APG planning, they account for 85% of historical investment and essentially all investment growth over the past two decades. Conversely, only 15%, approximately USD 300 million, of interconnection investment since the 1970s is of what the region invested in electricity transmission in 2024 alone. Accordingly, while generation-to-grid projects have attracted significant investor interest, the of political, institutional, technical and financial challenges remain major obstacles for these projects. This is noteworthy given that most priority interconnectors identified for the APG are grid-to-grid projects. Interconnections are concentrated in the north, with less An integrated ASEAN power system does not exist today. Rather, the current landscape is characterised by multiple, unconnected or partially connected subsystems. Creating a more integrated regional system is likely to follow a step- region. The historical distribution of investment, however, has implications for where future investment and financing is needed most.