S&P Global – APAC Utilities Industry Credit Outlook, 2025

The report by S&P Global "APAC Utilities Industry Credit Outlook, 2025" explores the economic and regulatory factors impacting the utilities sector in Asia-Pacific. The report highlights the continuing economic growth in South and Southeast Asian countries, which will drive power demand in the region. It discusses challenges such as the slow pace of interest rate cuts impacting renewable operators and execution risks related to grid and storage facilities. Key assumptions for 2025 include mid-single-digit growth in power demand and the persistent challenge of high debt-funded capex for renewables. The report also outlines risks like grid stability and fuel cost fluctuations due to geopolitical conflicts, emphasizing the need for technological breakthroughs in power transmission and storage.