Singapore plans tender system to bolster power supply, mandate gas reserves
SINGAPORE, Oct 25 (Reuters) - Singapore will issue competitive tenders for private companies to invest in new power projects to meet demand over the next five years, Trade and Industry Minister Gan Kim Yong said on Tuesday.
The city-state will also make permanent some temporary emergency measures announced by the Energy Market Authority last October that provided standby fuel reserves and mandated generation companies to contract sufficient fuel, Gan said at the Singapore International Energy Week conference.
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These measures are aimed at bolstering energy security in the city-state after skyrocketing liquefied natural gas (LNG) prices late last year led to the collapse of several power retailers.
Singapore, which relies almost completely on natural gas for power generation, is also seeking to build reserves as global gas supplies are set to tighten further next year while Europe boosts LNG imports to replace Russian gas amid the Ukraine crisis.
"We will need to strengthen the market structure and put in guard-rails to ensure that the market continues to function well even under volatile conditions," Gan said. (Reporting by Emily Chow and Isabel Kua; Editing by Kim Coghill and Christian Schmollinger)