SINGAPORE - Safeguards introduced from 2023 to help Singapore withstand significant volatilities in the global energy market will incur “higher costs”, said Second Minister for Trade and Industry Tan See Leng in Parliament on Tuesday.
In his reply, Dr Tan said the Ministry of Trade and Industry and Energy Market Authority will implement the measures in a calibrated way, to balance the cost burden while ensuring that electricity remains affordable. Dr Tan added: “But the value of a more stable, secure and resilient energy system cannot be overstated. It is fundamental, it is foundational to our ability to grow our economy, to create good jobs for our people and to maintaining our quality of life.”
Dr Tan said the drop in gas supply from Indonesia will be made up with liquified natural gas imports, adding that the shortened contract of five years was also brought about by price volatility around the world.
Source: News Formal (newsformal.com)
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