EMA extends energy security measures until March 2023
These include the Temporary Electricity Contracting Support Scheme.
The Energy Market Authority (EMA) will be extending its Temporary Electricity Contracting Support Scheme (TRECS) and several other energy security measures until the end of March 2023 as the global market continues to face volatilities.
In an announcement, EMA said power generation companies (gencos) can sign up for the July 2022 contracting window 2 starting 17 June.
Apart from TRECS, the authority also listed other energy security measures that will still be in place until next year, and amongst these is the Standby LNG facility (SLF) where gencos can "draw from to generate electricity when their natural gas supplies are disrupted."
Gencos will also have to follow the directives such as maintaining sufficient fuel for power generation, based on their available generation capacity for power generation; and generating electricity using the gas from the SLF pre-emptively.
"If there are potential shortages in energy supply in the Singapore Wholesale Electricity Market (SWEM), to maintain power system security and reliability," EMA said.
According to EMA, the abovementioned measures have stabilised the Uniform Singapore Energy Price (USEP) to an average of $350/MWh for the first five months in 2022.
On the side of customers, EMA said the government will continue to support them through the Household Support Package which was introduced in the 2022 budget.