Crucial factors in shaping strategies for Thai energy business in the dynamic era

Abstract

In an era of rapid change, adequate strategy formulation is crucial to an organization, not just to overcome obstacles but to thrive in the business sustainably. To survive in the dynamic environment of the energy business, strategy formulation for energy enterprise need to consider various potential factors, together with their impacts. This includes social factors, innovation and technology factors, economic factors, environmental factors, as well as government policies and directions. The strategy formulation must be based on accurate and sufficient data, which indicates a level of impact and their uncertainties that may occur in the future. This paper presents analytical sets of key challenges, drivers, and critical uncertainties, which are expected to have significant impacts on the Thailand energy business in the next 30 years. The research starts with examining the global energy situation and challenges for the Thai energy business. The sustainable development goal is defined as a key decision focus at this step. Next, the STEEP analysis is employed to evaluate the impacts of factors on the energy business ranging from social factors, technology factors, economic factors, environmental factors to political factors. Foresight workshop with stakeholders is arranged to identify critical uncertainties. The result will be beneficial to both government and private enterprises in designing appropriate energy strategies.