Singapore is targeting at least 2 GW of solar power capacity by 2030, which would correspond to 10% of the current peak electricity demand. The government will support solar PV development through the SolarNova programme and will promote rooftop solar. The Housing and Development Board (HDB) plans to install PV panels on half of its rooftops in the coming years. The city state also plans to double the floating solar capacity from current plans of around 160 MW and to add 200 MW of energy storage system (ESS) by 2025. This storage target will help manage the resilience of the Singapore power grid and will offer peak shaving services.
Over the last decade, around 3,000 solar PV installations have been connected to the grid, raising the solar PV capacity from 10 MW in 2012 to nearly 1.5 GW in 2018. The government expects ESS and solar to reach cost-parity with current gas turbines within the next decade. However, natural gas, which currently accounts for 95% of the country's power generation, is expected to remain dominant in the power mix over the next 50 years.
Singapore is also considering developing a regional power grid, carbon capture and storage (CCS), non-fossil-based hydrogen and research into Zero Energy Buildings.
Interested in Global Energy Research?
Enerdata's premium online information service provides up-to-date market reports on 110+ countries. The reports include valuable market data and analysis as well as a daily newsfeed, curated by our energy analysts, on the oil, gas, coal and power markets.
This user-friendly tool gives you the essentials about the domestic markets of your concern, including market structure, organisation, actors, projects and business perspectives.