Singapore’s Energy Market Authority will now be able to acquire, build, own, and operate various power infrastructures. The move provides EMA with more powers to secure Singapore’s electricity supply as the country looks to transition towards cleaner energy sources.
So what?
The Second Minister for Trade and Industry Tan See Leng mentioned that the energy transition, which includes looking for low-carbon and renewable energy sources from overseas, presents uncertainties that inhibit private investment by generation companies. In fact, various energy providers have indeed recently exited Singapore’s retail electricity market citing volatile conditions.
As countries move away from the security of harmful fossil fuels to the uncertainties of clean energy, the existing electricity ecosystem will need to adapt to newer challenges. Countries will need to closely study and deal with the possible challenges in order to maintain a relatively smooth transition.
Sources
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Parliament passes Bill to safeguard Singapore’s energy security and reliability in the long term https://www.channelnewsasia.com/singapore/singapore-energy-security-electricity-supply-bill-passed-parliament-2285836 -
EMA can now own and operate power infrastructure under changes to law https://www.straitstimes.com/singapore/politics/ema-can-now-own-and-operate-power-infrastructure-under-changes-to-law - https://www.reuters.com/world/asia-pacific/third-electricity-provider-calls-it-quits-singapore-2021-10-16/
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