English

  • Rising Demand: Interest in Malaysian solar International Renewable Energy Certificates (I-RECs) has surged in recent weeks.
  • AFA Impact: The primary driver is the expectation of higher power costs under the Automatic Fuel Adjustment (AFA) mechanism, prompting firms to use I-RECs as a hedge against volatile fossil fuel electricity charges.
  • Regional Shift: Singapore-based buyers are increasingly turning to Malaysian solar I-RECs as an alternative to other regional markets.
  • Market Pricing: As of late April 2026, 2026-vintage solar I-RECs were assessed at $3.45/MWh, reflecting shifting market dynamics compared to early-year levels.
  • Strategic Preference: Corporations continue to favor solar I-RECs over hydro or biomass due to their perceived lower environmental impact.

中文

  • 需求增长： 近几周，马来西亚太阳能国际可再生能源证书（I-REC）的市场需求显著上升。
  • AFA 影响： 主要驱动因素是对自动燃料调节（AFA）机制下电力成本上涨的预期，促使企业购买 I-REC 作为对冲化石燃料电价波动的工具。
  • 区域重心转移： 新加坡买家正越来越多地转向马来西亚太阳能 I-REC，将其作为其他区域市场的替代选择。
  • 市场价格： 截至 2026 年 4 月下旬，2026 年份的太阳能 I-REC 评估价格为每兆瓦时 3.45 美元，较年初水平有所波动。
  • 战略偏好： 由于太阳能被认为对环境的影响较小，企业在选择证书时仍倾向于太阳能 I-REC，而非水电或生物质能源。