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Singapore: power market liberalization is creating a boom in renewable energy

The complete liberalization is shaking up Singapore’s power market. Starting in the second half of 2018, private households will also benefit from the market opening; power providers are already outbidding each other with a continuous stream of new offers. This courting of customers is giving renewable energies a boost; solar energy in particular is booming.

The opening up of power market in Singapore is creating a boom in solar energy
The opening up of power market in Singapore is creating a boom in solar energy

Singapore’s power market is in motion. A total of 25 power providers – and growing – want a slice of the pie and are introducing a continuous stream of new offers, technologies and business models to the market in preparation for next year’s complete liberalization. It is the power consumers that will benefit, because the tough competition will provide them with numerous new possibilities.

Solar energy quadrupled

Although Singapore’s government does not intend to subsidize solar energy, its decision to install solar panels on 27 government buildings and feed the power they generate into the grid is decisively contributing to the boom. In the last three years alone, solar energy production has quadrupled, as the Singaporean newspaper The Business Times reports. To ensure that the development of solar energy proceeds in an orderly manner, as with any other renewable energy, the Energy Market Authority (EMA) will have to adjust the regulatory framework.

How big of a role foreign market participants will play is one of many questions that the EMA will have to clarify. The future of energy promises a lot of change in Singapore too.

Take advantage of business opportunities now

Do you want to use the possibility to explore your opportunities in the power market in Singapore without commitment? Get in touch with our S-GE consultant Angela di Rosa for Southeast Asia, or take part in a free country consultation (in German). Register now

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