Brunei Power Market Size (2024 - 2029)

Brunei Power Market Size Summary

The Brunei power market is experiencing a gradual growth trajectory, driven by factors such as population increase, urbanization, and rising power consumption. Despite the challenges posed by the COVID-19 pandemic, the market has remained resilient, although it has been growing slowly since 2017. The energy landscape in Brunei is predominantly dominated by fossil fuels, with natural gas and oil-fired thermal energy being the primary sources of power generation. The government's commitment to transitioning towards renewable energy is evident in its national climate change policy, which aims to generate a significant portion of energy from renewable sources by 2035. However, the nascent stage of the renewable energy sector and a lack of government incentives for renewable projects pose challenges to the market's expansion.

Brunei's power market is characterized by a strong reliance on natural gas, supported by the country's substantial natural gas reserves, which ensure self-sufficiency and export capabilities. The government is actively working to enhance the solar energy sector, leveraging the country's significant solar potential. Initiatives such as the installation of solar power plants and public-private partnerships are part of the strategy to diversify the energy mix. Despite the dominance of thermal energy, there is a growing interest in expanding renewable energy capacity, with projects like the solar power plants launched by Brunei Shell Petroleum and plans for future developments. The market is consolidated, with key players including the Department of Electrical Services, Berakas Power Company, and international corporations like General Electric and Toshiba, all contributing to the evolving energy landscape in Brunei.