Energy, to enhance its distributed energy storage technology for the power utilities. In May 2018, Itron Inc. acquired Silver Spring Networks to enhance its product portfolio of smart grid solutions. The acquisition also aimed at providing smart meters and grid software to the power utilities.
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