Malaysia has officially established the Energy Exchange Malaysia (ENEGEM) for the purpose of facilitating cross-border sales of green electricity to Singapore.
Announced through a media statement from the Ministry of Energy Transition and Water Transformation (PETRA) on April 15, 2024, the establishment of ENEGEM marks a pivotal step in Malaysia’s efforts to strengthen its cross-border electricity integration framework.
The cross-border sales of energy through the ENEGEM platform will be implemented based on the latest “Guide for Cross-Border Electricity Sales (CBES)” issued by the Energy Commission.
Under the pilot scheme, Renewable Energy (RE) Bidders holding electricity generation and/or retailer licenses for the Singapore Electricity Market are eligible to participate. Interested parties are required to register with the Single Buyer to partake in the auction process.
Upon completion of the qualification process, successful applicants will proceed to participate in auctions to purchase Green Electricity on the designated auction day.
Winning bidders will subsequently enter into RE Supply Agreements with the Single Buyer for the sales and purchase of green electricity.
Starting April 16, 2024, interested RE Bidders can register their intent to participate through PETRA or the Single Buyer’s website.
PETRA emphasised that the initiation of auctioning via the ENEGEM Platform signifies a pivotal moment for Malaysia, enabling the country to reinforce its cross-border electricity integration framework.
Furthermore, it is expected to pave the way for greater renewable energy development and regional cooperation on cross-border energy trading among ASEAN countries.
