February 29, 2024

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Singapore Expands Energy Security and Resilience Measures

The Energy Market Authority (EMA) has extended its efforts to strengthen Singapore’s energy security and resilience until 31 March 2023, considering persistent volatility in global energy markets and the situation in Ukraine. EMA will keep an eye on the situation and, depending on the global energy situation and its impact on Singapore may consider extending the restrictions further.

The globe has been experiencing an energy shortage since September 2021. Due to increasing demand and limited supply, global gas prices have risen dramatically. With the continuing crisis in Ukraine and the seasonal increase in energy consumption in the coming winter months, energy markets are projected to remain unpredictable. In preparation for the winter, countries in Asia and Europe have begun to secure fuel supplies, particularly gas.

Because Singapore relies on imported natural gas to generate nearly all its power, global energy market volatility will affect the domestic market. Domestic electricity rates will rise as global fuel prices rise.

While businesses cannot protect consumers from increasing electricity costs, it is critical that global volatility does not interrupt electricity supply or impede energy market functioning.

The EMA’s mission is to maintain a dependable and secure energy supply, promote effective energy market competition, and nurture a vibrant energy industry in Singapore, thus it has implemented several steps to safeguard the country’s energy supply and ensure the smooth operation of the wider energy sector since October 2021:

  • Built a standby LNG facility (SLF) that power generation firms (gencos) can use to generate energy if their natural gas supplies are disrupted;
  • Instructed gencos to keep enough fuel on hand for power generating, based on their available generation capacity. This is in addition to the existing obligation for gencos to keep fuel reserves as part of their licences;
  • Modified Market Rules to allow the EMA to direct gencos to generate electricity using gas from the SLF in advance of potential energy supply shortfalls in the Singapore Wholesale Electricity Market (SWEM) to ensure power system security and reliability.

These steps have helped to secure enough fuel and energy supply while also stabilising the Uniform Singapore Energy Price (USEP) at about the cost of electricity production – $350/MWh for the first five months of 2022.

Through the Temporary Electricity Contracting Support Scheme, the EMA has worked with electricity retailers and generation firms to help large consumers acquire fixed pricing plans and retail contracts with major fixed price components.

Consumers with typical monthly use of 4MWh to 50MWh will continue to be offered longer-term fixed-price plans. The EMA will continue to constantly monitor the situation and, if necessary, take new actions.

Furthermore, starting on 17 June 2022, the contracting window for July 2022 will be open. More information on the various electricity contracting possibilities is available at https://go.gov.sg/electricity-contracting-options.

The government will continue to assist eligible consumers who are facing rising costs. The Household Support Package, which was introduced as part of Budget 2022, will assist eligible households in defraying the costs of higher electricity bills by doubling the amount of their quarterly U-Save vouchers in 2022. Businesses in need of financing can take advantage of Enterprise Singapore’s loan programmes.

The EMA is committed to ensuring that Singapore’s power supply remains secure and reliable, as well as to assisting consumers during this time. It also urged consumers to contribute to energy conservation. Energy-efficient appliances and energy-saving habits can help households reduce their energy consumption.

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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.

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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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