February 24, 2024

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Digitalisation to transform the energy supply chain

“Digitalisation is the key to new architectures of interconnected energy systems. It is an area of immense potential for innovation and efficiency gains, and it is changing how we look at the different dimensions of our energy story – from production, management to consumption,” said Minister for Trade and Industry, Mr Chan Chun Sing.

Minister Chan was speaking at the 2nd Singapore-International Energy Agency Forum. Since it ascended in 2016, Singapore is one of the seven members in the International Energy Agency (IAE) Association Countries. The Singapore-IEA Forum in one of the key initiatives under the Association. Outcomes of the platform are to create a space where global energy leaders discuss the future of energy systems and markets. This is the second year the Forum is organised.

Digitalisation and its impact on the energy sector is the theme of this year’s Forum. The Minister recognised the immense potential for innovation and efficiency gains through digitalisation. Breakthroughs in technology changes the way different dimensions of energy such as production, management and consumption, are understood.

Paired with data analytics, digitalisation provides new solutions to reduce power system costs. These might include predictive technologies help to improve the functionalities of plants and networks, remote monitoring of equipment and improvements to project design.

The Minister listed four ways how digitalisation reduces costs:

First, operations and maintenance costs are lowered.

Second, power plant and network efficiency are improved.

Third, unplanned outages and downtime can be reduced.

Fourth, the operational lifetime of assets can be prolonged.

Additionally, there will be greater efficiency in energy production and an enhancement to the reliability of energy supply.

Citing the IEA Digitalisation and Energy Report 2017, the Minister said digitalisation in the power sector can save an estimate of USD 80 billion annually, or 5% of global power generation costs annually.

Within ASEAN, there is a growing demand for energy as the region’s population burgeons by another two-thirds by 2040. ASEAN is looking for ways in which digitalisation and new technologies can optimise the production of energy from distributed or intermittent renewable energy sources. Efforts are being diverted toward enhancing affordable energy access for smaller, off-grid communities in ASEAN whose geography is archipelagic. Remote monitoring of equipment and reducing maintenance costs are necessary in this process.

Within its own capacity, Singapore has channelled more efforts toward demand response for energy production. Demand response can better manage energy consumption. Singapore is currently studying the implications of using advanced meters nationwide to allow customers to monitor and understand their usage patterns on a daily basis, and improve energy savings by altering consumption behaviour. Advanced meters will also facilitate the use of data-enabled energy management systems to ease peaks and falls in demand daily, and reduce the wastage of energy at a systems level.

More money is being pumped into R&D to grease the wheels of digitalisation in the power system. One area is the development of predictive maintenance and real-time condition monitoring of Singapore’s underground electricity and gas network using sensors. Data analytics is also being employed to optimise the performance and efficiency of power plants. Collectively, this raising the reliability of Singapore’s grids.

Singapore hopes to become a choice destination for collaborations and test-bedding of new energy solutions and innovations, said Minister Chan. The policies will support the country’s energy stakeholders to retain their position in the forefront of technological developments. The Minister said, “This will ensure that we are well-positioned to build the energy systems of the future – not just for ourselves but also for the region.”

Strengthen cooperation with the IEA will be expected. In June this year, Singapore and IEA co-hosted the first ASEAN-IEA Digitalisation and Energy Workshop in Singapore. Going forward, more international partnerships will be forged to share best practices and enhance Singapore’s capabilities with the main purpose of meeting growing energy needs.

Ending off, the Minister said, “We must remember that digitalisation will fundamentally change not just the way we produce, manage and consume energy. Digitalisation will also offer new business opportunities because there will be new business models and new financing needs. To this end, Singapore believes that we can play a positive role, not just in the diffusion, adoption of technology but similarly, we believe that we can play an important role in how we come up with new business models to meet the new financing needs of our energy players and those in the region.”

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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