Singapore’s strategies to meet its energy challenge amid an uncertain global energy future

October 31, 2011 by  
Filed under Insights

Singapore is taking steps to address its energy challenge by diversifying energy mix, managing energy demand, and encouraging innovative technologies, amid an uncertain global energy future.

During his Opening Address at the Singapore Energy Lecture, which kicks off the annual Singapore International Energy Week (SIEW) 2011, Mr S Iswaran, Minister, Prime Minister’s Office and Second Minister for Home Affairs and Trade and Industry, shares Singapore’s three strategies in addressing its energy challenge, given its over dependence on energy imports and the need to secure reliable and affordable energy supplies.

Diversify Energy Supply

Mr Iswaran shared that the key thrust of Singapore’s energy strategy is the diversification of its energy supplies through Liquefied Natural Gas (LNG) and electricity imports. Singapore will also continue to explore other options like solar energy. Read more

Singapore Preparing For a Smart Energy Economy

November 1, 2010 by  
Filed under Insights

Prime Minister Lee Hsien Loong delivered the annual Singapore Energy Lecture this morning at the 3rd Singapore International Energy Week (SIEW). PM Lee spoke about how Singapore is preparing for the new energy future amid uncertainties in future energy prices, a global regime on climate change, and new technologies. Singapore’s challenge is to have energy that is cost-competitive, secure, clean and sustainable. PM Lee outlined four key strategies towards a smart energy economy:

1. Promote Competitive Markets

To promote competitive markets, Singapore will price energy properly and avoid subsidies for households and businesses, and foster competition in the production and supply of energy so as to increase efficiency. PM Lee also said that Singapore should work through the market to cut carbon emissions as pushing for efficiency is limited due to the rebound effect. Therefore, there is a need to impose a charge on consumers to induce them to change their behaviour, and the best approach is to apply a carbon price, whether through a carbon tax or cap and trade scheme. Read more