The opening panel of the Asian Energy Financial & Investment Conference (L-R): Brian L. Wolff, Yeo Yek Seng, Christopher Huang, and Wong Kim Yin.
Yeo Yek Seng, deputy chief executive of the Singapore Energy Market Authority, delivering the opening address of the Asian Energy Financial & Investment Conference
By Choo Zu Kai
Strengthening regulatory frameworks for cross-border deals and increasing the number of commercially viable projects in Southeast Asia are essential to attract private investment in the energy sector, Yeo Yek Seng, deputy chief executive of Singapore’s Energy Market Authority, said on Tuesday at Singapore International Energy Week 2014.
According to the International Energy Agency, governments now fund about 70 percent of energy investments in developing Asia. With energy investment in Southeast Asia expected to hit nearly US$2 trillion by 2035, it is essential that the private sector play a larger role in infrastructure financing, Yeo said.
“In Southeast Asia, one of the most immediate constraints is the lack of bankable projects. To attract investors, legal and regulatory frameworks need to be strengthened,” Yeo said at the inaugural Asian Energy Financial and Investment Conference hosted by the Edison Electric Institute (EEI).
“This is important to potential investors, given the long-term and cross-border nature of many infrastructure investments.”
Renewable energy is a growing area of sustainable solutions, said Wong Kim Yin, group chief executive of Singapore Power (SP). But he cautioned that due consideration must be devoted to comprehensive energy policies and operating models to ensure smooth integration with the current framework.
Mr Wong cited the example of Singapore District Cooling (SDC), an SP subsidiary, which has proven to be a model of reliability and energy efficiency in cooling the Marina Bay area.
“Not only is SDC the world’s largest underground district cooling network, it is also beneficial to users, with one of them achieving up to 30 percent greater efficiency.” He added.
The conference also featured the presentation of the EEI Asian Utility Awards 2014 in recognition of energy utilities in the region that have delivered consistent and outstanding shareholder returns, customer service and sustained national and regional economic growth.
The winners among large companies were China’s Huaneng Power International, Malaysia’s Tenaga Nasional and Korea Electric Power. Among smaller companies, the winners were Glow Energy and EGCO – both from Thailand – and Australia’s AusNet Services.
About Singapore International Energy Week (www.siew.gov.sg)
The 7th annual SIEW 2014 is the foremost platform for top policymakers, energy practitioners and commentators to discuss energy issues, strategies and solutions. SIEW brings together a robust line-up of world's leading conferences, exhibitions, roundtables and networking events to provide insights and perspectives on the emerging trends and innovations across the energy spectrum of oil & gas, clean and renewable energy, and energy infrastructure financing – in one week, one location. Please visit www.siew.gov.sg for further information.