Singapore to set up a centralised gas agency to centralised gas procurement

On October 23, 2023, as Singapore is still expected to rely on natural gas for more than half of its power generation needs by 2035, further steps have to be taken to ensure that supply remains sufficient, reliable and competitively priced, said the Energy Market Authority (EMA).

Speaking at the Singapore International Energy Week held at the Sands Expo and Convention Centre on Monday (October 23, 2023), Minister for Trade and Industry Gan Kim Yong said the Government will be centralising the procurement and supply of gas for the power sector, under a central gas company, by aggregating demand from the generation companies (gencos).

Currently, gencos individually decide on the volume and tenure of gas to procure based on commercial considerations, but this does not provide the assurance that Singapore will always have enough gas to meet its needs, especially during a crisis when market conditions are volatile, EMA said.

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