Governance and market dynamics of P2P energy trading: Enhancing national strategies in Malaysia and Thailand

Peer-to-peer (P2P) energy trading is gaining global traction. However, its path in ASEAN is less understood, particularly in areas where it has not yet been commercialized. Implementation in contexts like Malaysia and Thailand, for instance, remains particularly under-examined. This study provides an in-depth comparative analysis using a comprehensive macro-meso-micro framework to examine how national policies, regulatory mechanisms, and actor-level interactions shape P2P solar energy trading systems. Based on 25 stakeholder interviews and secondary data, the study highlights significant differences in institutional coordination, commercialization strategies, and private sector involvement, while also indicating common challenges, such as regulatory barriers and outdated grid infrastructure. While Malaysia's centralized pilot stresses tariff-setting and regulatory control, Thailand's sandbox model promotes diverse participation and business model innovation. The results underscore the clear commercialization pathways, market restructuring, and smart grid investments necessary to support scalable and inclusive P2P energy trading. This study offers novel insights into how governance structures influence the diffusion of innovation and facilitate the development of decentralized energy markets. These findings offer valuable lessons for developing effective energy policies in other emerging economies.