Minister S. Iswaran delivering the opening remarks
by Choo Zu Kai
Singapore aims to have full retail competition in its electricity market by the second half of 2018 and is working towards a secondary market for natural gas trading, Minister of Trade and Industry (Industry) S. Iswaran said on Monday in his opening remarks at Singapore International Energy Week 2015.
“Enhancing retail competition is a policy priority in order to render more choice and benefits to consumers,” said Iswaran. “This [full retail competition] will enable consumers to have flexibility in their electricity consumption and better manage their energy costs.”
The Energy Market Authority (EMA) will work with industry members to realise this goal, he said.
On Singapore’s plans to establish a secondary gas trading market, the EMA will seek industry feedback on a proposed market design, implementation roadmap and industry working group, Iswaran said.
A secondary market will allow domestic gas price discovery that reflects Singapore’s supply and demand conditions, he said. Users will also be able to complement their portfolio of long-term and medium-term gas supplies with short-term supplies to optimise their portfolios and mitigate price volatility, he added.
“Such a market will enhance Singapore’s position as a hub for LNG (liquefied natural gas) and gas trading activities, and pave the way for the potential establishment of a gas futures market,” Iswaran said.
For the full text of Iswaran’s speech, click here.
About Singapore International Energy Week (SIEW)
In its 8th edition, Singapore International Energy Week is the premier platform in Asia for energy insights, partnerships and dialogue, bringing together the world’s leading conferences, exhibitions and roundtables in one week and one location. SIEW enriches the global energy conversation by convening political, business, academic and energy industry thought-leaders to define and advance the world’s energy challenges, solutions and actions across the spectrum of oil and gas, clean and renewable energy, and energy infrastructure financing.
Please visit www.siew.gov.sg for more information.
About the Energy Market Authority
The Energy Market Authority (EMA) is a statutory board under Singapore’s Ministry of Trade and Industry. Our main goals are to ensure a reliable and secure energy supply, promote effective competition in the energy market and develop a dynamic energy sector in Singapore. Through our work, we seek to forge a progressive energy landscape for sustained growth.
Please visit www.ema.gov.sg for more information.