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Governance and market dynamics of P2P energy trading: Enhancing national strategies in Malaysia and Thailand

Lookup NU author(s): Dr Tam DinhORCiD

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Abstract

© 2025 The AuthorsPeer-to-peer (P2P) energy trading is gaining global traction. However, its path in ASEAN is less understood, particularly in areas where it has not yet been commercialized. Implementation in contexts like Malaysia and Thailand, for instance, remains particularly under-examined. This study provides an in-depth comparative analysis using a comprehensive macro-meso-micro framework to examine how national policies, regulatory mechanisms, and actor-level interactions shape P2P solar energy trading systems. Based on 25 stakeholder interviews and secondary data, the study highlights significant differences in institutional coordination, commercialization strategies, and private sector involvement, while also indicating common challenges, such as regulatory barriers and outdated grid infrastructure. While Malaysia's centralized pilot stresses tariff-setting and regulatory control, Thailand's sandbox model promotes diverse participation and business model innovation. The results underscore the clear commercialization pathways, market restructuring, and smart grid investments necessary to support scalable and inclusive P2P energy trading. This study offers novel insights into how governance structures influence the diffusion of innovation and facilitate the development of decentralized energy markets. These findings offer valuable lessons for developing effective energy policies in other emerging economies.

Publication metadata

Author(s): Junlakarn S, Kokchang P, Kay Ann SC, Dinh TD, Pin TC, Shan TW, Sean CY

Publication type: Article

Publication status: Published

Journal: Utilities Policy

Year: 2026

Volume: 99

Print publication date: 01/04/2026

Online publication date: 24/12/2025

Acceptance date: 09/11/2025

Date deposited: 01/06/2026

ISSN (print): 0957-1787

ISSN (electronic): 1878-4356

Publisher: Elsevier Ltd

URL: https://doi.org/10.1016/j.jup.2025.102102

DOI: 10.1016/j.jup.2025.102102

Data Access Statement: Data will be made available on request.

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