Bangkok view
Buddhist monks stand on a terrace of a shopping mall overlooking Bangkok, Thailand August 14, 2016. (Photo: REUTERS/Jorge Silva/File Photo)

Thailand's goal of generating a third of its overall energy consumption from renewable sources in 18 years is expected to open unexplored business models that could create new jobs in the country.

According to GovInsider, Thailand has been hard at work in producing wind and solar power as part of its goal. Chief of Enterprise Architecture of the Electricity Generating Authority of Thailand (EGAT), Dr. Surat Tanterdtid, predicted that renewable energy transitions will open new business models that will cater to utilities.

For the utility sector, Tanterdtid believes opportunities will keep rising as Thailand continues to push for more renewable energy sources. He mentioned "load aggregator" as one of the models that future utilities can explore.

A load aggregator is someone who can negotiate with utility providers on behalf of Thai consumers who want their peak load reduced on the national grid. Load aggregators are expected to help lessen the burdens of consumers who are saving on consumption and utility bills.

Utility companies can also explore possibilities in buy-and-sell segments between virtual power plants. The idea is for the buildings to sell or buy solar power from the other. Any excess solar energy can then be sold to the main national grid so consumption can be maximized.

As more business models are explored in Thailand's utility sector, industry analysts are expecting to see more job opportunities for local residents. Installations are another aspect of business that entrepreneurs can look into.

Aside from new business models in the energy industry, Thailand is also looking at creating a more flexible grid that the electric vehicle (EV) and machine learning segments can take advantage of.

According to Tanterdtid, if machine learning and other high-end technology are integrated into the grid "within the next two years," EV production will increase and will further help improve the Thai economy.

Thailand has been hard at work in transitioning to renewable energy. During the weekend, Thai journalists listened to Pekka Gronlund, Deputy Director General at Finland's Ministry of Economic Affairs and Employment.

Gronlund explained how the government is trying to push Finland into becoming the world's first fossil-free nation. While there is a long way to go before the target is achieved, Finland already has a lot of lessons for Thailand and other countries to reap.

Industry experts said Thailand can first learn how Finland political parties decided to set aside their differences so they can create a more sustainable energy sector that will help reduce the strain on the environment.

Last month, it was revealed that Thailand is planning to become Southeast Asia's power-trading center. As part of its goals, it is planning to boost electricity reselling activities to Malaysia while promoting infrastructure in the energy sector around Myanmar and Cambodia.