Energy management a key part of Singapore's economic strategy

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Speaking to Channel News Asia ahead of the recent Singapore International Energy Week, Singapore's minister for Trade and Industry explained why energy management is such a crucial element of the country's wider economic strategy.
Mr Iswaran began the interview by explaining how Singapore has made efforts over the past 50 years to increase the resilience of its energy supply and ensure that it has a variety of energy sources.
The second phase of its energy landscape evolution has been to increase competition within the energy sector, from generation stages to the final end user. A more competitive market lowers the price thresholds and provides customers with more choice in terms of their energy usage and provider.
As a relatively small country with no natural resources – meaning that it must rely almost fully on energy imports – any disruption in a Singapore company's energy supply can disrupt business operations and cause significant losses. This means energy is an important factor for investors and, as a result, is an "indispensable" part of Singapore's economic strategy.
When asked what was being made a priority within the energy sector, Iswaran explained that the three elements forming current and future governmental policies were energy security, environmental sustainability and economic competitiveness.
As well as focusing on retail contestability - opening up the electricity market to give customers more value and choice - the government will strive to diversify its energy sources.
Despite being "quite limited, alternative energy disadvantaged [...] by virtue of size and built up environment", says Iswaran, there is the potential for solar energy to become a greater part of Singapore's energy make up.
Finally, while energy strategy can largely be considered a domestic issue, Singapore is aware that international engagement - both cross-country and cross-economy - can give individual efforts a boost, as certain areas of the sector can benefit from this type of collaboration.
Energy efficiency in Singapore



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