Singapore’s Ministry of Trade and Industry (MTI) has introduced a new energy transition bill for first reading in the country’s Parliament. The Energy Transition Measures and Other Amendments Bill notably proposes amendments to the Energy Market Authority of Singapore Act (EMA Act), Electricity Act, and Gas Act, in order to decarbonise Singapore’s power sector.
The proposed key features of the bill include the establishment of a Future Energy Fund (FEF), which will receive an initial allocation of SGD5bn (US$3.8bn) to support investments in low-carbon energy technologies and manage associated risks.
The bill also proposes the creation of a Central Gas Entity (CGE) to streamline and centralise gas procurement for the power sector, with amendments to the Electricity and Gas Acts empowering EMA to regulate the CGE and requiring power generation companies to procure gas exclusively through it.
In addition, the bill allows EMA to recover costs associated with initiatives aimed at enhancing energy security, market development, and decarbonisation.
Singapore plans to decarbonise its power sector by 2050.
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