Forecast: Renewable Power Generation in Malaysia

The renewable power generation in Malaysia has seen a significant journey from 2013 to 2023, starting at 1.25 Terawatthours (TWh) and reaching 4.26 TWh in 2023. This represents an overall substantial increase, especially after 2018, with notable growth spikes—an 81.1% increase in 2018 and a 32.63% surge in 2019. The last two years recorded year-on-year increases of 10.11% in 2022 and 7.34% in 2023, illustrating sustained growth but at a slightly declining rate. The compound annual growth rate (CAGR) over the last five years stood at 16.5%, confirming a strong upward trend.

Future trends to watch:

- Malaysia’s renewable power generation is expected to continue growing, reaching 5.04 TWh by 2028.

- The forecasted 5-year CAGR is 2.33%, a more modest but steady increase compared to previous years.

- The total forecasted growth rate over the next five years from 2024 is projected at 12.23%.

- Factors influencing future growth could include technological advancements, government policies, and increased investment in renewable energy infrastructure.