SINGAPORE: Singapore must be prepared for a more volatile global energy market going forward, with the energy crunch that started last year unlikely to be the last, Second Minister for Trade and Industry Tan See Leng said in Parliament on Tuesday .to manage the risk of volatilities in the energy market, said Mr Tan in response to questions from Members of Parliament.
Second, as Singapore relies on imported natural gas for"almost all" its electricity production, global supply and demand shocks will spill over into the country's domestic electricity market, said Mr Tan. MTI would also make permanent some measures put in place last year to stabilise the market, namely regulations that required gencos to maintain sufficient fuel for power generation, and the standby fuel facility to guard against risks of gas supply disruptions.
"Retailers cannot unilaterally terminate contracts unless under stipulated conditions such as if they are exiting the sector, or consumers are insolvent or had a breach of contract," he said.