Mark Lee on Energy Transition Measures and Other Amendments Bill

Singapore has been vulnerable to global energy market fluctuations in recent years and rising electricity costs are among the top challenges facing businesses today, said NMP Mark Lee. He said the Energy Transition Measures and Other Amendments Bill offers relief by addressing some of the systemic issues contributing to the problem. However, Mr Lee raised several concerns in Parliament on Monday (Sep 9). One provision of the Bill is to allow the Energy Market Authority (EMA) to recover costs for initiatives related to energy security, market development and decarbonisation. Mr Lee said this should not exacerbate the cost pressures businesses are already facing. To ensure fairness, transparency and sustainability, he proposed several measures such as forming a business advisory panel with industry representation to assess how costs are allocated, taking a phased approach and imposing a yearly cap. He also suggested setting up a centralised entity to manage procurement of renewable energy. On allowing EMA to impose power rationing during emergencies, Mr Lee called for a clear definition of emergencies, protocols to ensure minimal disruption of essential services, and a robust communication mechanism to inform affected businesses of the start and duration of measures. *Video and audio issues inherent from source