Market Intelligence
Energy Singapore

Singapore Renewable Energy Strategy

Singapore seeks to reset its energy supply to be more energy sustainable and achieve net zero emissions by 2050.

Developing alternative energy sources is essential, considering that 95 percent of Singapore’s electricity is generated from imported natural gas.  To support Singapore’s energy transition, Singapore’s Nanyang Technological University (NTU) launched the Renewable Energy Integration Demonstrator (Reids) Microgrid Project. This project will test alternative renewable sources such as solar and wind to ensure that efficient energy storage systems are in place, especially for batteries. Current grid infrastructure to transport electricity has been based on fossil fuels such as coal for decades.

However, new storage systems are lacking to handle renewable energy at peak times. More battery storage is needed, but these energy storage systems are still not cost-competitive for most Southeast Asian countries (ASEAN) to adopt. Financing is urgently needed to help ASEAN address its clean energy goals and upgrade individual domestic grids so that they can be interconnected to make the ASEAN power grid a reality.

In addition, Singapore wants to produce 2GW peak of solar energy, which will constitute 3 percent of the country’s total electricity demand by 2030.  In 2022, Singapore committed to importing up to 100MW of hydropower from Laos via Thailand and Malaysia. In addition to solar and wind, a hydrogen facility that can convert hydrogen to electricity via a fuel cell is also part of the clean energy project.
 

For more information, please contact Commercial Trade Specialist Mr. CHAN Yiu Kei

01/10/2023