Fashion
Singapore’s electricity market will be fully liberalised in the second half of 2018, allowing households to have more choice in their power consumption, Minister of Trade and Industry (Industry) Mr S Iswaran said today (Oct 26).
The announcement came during Mr Iswaran’s opening address at the Singapore International Energy Week 2015 held at the Sands Expo and Convention Centre at Marina Bay Sands earlier today.
Energy Market Authority (EMA) hopes to achieve “full retail competition” which will enable 1.3 million consumers – mostly households – to “have flexibility and choice in their electricity consumption”.
Earlier this year on July 1, lowering the contestability threshold from 4MWh to 2 MWh allowed commercial and industrial (C&I) consumers – from large users such as petrochemical companies to smaller users like coffee shops and kindergartens – to participate in the contestable market and better manage their energy costs by purchasing from a retailer instead of remaining on the regulated tariff with SP services.
EMA will release more details on the plans for full retail competition soon.
The government also plans to establish a Secondary Gas Trading Market (SGTM) to allow gas buyers and sellers to trade gas on a short-term basis domestically.
With an SGTM, EMA hopes to “enhance Singapore’s position as a hub for LNG and gas trading activities.”
EMA will issue a consultation paper later today to seek industry feedback on the design for a domestic SGTM.
Furthermore, EMA intends to “put out more information on the projected growth on the longer term energy market outlook in Singapore”.
This would include information on the projected growth of electricity system demand, as well as a mix of sources coming from gas plants, solar and electricity imports by 2030.
