IMPACT OF THE FINANCIAL CRISIS IN THE DEVELOPMENT OF THE ENERGY SECTOR : A CLIENT’S POINT OF VIEW by Piyasvasti Amranand National Energy Policy Office,

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IMPACT OF THE FINANCIAL CRISIS IN THE DEVELOPMENT OF THE ENERGY SECTOR : A CLIENT’S POINT OF VIEW by Piyasvasti Amranand National Energy Policy Office, Thailand ENERGY WEEK 1999 World Bank 7 April 1999, Washington D.C.

COMMON FEATURES OF ENERGY SECTOR IN EAST ASIAN COUNTRIES (BEFORE CRISIS) HIGH RATE OF ENERGY DEMAND GROWTH ENERGY PRICES PARTIALLY CONTROLLED EXCHANGE RATE FIXED OR RIGID DEREGULATION AND PRIVATIZATION OF ENERGY SECTOR IN INITIAL PHASE LOCAL CAPITAL MARKET RELATIVELY UNDEVELOPED

IMPACT OF GLOBAL FINANCIAL CRISIS ON ENERGY SECTOR SUBSTANTIAL SLOWDOWN IN ENERGY DEMAND GROWTH RISE IN ENERGY PRICES IN LOCAL CURRENCIES NORMAL OPERATIONS AND INVESTMENT PROGRAM SUBSTANTIALLY HIT BY LIQUIDITY PROBLEM AND FALL IN SOVEREIGN CREDIT RATING FX LOSS FOR ENERGY RELATED ENTERPRISES GREATLY AFFECTED THEIR SOLVENCY

RESPONSES TO IMPACT OF GLOBAL FINANCIAL CRISIS REDUCTION IN INVESTMENT UPWARD ADJUSTMENT IN ENERGY PRICES PRIVATIZATION AND DEREGULATION SPEEDED UP CONTRACT RENEGOTIATION AND DEBT RESTRUCTURING

ISSUES ENCOUNTERED IN IMPLEMENTATION REDUCTIONS IN ENERGY INVESTMENT AND IMPORT HAVE REPERCUSSIONS ON ENERGY EXPORTING COUNTRIES CONTRACT RENEGOTIATION NEED TO BE CAREFULLY IMPLEMENTED AS NOT TO JEOPARDIZE INVESTOR CONFIDENCE SECTORS WHERE PRICES ARE NOT CONTROLLED CAN BETTER COPE WITH CRISIS COMPREHENSIVE SECTOR REFORM AND ESTABLISHMENT OF INDEPENDENT REGULATORY BODY BECOME MORE ESSENTIAL

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