Renewable Energy Market in Singapore
According to a white paper released by the Sustainable Energy Association of Singapore (SEAS), Singapore’s renewable energy market can make up to 10 percent of the countries’ energy demand by the year 2020. In contrast, only 1 percent of Singapore’s energy consumption comes from renewable energy sources.
The market growth of renewable energy depends most on the investment of the private sector. Authorities therefore actively encourage investors to continue focusing on this field. Edwin Khew (Chairman of SEAS) said, “These systems will actually last you for at least 20 to 25 years. So anything beyond 4 to 5 years, basically, is where you start getting all your investment back, so you actually make money from the system, so it’s extremely viable right now,”
Last Monday, the Energy Market Authority of Singapore adjusted its regulatory framework to make it accessible for renewable energy producers to sell their excess energy to the market. In particular, the registration process for renewable energy consumers selling their excess electricity to the national grid will be significantly simplified.
Minister in the Prime Minister’s Office S. Iswaran announced at the Singapore Energy Summit that the cap for intermittent energy supply to the national grid will be raised from 350 MWp to 600 MWp, according to Eco-Businesss. With the cap increases, renewable energy is strongly encouraged.
-Renjie Shen, Sustainability