Mr Iswaran said in his opening remarks at the Singapore International Energy Week (SIEW) 2016 on 24 October that the new energy realities are characterised by lower energy prices for longer, new impetus for the development of greener energy systems, and key technological advances in energy systems and networks.
“Policy makers, regulators and market players alike need to prepare themselves well, to ride on the new wave of opportunities while addressing the challenges ahead, so as to build a more sustainable global energy system,” he added.
As part of Singapore’s plans to enhance the security of its natural gas supply by encouraging competition in its domestic market and further diversifying gas supply sources, Mr Iswaran announced that Pavilion Gas and Shell have been appointed as the term importers for the next tranche of LNG for Singapore. Both importers will supply Singapore with 1 million tonnes per annum (Mtpa) of LNG each or for up to three years, whichever is reached earlier. The Energy Market Authority (EMA) also plans to allow third party spot imports and new piped natural gas imports on a case-by-case basis, he added.
EMA has also launched the inaugural edition of the “Singapore Electricity Market Outlook”, which gives indicative projections on Singapore’s electricity demand and includes a special feature on the outlook of solar photovoltaic in Singapore. The publication aims to inform and facilitate investment decisions as the energy sector evolves.
“Even as we keep a close watch on current volatility in the market, it is essential that policymakers, regulators and companies take a long term view of our energy landscape,” said Mr Iswaran.
Singapore will also be tapping on technological advances in smart metering solutions, Mr Iswaran shared. EMA will partner national water agency the Public Utilities Board (PUB) and Singapore Power to issue a call-for-proposal to develop and test-bed integrated advanced metering solutions for electricity, gas and water utilities. This will enable consumers to make informed decisions on energy consumption and conservation, as well as help Singapore assess the feasibility of nation-wide deployment of smart metering solutions.
In addition, collaboration will continue to play a key role – both on the industry and international level.
On the industry front, Mr Iswaran announced the launch of Project OptiWatt, a pilot programme on demand-side management that involves EMA and 16 partners working together to explore initiatives to optimise energy consumption.
On the international front, Mr Iswaran announced that the International Energy Agency (IEA) has welcomed Singapore as an Association Country, noting that “being an Association Country is a natural extension of Singapore’s already close collaboration with the IEA”. As a start to this strengthened relationship, Singapore will partner the IEA on two new initiatives – a regional training hub to build capabilities in the region, and an annual Singapore-IEA Forum at SIEW that will provide a platform to drive future-oriented energy discussion.
“Many of the policy initiatives that Singapore is undertaking […] aim to strengthen our long-term energy competitiveness, security, and sustainability. These solutions will also be relevant for a rapidly urbanising Asia, which is also the centre of gravity for global growth,” said Mr Iswaran.
SIEW 2016, which took place from 24 to 28 October, gathered more than 13,000 delegates from the industry, governments and international organisations from over 60 countries to discuss the impact of the new energy realities. The week’s highlights also included the inaugural Energy Access Forum, which brought together more than 300 delegates from over 20 countries and international organisations to discuss the pertinent issue of enhancing energy access in Asia Pacific.
SIEW will return for its 10th edition from 23-27 October 2017 at the Marina Bay Sands, Singapore. Save the date and visit http://www.siew.sg for updates.
About Singapore International Energy Week (SIEW)
In its 9th edition, Singapore International Energy Week is the premier platform in Asia for energy insights, partnerships and dialogue, which brings together the world’s leading conferences, exhibitions, and roundtables in one week, 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 leading energy challenges, solutions and actions across the energy spectrum of oil & gas, clean and renewable energy, and energy infrastructure financing. Please visit www.siew.sg for further information.