The Government is also hoping to tap more clean energy from the sun, such as by deploying solar storage systems to store and dispense intermittent solar power at different times to maintain grid reliability.
Singapore has deployed around 800 megawatt-peak of solar power as of last year, compared to around 500 megawatt-peak in mid-2021.
“As of the first half of last year, Singapore is already one of the most solar dense cities in the world,” said Dr Tan, while adding that the country is on track to achieving its solar panel deployment target of at least 2 gigawatt-peak by 2030.
Dr Tan also pointed to the launch of a 285-megawatt hour energy storage system on Jurong Island earlier this month. This will meet the electricity needs of around 24,000 households in four-room flats for one day in a single discharge.
Lastly, authorities are exploring the suitability of other forms of low-carbon energy supply, such as nuclear and geothermal.
STRENGTHEN LOCAL ENERGY MARKET
Dr Tan said the global energy market will be turbulent in the coming years due to geopolitics and climate action.
Drawing lessons from the country’s recent energy crisis – marked by a spate of sudden retailer exits in late 2021 – authorities will update its regulatory approach to strengthen the foundations of Singapore’s energy market, he added.
First, the Government will call for competitive tenders for new generation capacity and build required new capacity if there is insufficient interest from private generation companies. This will help to ensure sufficient power generation capacity to serve demand.
Second, the standby fuel facilities set up by the EMA as part of measures during the recent energy crisis will be institutionalised as a permanent feature. The Government is also exploring ways to centrally aggregate gas procurement to obtain more secure and longer-term contracts.
Lastly, EMA intends to enhance the regulatory requirements on electricity retailers so as to strengthen consumer protection and ensure that electricity retailers are sufficiently resilient against market volatility.
Having released a consultation paper earlier this month, the authority is seeking feedback on the proposed enhancements and plans to announce the final changes later in the year.