SINGAPORE - Measures taken by regulator Energy Market Authority to boost Singapore's energy security since October 2021 have helped to push down the wholesale electricity price, which changes every half hour.
This includes the establishment of a standby liquified natural gas facility, which is essentially a stockpile of the fuel, that generation companies can draw from to generate electricity in the event of disruptions to their natural gas supplies. It is mainly the large electricity users in Singapore, such as shopping malls and manufacturing facilities, that are affected by the fluctuations in the wholesale market.
To cushion the impact of the fluctuations in the wholesale market to large electricity users, EMA in December 2021 introduced the Temporary Electricity Contracting Support Scheme, which"For businesses who want greater certainty, EMA has been working with electricity retailers and gencos since January 2022 to offer longer-term fixed price plans of up to three years," Mr Gan added.
Companies can monitor their half-hourly electricity usage on the SP Utilities Portal or Open Electricity Market e-services portal to manage and reduce their electricity consumption, Dr Tan said, or tap on the various support measures to enhance their energy efficiency.
Up to 100 megawatts of hydropower from Laos will be brought into Singapore using existing interconnectors under the Lao PDR-Thailand-Malaysia-Singapore Power Integration Project - an intergovernmental project set up in 2014 to study the feasibility of cross-border power trade.