Going green is not as challenging as it once was a decade ago, as Malaysia now has many renewable energy schemes to choose from. With the upcoming Corporate Renewable Energy Supply Scheme (CRESS) in September, your company will have a wider set of schemes to select how to best approach your green energy journey.
Read on for more updates on how CRESS will diversify your green energy options and advance Malaysia’s sustainability landscape!
What is CRESS?
CRESS stands for the Corporate Renewable Energy Supply Scheme set up by the Ministry of Energy Transition and Water Transformation (“PETRA”) on 26 July 2024 to enhance corporate companies access to green electricity supply through an open grid access system where third parties can supply or purchase electricity through the grid network system with a predetermined system access charge. The introduction of CRESS details has been stated to be ironed out next month (September 2024) by PETRA.
This scheme is part of GREENS Madani Initiative or Government Renewable Energy Enhancement for Niche Sectors, designed to support the aspirations of the high-priority energy transition sector.
As Malaysia moves towards its commitment of enforcing the National Energy Transition Roadmap, CRESS is a move in the right direction, according to analysts and fund managers.
How Does CRESS Work?
An electricity buyer can negotiate pricing directly with a renewable energy power plant (ground-mounted solar) for green electricity supply, according to PETRA.
An electricity buyer can negotiate pricing directly with a renewable energy power plant for green electricity supply, according to a statement by the Ministry of Energy Transition and Water Transformation.
Corporate companies can obtain renewable energy directly from identified generators with third-party access (TPA) and these generators can supply renewable energy to corporate users through the national grid by participating in the NEDA market. Currently, companies who adopt renewable energy can take advantage of current schemes such as Net Energy Metering (NEM), Self-Consumption (SelCo), purchasing Renewable Energy Certificates (REC), Corporate Green Power Programme (CGPP) and more.
This programme will reduce carbon emissions by 701,000 tCO2 annually, generate direct investments exceeding RM10 billion and create nearly 14,000 new job opportunities in the sustainable energy industry.
How will CRESS benefit my company?
CRESS will provide more options for companies to access green electricity and further their sustainability goals. In addition to saving electricity costs for their buildings, this upcoming scheme will allow business owners to enjoy:
- Reliable electricity supply
- Electricity cost stability
- Flexible energy options
- Direct price negotiation
- Strengthens your corporate ESG journey
What’s Next?
With the upcoming CRESS, stay tuned for the opportunities and details to liberate your sustainability journey with Sunview. We understand starting the sustainability journey on the right foot can be challenging which is why it’s best to get expert guidance and holistic solutions tailored to meet your organisation’s needs.
In Sunview, our 360° sustainability solutions from energy assessment to customised solar financing options, your business is primed to drive real change gaining environmental and financial benefits. If you’re looking to start your journey towards sustainability with renewable energy, connect with our experts today!
Sources
I. Baker McKenzie - Malaysia: Introduction of the Corporate Renewable Energy Supply Scheme (CRESS)
II. The Edge - Electricity grid's third-party access open by September to new RE plants, new demand
III. Bernama - New scheme to boost corporate access to green electricity starting September - PETRA
IV. The Star - CRESS initiative gets the thumbs up
V. NST - Petra says new scheme to increase corporate access to green electricity coming in September
