Minister for Trade and Industry Gan Kim Yong speaking at the Singapore International Energy Week on Oct 23, 2023.SINGAPORE: In a bid to avoid wild swings in electricity prices brought about by energy shortages, the Singapore government will establish an entity to centralise the procurement and supply of gas for the power sector.
"We observed this during the recent global energy crisis, when some countries had to resort to refiring coal plants to bring down electricity prices," said the minister. Mr Gan stressed the need for secure and reliable natural gas supplies as 95 per cent of Singapore's electricity is generated with natural gas.
In a press release following Mr Gan' announcement, EMA echoed the inadequacies of the current gas procurement framework. As the sole procurer of upstream gas for the power sector, Gasco will be in a stronger position to negotiate for more favourable contracting terms and optimise system needs, EMA said.
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