KUALA LUMPUR, Dec 5 (Bernama) -- Bursa Malaysia closed lower on Friday amid mixed regional market performance as investors turned cautious over a possible rate hike by the Bank of Japan (BOJ) and upcoming US economic data that may influence the Federal Reserve’s (Fed) interest rate decision next week. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) pared most earlier losses to settle 4.55 points easier, or 0.28 per cent, to 1,616.52 from Thursday’s close of 1,621.07. The benchmark index, which opened 0.37 of-a-point lower at 1,620.70, moved between 1,609.67 and 1,621.25 throughout the day. The broader market was negative, with decliners outpacing advancers 604 to 439. A total of 550 counters were unchanged, 1,151 untraded, and 18 suspended. Turnover declined to 3.17 billion units worth RM2.24 billion from 4.48 billion units worth RM2.75 billion yesterday. Rakuten Trade Sdn Bhd vice-presiden...
Laos plans to cut electricity supply to cryptocurrency miners by the first quarter of 2026, as the government shifts focus to industries that generate greater economic value such as artificial intelligence (AI) data centres, electric vehicles (EVs), and metals refining, Deputy Energy Minister Chanthaboun Soukaloun told Reuters.
From Crypto Haven to Industrial Hub
Once a magnet for crypto miners due to its abundant and low-cost hydropower, Laos saw a surge in mining activity after a 2021 policy shift allowed crypto operations. At its peak in 2021–2022, miners consumed around 500 megawatts (MW) of power.
However, the government has since scaled back supply to roughly 150 MW, a 70% reduction. Soukaloun said the crypto industry contributes little to local employment or value chains, and that “crypto doesn’t create value compared to supplying it to industrial or commercial consumers.”
He added that Laos initially planned to halt electricity supply to miners this year, but abundant rainfall and excess hydropower generation allowed the sector to continue temporarily. “I think by the end of the first quarter of 2026, we might stop [supply to crypto] entirely,” he said.
Redirecting Energy to Strategic Sectors
Known as the “Battery of Southeast Asia”, Laos relies heavily on hydropower exports to neighbouring countries. The government now aims to channel domestic energy towards AI data centres and advanced manufacturing, sectors seen as key to long-term growth and technological development.
Soukaloun said Laos is also exploring expanding electricity exports to Vietnam, which currently stands at 8,000 MW, while maintaining strong ties with Thailand.
China Arbitration and Regional Power Trade
The deputy minister confirmed that Laos is facing an arbitration suit from a subsidiary of China’s Power Construction Corp, seeking US$555 million in unpaid dues linked to a US$2.73 billion hydropower project. The dispute stems from mismatched demand projections, he said, noting that the process is ongoing.
Meanwhile, power exports to Singapore through the Lao–Thailand–Malaysia–Singapore (LTMS) corridor are expected to “resume soon.” The corridor, designed to promote cross-border clean energy trade, was temporarily halted pending Thailand’s finalisation of an extension deal.
On Thursday, energy ministers from all four countries reaffirmed their commitment to advancing multilateral regional power trade, though no specific timeline for resumption was given.
Comments
Post a Comment