31-03-2022, 03:55 PM
Measures to enhance Singapore’s energy security extended to Jun 30 amid global volatility
Measures put into place to enhance Singapore’s energy security will be extended to the end of June, the Energy Market Authority (EMA) announced on Thursday (Mar 30).
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These extensions are in light of the global energy crunch and the conflict in Ukraine, EMA said.
“Global gas prices had increased significantly due to high demand and tight gas supply. The conflict in Ukraine has further exacerbated the risk of disruptions in gas and oil,” the agency said.
As around 95 per cent of Singapore's electricity is generated from imported natural gas, consumers cannot be shielded from the global volatility and higher energy prices, it added.
“EMA will monitor the situation and consider extending the measures further if necessary, depending on the global energy situation and its impact on Singapore.”
First introduced in October last year, these measures include the establishment of a standby LNG facility which generation companies (gencos) can draw from to generate electricity when their natural gas supplies are disrupted.
Gencos have also been directed to maintain sufficient fuel for power generation, based on their available generation capacity, in addition to the existing requirement for fuel reserves that they are required to maintain under their licences.
Measures put into place to enhance Singapore’s energy security will be extended to the end of June, the Energy Market Authority (EMA) announced on Thursday (Mar 30).
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These extensions are in light of the global energy crunch and the conflict in Ukraine, EMA said.
“Global gas prices had increased significantly due to high demand and tight gas supply. The conflict in Ukraine has further exacerbated the risk of disruptions in gas and oil,” the agency said.
As around 95 per cent of Singapore's electricity is generated from imported natural gas, consumers cannot be shielded from the global volatility and higher energy prices, it added.
“EMA will monitor the situation and consider extending the measures further if necessary, depending on the global energy situation and its impact on Singapore.”
First introduced in October last year, these measures include the establishment of a standby LNG facility which generation companies (gencos) can draw from to generate electricity when their natural gas supplies are disrupted.
Gencos have also been directed to maintain sufficient fuel for power generation, based on their available generation capacity, in addition to the existing requirement for fuel reserves that they are required to maintain under their licences.