pstrongA new entity, Gasco, will lead the procurement of gas supply.
Singapore’s Ministry of Trade and Industry and the Energy Market Authority has revised the country’s procurement framework for the power sector and will implement a centralised procurement system by 2024 to ensure the stability and reliability of the gas supply.
“Having a secure and reliable supply of natural gas is existential for us as 95% of our electricity is generated by natural gas,” Minister Gan Kim Yong said at the Singapore International Energy Week. The entity will collate demand from the gencos. Gasco can also secure additional gas volumes if it sees the demand exceeding the indicated supply needed by gencos.“When implemented, this centralised procurement approach will apply to all future gas demand from the power sector, including gas contract renewals. Gencos will be allowed to continue with the existing gas supply contracts they have with their respective gas suppliers,” the MTI and EMA said.
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