Nation Thailand
Ekniti says 500bn baht deficit shows need for energy shift and 5T model
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Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas has defended the government’s urgent push for energy transition, warning that Thailand could face deeper economic pressure if it remains heavily dependent on imported oil and gas.
Key facts
- Speaking at the 29th anniversary event of the National Press Council of Thailand at the Royal River Hotel on July 4, Ekniti addressed the Constitutional Court’s scheduled ruling on the emergency decree authorising 400 billion baht in
- Ekniti said Thailand imports both oil and natural gas, with energy imports accounting for more than 10% of gross domestic product, the highest share in ASEAN.
- He said the risks became clear during the recent Middle East crisis, when Thailand recorded a current-account deficit of nearly 500 billion baht over two months.
- Transport transition : Thailand will seek to reduce costly diesel imports by shifting the transport sector towards electric vehicles, or EVs, and alternative fuels that can be produced domestically, such as B20 biodiesel and ethanol
Summary
Speaking at the 29th anniversary event of the National Press Council of Thailand at the Royal River Hotel on July 4, Ekniti addressed the Constitutional Court’s scheduled ruling on the emergency decree authorising 400 billion baht in borrowing to address the energy crisis, including the Finance Ministry’s 200-billion-baht borrowing portion.
He said the decree was currently in force and the government had already begun work under it to accelerate the country’s energy transition. The shift, he said, must be pursued immediately because delaying reform could expose Thailand to a more severe economic crisis.