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SINGAPORE INTERNATIONAL ENERGY WEEK 2023

Singapore to set up single gas buyer for power generation sector in 2024

Move is aimed at stabilising and securing key fuel for country’s electricity

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Wong Pei Ting

Published Mon, Oct 23, 2023 · 09:36 AM
    • The new approach is needed, “given that the global gas market conditions, and Singapore’s relatively small demand”, says the Energy Market Authority (EMA) .
    • The new approach is needed, “given that the global gas market conditions, and Singapore’s relatively small demand”, says the Energy Market Authority (EMA) . PHOTO: SHUTTERSTOCK

    SINGAPORE will set up an entity in 2024 as a single buyer of natural gas for the power-generation sector in order to create a more stable and secure energy system, Minister for Trade and Industry Gan Kim Yong said on Monday (Oct 23).

    This “more deliberate and coordinated” centralised approach is a long-term solution after the staggering spikes in Singapore’s spot electricity prices in recent years exposed weaknesses in the country’s market-driven procurement processes.

    Under the framework, a single entity will aggregate gas demand from Singapore’s power-generation companies (gencos). That entity then imports the gas required, and sells that gas to the gencos.

    Liquefied natural gasEnergy Market Authorityenergy pricesEnergy marketsPower plantsSpotlight

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