Low Yen Ling on minimising volatility of energy prices

In Parliament on Wednesday (Nov 9), Minister of State for Trade and Industry Low Yen Ling reiterated safeguards that the Government intends to put in place to manage the risk of volatility in Singapore’s energy market. These include introducing a centralised approach to facilitate investments in new power generation; institutionalising some of the emergency measures introduced in the wake of the global energy crisis as permanent features, such as requiring generation companies to maintain enough fuel for power generation; and enhancing regulatory requirements on electricity retailers to ensure they are more resilient against market volatilities. She said collectively, these measures will bring about a stronger and more secure power system so that consumers will have a stable and reliable supply of electricity for years to come. Ms Low said the measures will be implemented in a calibrated way to balance the regulatory cost burden while ensuring that electricity remains affordable to households and businesses. How this will be achieved will become clearer, she said, when details of the enhancements are released. She was replying to an MP’s questions.