The effects of Feed in Tariff on Foreign Direct Investment ... · The effects of Feed in Tariff on...

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The effects of Feed in Tariff on Foreign Direct Investment in Malaysia B BAKHTYAR, A ZAHARIM, K SOPIAN, OMIDREZA SAADATIAN, N.A. LUDIN Solar Energy Research Institute (SERI) Level 3, Perpustakaan Tun Sri Lanang, Universiti Kebangsaan Malaysia, 43600 Bangi, Selangor, MALAYSIA Corresponding authors: [email protected] Abstract: - Foreign Direct Investment in Malaysia has nearly reached to 10 billion dollars in 2011. As 2011 statistics shows, almost largest Foreign Direct Investment figures in Malaysia are dedicated to energy sector. Also, Malaysia has launched a new Renewable Energy mechanism under the name Feed in Tariff. Feed in Tariff is a new incentive for energy producers which can affect Malaysian Foreign Direct Investment largely. This paper utilises an archival research on current Malaysian Foreign Direct Investment in contrast with solar part of Feed in Tariff policy. The paper discusses the Malaysia’s Renewable Energy Feed in Tariff scheme in solar energy and its effects on absorbing the Foreign Direct Investment of the country. Investors in Malaysia and policy makers in the other countries especially in Association of South East Asian Nations (ASEAN) can use this experience and trace the effects of Feed in Tariff on Foreign Direct Investment in Malaysia. Key-Words: - Feed in Tariff; Renewable Energy; Foreign Direct Investment. 1 Introduction Traditionally Malaysia’s energy is base on gas and oil [1]. The total capacity of electricity of Malaysia is 13 GW which is including 84% thermal and 16% hydroelectric [2]. Solid waste is another energy resource in Malaysia which it’s potential for 2011 was 20 MW. At the same year Malaysia had 110 MW potential for generating biomass and 20 MW for biogas [3]. Generating power with using wind is not that serious and Malaysia has yet to have any wind power plant connected to the grid [4]. Malaysia is high potential in geothermal where is the source of 79 manifestation areas. In 2009, it was reported that in Sabah in East peninsular of Malaysia (East peninsular of Malaysia is a big island including Brunei, Sabah and Sarawak and a part of East Indonesia) has an electricity generation potential of up to 67MW [3]. There are many mini-hydro projects under process in Malaysia base on run of river system. At the current situation, there are 51 units with total capacity of 23.35 MW in Peninsular Malaysia, Sabah and Sarawak. The Average potential for solar radiation in Malaysia is 4.5 (kWh/m2/day) and installed solar capacity is 9 MW. This tropical country is warm throughout the year and averagely has 12 hours of daily radiance heat most area of the country [5]. In this way, about 1400 to 1900 kWh/m2 of energy is received annually [6]. Typically, certain local parameters must be observed for the installation of solar systems in this country so that the maximum possible energy harvest is achieved [7]. In addition to the direct use of solar energy, Malaysia has remarkable capabilities in production of electricity from solar energy [8]. At present, the amount of electricity production is 1 MW in this country and regarding the available capabilities Advances in Environment, Biotechnology and Biomedicine ISBN: 978-1-61804-122-7 144

Transcript of The effects of Feed in Tariff on Foreign Direct Investment ... · The effects of Feed in Tariff on...

The effects of Feed in Tariff on Foreign Direct Investment in Malaysia

B BAKHTYAR, A ZAHARIM, K SOPIAN, OMIDREZA SAADATIAN, N.A. LUDIN

Solar Energy Research Institute (SERI)

Level 3, Perpustakaan Tun Sri Lanang,

Universiti Kebangsaan Malaysia,

43600 Bangi, Selangor,

MALAYSIA

Corresponding authors: [email protected]

Abstract: - Foreign Direct Investment in Malaysia has nearly reached to 10 billion dollars in 2011. As 2011

statistics shows, almost largest Foreign Direct Investment figures in Malaysia are dedicated to energy sector. Also,

Malaysia has launched a new Renewable Energy mechanism under the name Feed in Tariff. Feed in Tariff is a new

incentive for energy producers which can affect Malaysian Foreign Direct Investment largely. This paper utilises

an archival research on current Malaysian Foreign Direct Investment in contrast with solar part of Feed in Tariff

policy. The paper discusses the Malaysia’s Renewable Energy Feed in Tariff scheme in solar energy and its effects

on absorbing the Foreign Direct Investment of the country. Investors in Malaysia and policy makers in the other

countries especially in Association of South East Asian Nations (ASEAN) can use this experience and trace the

effects of Feed in Tariff on Foreign Direct Investment in Malaysia.

Key-Words: - Feed in Tariff; Renewable Energy; Foreign Direct Investment.

1 Introduction Traditionally Malaysia’s energy is base on gas

and oil [1]. The total capacity of electricity of

Malaysia is 13 GW which is including 84%

thermal and 16% hydroelectric [2]. Solid waste

is another energy resource in Malaysia which

it’s potential for 2011 was 20 MW. At the same

year Malaysia had 110 MW potential for

generating biomass and 20 MW for biogas [3].

Generating power with using wind is not that

serious and Malaysia has yet to have any wind

power plant connected to the grid [4]. Malaysia

is high potential in geothermal where is the

source of 79 manifestation areas. In 2009, it was

reported that in Sabah in East peninsular of

Malaysia (East peninsular of Malaysia is a big

island including Brunei, Sabah and Sarawak and

a part of East Indonesia) has an electricity

generation potential of up to 67MW [3]. There

are many mini-hydro projects under process in

Malaysia base on run of river system. At the

current situation, there are 51 units with total

capacity of 23.35 MW in Peninsular Malaysia,

Sabah and Sarawak.

The Average potential for solar radiation in

Malaysia is 4.5 (kWh/m2/day) and installed

solar capacity is 9 MW. This tropical country is

warm throughout the year and averagely has 12

hours of daily radiance heat most area of the

country [5]. In this way, about 1400 to 1900

kWh/m2 of energy is received annually [6].

Typically, certain local parameters must be

observed for the installation of solar systems in

this country so that the maximum possible

energy harvest is achieved [7]. In addition to the

direct use of solar energy, Malaysia has

remarkable capabilities in production of

electricity from solar energy [8]. At present, the

amount of electricity production is 1 MW in this

country and regarding the available capabilities

Advances in Environment, Biotechnology and Biomedicine

ISBN: 978-1-61804-122-7 144

it is estimated that this capacity is increased up

to 6500 MW [9]. The expansion

renewable energies was in the Eighth Malaysian

Plan during 2001 to 2005 for the first time

In this plan, five renewable energies including

solar, wind, hydro, biomass and biogas are

mentioned. In 8th Malaysian Plan, 5 percent of

the total energy production of Malaysia is

allocated for renewal energies [11]

During the development of the Ninth Malaysian

Plan, i.e. 2006 to 2010, the determined goals for

renewable energies were maintained (300 MW

Peninsular Malaysia; 50 MW –

the meantime, the share for the five ener

sources were delineated as %56 natural gas,

%36 coal, %6 hydro, %0.2 oil, and %1.8

renewable energies [13]. Moreover, decreasing

the amount of carbon [dioxide] by 40 percent in

2020 (compared with 2005) is considered in the

Ninth Malaysian Plan [14].

At present, the efficiency of solar energy

harvested from the sun has reached 40% in

Malaysia [15]. Nevertheless, its cost has

decreased significantly compared with the

[16]. It is predicted that, by 2050, the price of

energy generated from solar cells is less than the

energy generated from the fossil energy or

hydroelectric. It is also predicted that such

energy will have a cost less than $12 cents kW/h

(10- 12 cents) [17].

2 Malaysia’s Renewable Energy

Feed in Tariff Scheme Green energy, not only provides a good

environmental quality but also provides a

comfortable, healthy and hygiene climate

and Malaysian government was not incurious to

this important topic. In 10th Malaysia Plan, the

government of Malaysia introduced new,

renewable energy regulation which is including

FiT [19]. This new regulation encourages people

to generate energy in their houses by renewable

sources like solar panels [20]. The target of 10th

it is estimated that this capacity is increased up

. The expansion of using

renewable energies was in the Eighth Malaysian

Plan during 2001 to 2005 for the first time [10].

In this plan, five renewable energies including

solar, wind, hydro, biomass and biogas are

lan, 5 percent of

the total energy production of Malaysia is

[11].

During the development of the Ninth Malaysian

Plan, i.e. 2006 to 2010, the determined goals for

renewable energies were maintained (300 MW –

Sabah) [12]. In

the meantime, the share for the five energy

sources were delineated as %56 natural gas,

%36 coal, %6 hydro, %0.2 oil, and %1.8

. Moreover, decreasing

the amount of carbon [dioxide] by 40 percent in

2020 (compared with 2005) is considered in the

At present, the efficiency of solar energy

un has reached 40% in

. Nevertheless, its cost has

decreased significantly compared with the past

. It is predicted that, by 2050, the price of

energy generated from solar cells is less than the

energy generated from the fossil energy or

hydroelectric. It is also predicted that such

an $12 cents kW/h

Malaysia’s Renewable Energy

Green energy, not only provides a good

environmental quality but also provides a

comfortable, healthy and hygiene climate [18]

and Malaysian government was not incurious to

In 10th Malaysia Plan, the

government of Malaysia introduced new,

renewable energy regulation which is including

his new regulation encourages people

to generate energy in their houses by renewable

. The target of 10th

Malaysian Plan is generating 5.5% of total

energy by the end 2015

mechanism in Malaysia which is carried out

under the law for the renewable energies whose

purpose is to accelerate the production of

renewable energies

guarantees the production of l

energies for a given period

governmental strategy for accelerating the

investment in renewable energies in Malaysia

[23]. In Malaysia, FiT law has had a distinctive

look at the four main renewable energies, i.e.,

solar PV, biomass, biogas, and mini

Malaysia, Feed-in Tariff (FiT) law has been, in

fact, an incentive strategy to encourage the

participation of investors in this sector of the

country’s economy [11].

3 Energy trend and solar roleIn recent decades, energy consumption has

grown rapidly in Malaysia in such a way that, as

an example, electricity consumption, which was

Less than 5 GW in the 1970s in this country, has

hit 90 GW in 2006 (see Fig. 1). The curve for

electricity consumption also shows a totally

ascending trend during these years. Fig. 1 shows

an accelerated trend of electricity demand

especially after 1992. In this period the

electricity consumption is less than 3

kWh. However, from 2002 to 2010 this

parameter ranges between 70 billion

billion kWh.

020

4060

80

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lect

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lay

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(b

illi

on

kW

h)

Malaysian Plan is generating 5.5% of total

energy by the end 2015 [21]. REFiT is a new

mechanism in Malaysia which is carried out

under the law for the renewable energies whose

purpose is to accelerate the production of

renewable energies [22]. This scheme

guarantees the production of local renewable

energies for a given period [21]. FiT is a

governmental strategy for accelerating the

investment in renewable energies in Malaysia

. In Malaysia, FiT law has had a distinctive

k at the four main renewable energies, i.e.,

solar PV, biomass, biogas, and mini-hydro. In

in Tariff (FiT) law has been, in

fact, an incentive strategy to encourage the

participation of investors in this sector of the

.

3 Energy trend and solar role In recent decades, energy consumption has

grown rapidly in Malaysia in such a way that, as

an example, electricity consumption, which was

Less than 5 GW in the 1970s in this country, has

GW in 2006 (see Fig. 1). The curve for

electricity consumption also shows a totally

ascending trend during these years. Fig. 1 shows

an accelerated trend of electricity demand

especially after 1992. In this period the

electricity consumption is less than 30 billion

kWh. However, from 2002 to 2010 this

parameter ranges between 70 billion to 100

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Advances in Environment, Biotechnology and Biomedicine

ISBN: 978-1-61804-122-7 145

Fig.1. The electric power consumption in

Malaysia from 1970- 2009

However, the trend of the increase in costs has

also been quite during these years in such a way

that they have reached to about 0.7 per US cent

per kilowatt hours from less than 0.3 per

kilowatt hours of the 1970s [25]

of the energy use per dollar because of

increasing in electricity consumption has risen

slowly in oscillating conditions. Furthermore, in

1980 energy use (kg of oil equivalent) per

dollar1;000 GDP (constant 2005 PPP) was 180

which rose to 210 in 1998 and descended to 191

by 2010 (see Fig 2).

Fig.2. Energy use (kg of oil equivalent) per

dollar1;000 GDP (constant 2005 PPP) in

Malaysia per USD [26]

Enjoying more than 4-unit level of radiation

(sunshine), Malaysia has the most important

basis of implementing the solar energy among

the renewable energies [22]. Meanwhile, due to

its tropical climate, this country more or less

receives the same amount of solar energy. In

other words, solar energy can be utilized all year

long in this country. As it confirms, FiT in

Malaysia as a base of enablers entered to RE

planning in 2011. Fig.3 illustrates the formation

and growth of the solar PV amongst the

renewable energies in Malaysia during 1999 to

0

50

100

150

200

250

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19

80

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19

86E

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The electric power consumption in

2009 [24]

However, the trend of the increase in costs has

also been quite during these years in such a way

that they have reached to about 0.7 per US cent

per kilowatt hours from less than 0.3 per

[25]. But the trend

of the energy use per dollar because of

increasing in electricity consumption has risen

slowly in oscillating conditions. Furthermore, in

1980 energy use (kg of oil equivalent) per

dollar1;000 GDP (constant 2005 PPP) was 180

1998 and descended to 191

Energy use (kg of oil equivalent) per

dollar1;000 GDP (constant 2005 PPP) in

[26]

unit level of radiation

as the most important

basis of implementing the solar energy among

. Meanwhile, due to

its tropical climate, this country more or less

receives the same amount of solar energy. In

energy can be utilized all year

As it confirms, FiT in

Malaysia as a base of enablers entered to RE

illustrates the formation

solar PV amongst the

renewable energies in Malaysia during 1999 to

2006 which shows the increasing trend of both

RE and PV in the same time.

Fig. 3. The growth of the

renewable energies during 1999 to 2006

Malaysia [

Fig. 4 nicely represents Malaysian government

plans of expanding the use of the solar energy

amongst the renewable energies through 2011 to

2050. This figure illustrates the effect of FiT

since implementing in 2011 and raise in PV

shares amongst other REs.

Fig.4. Malaysian trend in generating solar

energy amongst renewal energies 2011

[27]

As it is visible solar PV is most suitable and

most possible renewable energy in Malaysia. It

needs to make investors interest in any size of

investment. The range of solar PV can cover

whole lands belong to Malaysia. Surely FiT is a

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(GW

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RE

PV

0

2000

4000

6000

8000

10000

20

11

20

15

20

25

MW

2006 which shows the increasing trend of both

RE and PV in the same time.

of the solar PV amongst the

renewable energies during 1999 to 2006 in

Malaysia [22]

nicely represents Malaysian government

plans of expanding the use of the solar energy

amongst the renewable energies through 2011 to

2050. This figure illustrates the effect of FiT

since implementing in 2011 and raise in PV

shares amongst other REs.

g.4. Malaysian trend in generating solar

energy amongst renewal energies 2011-2050

[27]

As it is visible solar PV is most suitable and

most possible renewable energy in Malaysia. It

needs to make investors interest in any size of

range of solar PV can cover

whole lands belong to Malaysia. Surely FiT is a

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Biomass

Biogas

Mini-hydro

SW

Solar PV

Advances in Environment, Biotechnology and Biomedicine

ISBN: 978-1-61804-122-7 146

good motivation for small and large inner

investments but this accelerated motion needs

extra capital which has to secure

trend. Foreign Direct Investment or FDI is one

of the accepted solutions which is also approved

by Malaysian government.

3 Malaysia Foreign D

Investment Malaysia Prime Minister in interview with

correspondents in May 2012 said that this

country is in search of quality FDI. He reiterated

that Malaysia is more selective in looking for in

high technology, green and alternative energy

technologies as well as knowledge

industries [28]. The definitions of green

technology has stated in Malaysia National

Green Technology Policy which says that “green

technology shall be a driver to accelerate the

national economy and promote sustainable

development”. According this policy Energy

sector must “seek to attain energy independence

& promote efficient utilisation”

Nevertheless, according to the Oxford Business

Group (OBG), Malaysia is significantly

improving its ranking in world FDI confidence

index from 21st in 2011 to 10th in 2012

Fig. 6: Foreign Direct Investment (FDI) inflows

in Malaysia (US billion) 1998

all and large inner

investments but this accelerated motion needs

extra capital which has to secure this growing

trend. Foreign Direct Investment or FDI is one

of the accepted solutions which is also approved

Foreign Direct

Malaysia Prime Minister in interview with

correspondents in May 2012 said that this

country is in search of quality FDI. He reiterated

that Malaysia is more selective in looking for in

high technology, green and alternative energy

ogies as well as knowledge-intensive

The definitions of green

technology has stated in Malaysia National

Green Technology Policy which says that “green

technology shall be a driver to accelerate the

economy and promote sustainable

development”. According this policy Energy

sector must “seek to attain energy independence

& promote efficient utilisation” [29].

ccording to the Oxford Business

sia is significantly

improving its ranking in world FDI confidence

in 2012 [30].

6: Foreign Direct Investment (FDI) inflows

(US billion) 1998- 2011 [31]

Also, Nations Conference on Trade and

Development (UNCTAD)’s reported that the

powerful cycle of Foreign Direct Investment

(FDI) in Malaysia was in harmony with the

restructuring of the global trade in 2010. This

figure has nearly reached 10 bi

2011 [32]. Most foreign investments in Malaysia

have been absorbed by the industrial sector and

factories which has been approximately 54.9

percent of total foreign investment in 2010. The

service sectors have absorbed 34.1 percent of

this amount [33]. Among industrial sector, new

growth areas that attracted highest levels of FDI

is belong to solar industry including silicon

photovoltaic wafers and solar glass

As a single project which has been succes

attracting most FDI in Malaysia, the Northern

Corridor Economic Region (NCER) registered

RM15.3 billion of approved manufacturing

licenses, followed by Sarawak Corridor of

Renewable Energy (SCRE) which was able to

absorbRM8.2 billion [35]

solar sector is one of the main investors’

concerns. For first time in 2008, Malaysian

government received RM12 billion in

photovoltaic (PV) industries alone, further

boosting the country’s green technology

promotion [36]. Four well known solar

companies, First Solar, Q

Tokuyama invested in Malaysia

presence of professional investors in Malaysia

helped Malaysian solar sectors’ ci

the world. Malaysia was the fourth country in

the world in production of the solar PV after

China, Germany and Japan in 2009

implementing such investments in this sector,

Malaysia has had the opportunity surpass Japan

in 2011 and to be the world’s third largest

producer of solar PV after China and Germany.

These new investments create 10,000 high level

jobs and have forecast 50,000 new jobs mostly

high technology and green in near future

Also, Nations Conference on Trade and

Development (UNCTAD)’s reported that the

powerful cycle of Foreign Direct Investment

(FDI) in Malaysia was in harmony with the

restructuring of the global trade in 2010. This

figure has nearly reached 10 billion dollars in

. Most foreign investments in Malaysia

have been absorbed by the industrial sector and

factories which has been approximately 54.9

percent of total foreign investment in 2010. The

service sectors have absorbed 34.1 percent of

. Among industrial sector, new

growth areas that attracted highest levels of FDI

is belong to solar industry including silicon

photovoltaic wafers and solar glass [34].

As a single project which has been successful in

attracting most FDI in Malaysia, the Northern

Corridor Economic Region (NCER) registered

RM15.3 billion of approved manufacturing

licenses, followed by Sarawak Corridor of

Renewable Energy (SCRE) which was able to

[35] which confirms that

solar sector is one of the main investors’

concerns. For first time in 2008, Malaysian

government received RM12 billion in

photovoltaic (PV) industries alone, further

boosting the country’s green technology

. Four well known solar

companies, First Solar, Q-Cells, Sun power and

Tokuyama invested in Malaysia [37]. The

presence of professional investors in Malaysia

helped Malaysian solar sectors’ circumstance in

the world. Malaysia was the fourth country in

the world in production of the solar PV after

China, Germany and Japan in 2009 [38]. With

implementing such investments in this sector,

opportunity surpass Japan

in 2011 and to be the world’s third largest

producer of solar PV after China and Germany.

These new investments create 10,000 high level

jobs and have forecast 50,000 new jobs mostly

high technology and green in near future [39].

Advances in Environment, Biotechnology and Biomedicine

ISBN: 978-1-61804-122-7 147

Table.1. FDI in Malaysia 1985- 2010 [40]

Manufacturing 1985 1993 1995 2000 2005 2006 2007 2008 2009 2010

Petrolium and gas (US$ million)

0 0 157 618 194 3118 4183 794 344 114

Petrolium and gas Composition (%)

0.1 0.0 4.3 7.0 2.4 24.9 23.1 4.4 3.6 2.1

As table.1 shows in 2007, the amount of foreign

investment in Malaysia in petroleum and gas

sector was in highest point and after that started

to come down. The rate of petroleum and gas

share amongst Malaysia manufacturing products

was on the top point in 2006 and in 2010 it has

reached to 2.1% of total FDI in manufacturing.

The fluctuated price of oil and high risk of

petroleum sector is one of the main reasons that

investors are looking for safer area for investing.

In contrast with petroleum and gas which are

affected from world policy, solar industry is in

lowest point of risk of investment. Another

restriction for foreign investors in oil and gas

sector owns by Malaysia government.

Traditionally in Malaysia oil and natural gas

reserves are managed by Petronas, a fortune 500

company wholly owned by the Malaysian

government [41] which is a strong barrier for

small investors while all investors in any size of

investment can enter in solar industry and

related fields.

4 Conclusions Malaysia as a developing country has a high

demand of electricity which is increasing

significantly. For protecting country from any

risk, high price of oil and preventing more

carbon emission the Malaysian government

plans to support investment in renewable

energies, especially solar PV. Hence the

Malaysian trend in generating solar energy

confirms high level position of solar PV in

Malaysia amongst the other renewable energies

in 2050. Malaysian government hope that FiT

works as a powerful incentive for both inner and

foreign investors. On the other side Malaysia is

one of the most successful country in absorbing

FDI in the East Asia. The implementation of

Green Technology Policy in Malaysia was

coincided with a well foreign attention to solar

sector in 2009. The same time, despite of

increasing total Malaysia FDI the rate of FDI in

petroleum and gas has decreased meaningfully

which is reason for shifting investment from

the other type of energy toward solar PV.

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