Contents  2

About  2

Key highlights  2

Executive summary  3

Chapter 1: Interconnections that ASEAN needs, can afford but has yet to build  9

1.1 Most of ASEAN's power comes from fossil fuels, much of it imported and exposed to geopolitical shocks  9

1.2 A connected region can achieve far more than isolated countries  12

1.3 Decades of discussion, little progress on the ground  15

Chapter 2: Every year of delaying the APG comes with a heavy bill  16

2.1 Base case: the APG will enable rapid renewable build-out and cross-border electricity trade  17

2.2 Delay scenario and sensitivity case: the cost of delaying the APG  22

2.3 Key takeaways of the modelling  31

Chapter 3: Challenges and recommendations  32

3.1 Challenges  32

3.2 Recommendations  35

Methodology  39

Acknowledgements  42