The Malaysian government will launch the Corporate Renewable Energy Supply Scheme (CRESS) in September 2024 to boost corporate access to green electricity. This initiative, part of the Ministry of Energy Transition and Natural Resources’ (PETRA) efforts, aligns with the GREENS MADANI Initiative aimed at supporting the energy transition of high-priority sectors.
The CRESS program will facilitate open grid access, allowing third parties to supply or purchase electricity through the grid system under agreed terms. This move is expected to enhance the accessibility of green electricity for corporate companies, promoting their commitment to reducing carbon footprints. Corporations can meet their green energy commitments by installing photovoltaic solar systems, purchasing Renewable Energy Certificates, or subscribing to the Green Electricity Tariff.
The program will be regulated by the Energy Commission under the Electricity Supply Act 1990, with the Single Buyer and Grid System Operator managing market and system operations. TNB will continue as the utility electricity supplier, ensuring consistent delivery of green electricity to users.
The initiative is seen as a progressive step towards energy market liberalization, reducing risks and costs associated with the national electricity supply system. It aims to provide fair competition opportunities for developers and attract more local renewable energy industry players.
By 2035, the government aspires to increase renewable energy capacity to 40% and 70% by 2050, reducing reliance on fossil fuels and cutting carbon emissions by 701,000 tCO2 annually. This program is anticipated to attract over RM10 billion in direct investments and create nearly 14,000 new jobs in the sustainable energy sector.
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