ASEAN accelerates energy sharing mechanism and regional electricity interconnection

Cebu, Philippines (ANTARA) - ASEAN leaders support accelerating the energy sharing mechanism and regional electricity interconnection amid concerns over energy supply disruptions due to conflicts in the Middle East.

In a press conference following the 48th ASEAN Summit, Philippine President Ferdinand Marcos stated that ASEAN has agreed on the need to ensure a stable and reliable energy supply chain as well as strengthening regional energy security cooperation.

One concrete step discussed is accelerating the ratification of the ASEAN Petroleum Security Agreement (APSA), which allows its members to assist each other during fuel shortages.

“The leaders agreed on the importance of a stable and reliable energy supply chain, stronger energy interconnectivity, and accelerating diversification towards alternative and renewable energy sources,” Marcos said.

The APSA mechanism allows ASEAN members to supply fuel to other members experiencing a shortage of at least 10 percent of their domestic needs.

The war between the US-Israel and Iran has heightened concerns over stability in the Strait of Hormuz, a vital route for global oil trade.

In addition to the oil sharing mechanism, ASEAN leaders also encouraged the operationalisation of the ASEAN Power Grid, a regional project connecting the electricity grids of all member countries.

“We encourage the operationalisation of the ASEAN Power Grid to enable cross-border electricity trade, support the integration of renewable energy, and provide more affordable electricity for nearly 700 million people,” Marcos said.

Disruptions in the global energy supply chain were one of the main issues at this year’s ASEAN Summit hosted by the Philippines.