Its 31.7% market share in 2005 fell to 19.2% in 2016.
This chart from OCBC Investment Research shows that Senoko Energy, which previously dominated the market for electricity generation, had its market share drop from 31.7% in 2005 to 20.1% in 2015 and eventually to 19.2% in 2016.
In 2016, Tuas Power Corporation became the largest source of power with a 21% market share, unchanged since 2015. Meanwhile, YTL PowerSeraya, the third largest power generator in Singapore, also saw its market share decrease from 28.1% in 2005 to 17.7% in 2016. Sembcorp Cogen also shrank from 12.1% to 10.4% in 11 years.
Whilst these big four still take up more than half of the market, several new players have been growing slowly in terms of their share. Previously invisible in 2015, Tuaspring proceeded to take up 3.6% of the market in 2016. The Keppel Merlimau Cogen plant was also invisible in 2005, but then took up 10.4% of the market in 2016.
Growth has also been visible for PacificLight Power as its share grew from 8.7% in 2015 to 8.8% in 2016. The share of other electric generators has also grown from 4.8% to 9% in 11 years.
Power players have gone through several changes as Singapore has been gradually approaching market liberalisation. This was also seen in the decline of Singapore Power (SP) Services Ltd's share in the electricity retail market.
Do you know more about this story? Contact us anonymously through this link.