On 28 October, the Energy Market Authority (EMA) of Singapore and the Gas and Electricity Markets Authority (GEMA) of the United Kingdom signed a Joint Statement of Intent to Cooperate, which seeks to strengthen bilateral cooperation between the two regulators.
GEMA is the governing board of the Office of Gas and Electricity Markets (Ofgem). In November 2019, EMA and Ofgem held their first bilateral dialogue in London, where both regulators welcomed opportunities for closer collaboration on gas and electricity market regulation and design. The dialogue also highlighted the importance of emerging technologies in enhancing energy resilience and security.
EMA and Ofgem will hold their second bilateral dialogue virtually in the first quarter of 2021. This will focus on energy market regulation and the deployment of clean energy technologies, such as hydrogen and carbon capture, utilisation and storage (CCUS).
Mr Richard Lim, EMA Chairman, welcomed the Joint Statement of Intent to Cooperate as a significant milestone in EMA’s bilateral cooperation with Ofgem.
“Energy regulators play an important role in ensuring the stability and resilience of our power systems while facilitating energy transformation. Both agencies will benefit from closer collaboration and sharing of best practices in regulating our electricity and gas markets,” Mr Lim said.
GEMA Chair Professor Martin Cave added: “Ofgem is very pleased to formalise our cooperation with the EMA through this Joint Statement. We continue to have mutually beneficial dialogues on how regulators and the regulatory framework can best enable decarbonisation.”
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