Singapore Highlights Opportunities For Energy Industry

The Energy Market Authority has published the annual Statement of Opportunities for the Energy Industry in Singapore.

This year’s Statement of Opportunities reflects EMA’s new role as industry promoter and developer, covering all aspects of Singapore’s energy industry.

Overview of Singapore’s energy industry:

Singapore has done well to establish itself as one of Asia’s major energy hubs. Despite our limited natural resources, Singapore is one of the top three oil-refining centres in the world, accounting for 68 million tonnes of oil exports in 2007.

This is a remarkable feat considering that Singapore does not produce any oil itself. Leveraging on its position at the centre of Asian trading routes, Singapore has established itself as the world’s busiest marine bunkering centre, accounting for around 32 million tonnes of bunkers in 2007.

Singapore is also the largest oil trading hub in Asia, and the third largest in the world. We are home to more than 800 professional oil traders with a trading volume of US$375 billion in oil contracts annually.

All this activity takes place on the back of a world-class electricity transmission network. Singapore’s transmission network is acknowledged as a world leader in terms of sophistication and reliability. In 2007, Singapore recorded just 0.01 interruptions in electricity supply per customer, far ahead of the second lowest city, London, which recorded 0.33 interruptions per customer.

Developing Singapore’s Energy Industry

Without indigenous resources, Singapore is a price taker when it comes to energy. Approximately 80 per cent of Singapore’s electricity is produced from piped natural gas imported from Malaysia and Indonesia. Singapore also imports all of its crude oil. With our energy needs being so import-dependent, the continued growth of our economy can be undermined by rising energy prices and externalities such as geopolitical conflicts, natural disasters and terrorism. This is the key consideration behind Singapore’s decision to build a liquefied natural gas terminal to diversify our sources of natural gas.

At the same time, the issue of climate change has risen to prominence in the international community. This, together with recent technological advances, has sparked interest in a variety of industries including clean and renewable energy, energy efficiency and electric vehicles. These factors have served as strong motivators for Singapore’s recent focus on the energy sector as a key growth area as well as an essential enabler for our economic development. This is why the Government has developed a National Energy Policy Framework to maintain a balance between the policy objectives of economic competitiveness, energy security and environmental sustainability.

With the many new opportunities emerging in the energy industry, it is timely that the Energy Market Authority (EMA) has evolved from its traditional role as regulator for the electricity and gas industry to take on the additional roles of planner, promoter and developer for the energy sector.

The EMA has set up the S$25 million Energy Research and Development Fund to give impetus to research, development and demonstration initiatives that can help grow the energy industry and improve Singapore’s energy security. To take advantage of the growing interest in clean and renewable energy solutions, the EMA is also developing Singapore as a ‘living laboratory’ where new energy concepts can be tested in a real-world environment, implemented in Singapore and exported beyond our shores.

We have set aside S$20 million for the electric vehicle test bed launched in May 2009 and there are plans to use Pulau Ubin as a testing ground for sustainable energy solutions. We have also set up the S$5 million Market Development Fund to promote the use of renewable energy solutions.

To reflect the EMA’s expanded mandate, the current edition of the Statement of Opportunities for Singapore’s energy industry has been expanded to encompass opportunities beyond the electricity industry, to include the oil and gas sector, renewable energy sector, research and development and Singapore’s test-bedding projects.

The EMA is committed to forging a progressive and sustainable energy landscape, spearheading various energy-sector initiatives and working closely with all stakeholders to develop Singapore as a leading hub for the global energy industry.

See The Full Report Here

Topics: Asia, Asian trading routes, clean energy, development, economic development, economic growth, Economy, electricity, EMA, energy, energy hub, energy industry, Energy Market Authority, environment, gas, Governance, oil, renewable energy, research, Singapore

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