Singapore Power Market Size and Trends by Installed Capacity, Generation, Transmission, Distribution, and Technology, Regulations, Key Players and Forecast, 2022-2035

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Singapore Power Market Overview

The Singapore power market cumulative installed capacity was 12.3 GW in 2021. The market is expected to grow at a CAGR of more than 1% from 2021 to 2035. During this period, renewable power is estimated to witness rapid growth while thermal power will remain the dominant technology in the capacity mix.

The Singapore power market research report discusses the power market structure of Singapore and provides historical and forecast numbers for capacity, generation, and consumption up to 2035. Detailed analysis of the country’s power market regulatory structure, competitive landscape, and a list of major power plants are provided. The report also gives a snapshot of the power sector in the country on broad parameters of macroeconomics, supply security, generation infrastructure, transmission and distribution infrastructure, electricity import and export scenario, degree of competition, regulatory scenario, and future potential.

Singapore Power Market Outlook

Singapore Power Market Outlook

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What are the market dynamics in the Singapore power market?

The Singaporean economy is one of the most developed and successful in the world. However, it is not an entirely free-market economy – it can be described as a mixed economic system. The government promotes free-market policies, but strong government intervention has been observed in the land, labor, and other capital resources.

The power sector is regulated by the Energy Market Authority (EMA), which falls under the energy division of the Ministry of Trade and Industry (MTI). The wholesale electricity market is regulated by the Energy Market Company (EMC). The government has policies that favor the growth of renewable power, but it is reluctant to provide either subsidies or Feed-in Tariffs (FiTs). This is due to its desire for the sector to grow into a robust system that is not dependent on the government for survival.

Singapore has been traditionally dependent on thermal power generation to meet its electricity needs. It imports all the gas and oil that it uses for power generation, as well as the coal it uses for coal-based power generation, which began in 2013. As Singapore has such a high reserve capacity, it is planning to gradually reduce its growth (primarily its thermal capacity) and replace it, to an extent, with renewable capacity. The aim is to maintain a certain baseload capacity from thermal power and make up for peak demand with renewable power, which is more intermittent. As the country has to import gas to generate power, which makes domestic power generation expensive, Singapore is planning to import power from neighboring countries.

What are the key sectors in the Singapore power market?

The key sectors in the Singapore power market are the residential sector, commercial sector, industrial sector, and transport sector. In 2021, the industrial sector had the dominant share in the power consumption market followed by the commercial sector and residential sector.

Singapore Power Market Analysis by Sectors

Singapore Power Market Analysis by Sectors

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Who are the key market players in the Singapore power market?

Some of the key market players in the Singapore power market are Senoko Energy, YTL Power Seraya, Tuas Power Generation, SembCorp Cogen, and Keppel Melimau Cogen. In 2021, Singapore’s power generation market was dominated by Senoko Energy and it was closely followed by YTL Power Seraya.

Singapore Power Market Analysis by Market Players

Singapore Power Market Analysis by Market Players

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Market Report Overview

Market size (Year – 2021)  12.3 GW
Growth rate (CAGR)  >1%
Key sectors  Residential Sector, Commercial Sector, Industrial Sector, and Transport Sector
Key market players  Senoko Energy, YTL Power Seraya, Tuas Power Generation, SembCorp Cogen, and Keppel Melimau Cogen

Scope 

  • Snapshot of the country’s power sector across parameters – macroeconomics, supply security, generation infrastructure, transmission infrastructure, electricity import and export scenario, degree of competition, regulatory scenario, and future potential of the power sector.
  • Statistics for installed capacity, generation, and consumption from 2010 to 2021, and forecast for the next 14 years to 2035
  • Capacity, generation, and major power plants by technology
  • Data on leading active and upcoming power plants
  • Information on transmission and distribution infrastructure, and electricity imports and exports
  • Policy and regulatory framework governing the market
  • Detailed analysis of top market participants, including market share analysis and SWOT analysis

Reasons to Buy

  • Identify opportunities and plan strategies by having a strong understanding of the investment opportunities in the country’s power sector
  • Identify key factors driving investment opportunities in the country’s power sector
  • Facilitate decision-making based on strong historic and forecast data
  • Develop strategies based on the latest regulatory events
  • Position yourself to gain the maximum advantage of the industry’s growth potential
  • Identify key partners and business development avenues
  • Identify key strengths and weaknesses of important market participants
  • Respond to your competitors’ business structure, strategy, and prospects

Senoko Energy
YTL PowerSeraya
Tuas Power Generation
SembCorp Cogen
Keppel Merlimau Cogen

Table of Contents

Table of Contents

1. Executive Summary

1.1 Renewables to account for

22.5% of the total power capacity mix in Singapore in 2035

1.2 Industrial sector continues to dominate annual power consumption

2. Introduction

2.1 Singapore Power Market

2.2 GlobalData Report Guidance

3. Singapore Power Market, Snapshot

3.1 Country Summary

3.2 Macroeconomic Factors

3.3 Supply Security

3.4 Opportunities

3.5 Challenges

3.6 Impact of COVID-19

4. Singapore Power Market, Market Analysis

4.1 Market Structure

4.2 Key Market Players

4.3 Financial Deals

Deal Value and Volume, 2010–2021

Deals by Type, 2021

4.4 Singapore Power Market, Demand Structure

Power Consumption by Sector, 2021

5. Singapore Power Market, Regulatory Scenario

5.1 Thermal Power Policy

5.2 Renewable Energy Market, Overview

5.3 Renewable Energy Targets

5.4 Electricity Act, 2002 (Amendment) Act, 2018

5.5 National Energy Policy

5.6 Solar PV Subsidies

Simplified Credit Treatment Scheme (SCT)

Enhanced Central Intermediary Scheme (ECIS)

Renewable Energy Certificates (REC)

5.7 SolarNova Program

5.8 Nationally Determined Contribution to the Paris Agreement

5.9 Tax Incentive for Energy Saving Equipment

5.10 Singapore’s Carbon Tax

5.11 Hydrogen Energy in Singapore

6. Singapore Power Market, Capacity and Generation

6.1 Cumulative Capacity Share by Technology, 2021

6.2 Total Power Capacity and Generation, 2010–2035

6.3 Thermal Power Capacity and Generation, 2010–2035

6.4 Renewable Power Capacity and Generation, 2010–2035

7. Singapore Power Market, Transmission and Distribution Overview

7.1 Transmission Network

7.2 Distribution Network

7.3 Grid Interconnection

8. Singapore Power Market, Major Generating Companies

8.1 Senoko Energy Pte Ltd

Company Overview

Business Description

8.2 YTL PowerSeraya Pte Ltd

Company Overview

Business Description

8.3 Keppel Merlimau Cogen Pte Ltd

Company Overview

Business Description

8.4 Sembcorp Industries Ltd

Company Overview

Business Description

SWOT Overview

9. Appendix

9.1 Abbreviations

9.2 Market Definitions

Power

Renewable Power

Installed Capacity

Electricity Generation

Electricity Consumption

9.3 Methodology

Coverage

Secondary Research

Primary Research

Modelling and Forecasting

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Table

Table 1: Power Market, Singapore, Macroeconomic Factors, 2010–2030

Table 2: Renewable Energy Market, Capacity Awarded under SolarNova Program, Singapore

Table 3: Power Market, Singapore, Cumulative Capacity and Annual Generation, 2010–2035

Table 4: Power Market, Singapore, Cumulative Capacity and Annual Generation Share by Technology, 2010–2035

Table 5: Thermal Power Market, Singapore, Cumulative Capacity and Annual Generation, 2010–2035

Table 6: Thermal Power Market, Singapore, Major Plants, 2021

Table 7: Renewable Power Market, Singapore, Cumulative Capacity (GW), 2010–2035

Table 8: Renewable Power Market, Singapore, Annual Generation (TWh), 2010–2035

Table 9: Renewable Power Market, Singapore, Major Plants, 2021

Table 10: Power Market, Singapore, Transmission Line Length (Ckm) by Voltage Level, 2010–2025

Table 11: Power Market, Singapore, Distribution Line Length (Ckm) by Voltage Level, 2010–2025

Table 12: Power Market, Singapore, Upcoming Interconnection Projects

Table 13: Abbreviations

Figures

Figure 1: Power Market, Singapore, Capacity Share by Technology, 2010–2035

Figure 2: Power Market, Singapore, Power Consumption by Sector (%), 2021

Figure 3: Power Market, Singapore, Country Summary

Figure 4: Power Market, Singapore, Macroeconomic Factors, 2010–2030

Figure 5: Power Market, Singapore, Market Structure

Figure 6: Power Market, Singapore, Market Share of Generation Companies (%), 2021

Figure 7: Power Market, Singapore, Deal Value and Number of Deals, 2010–2021

Figure 8: Power Market, Singapore, Deals by Type (%), 2021

Figure 9: Power Market, Singapore, Annual Power Consumption, 2010–2035

Figure 10: Power Market, Singapore, Power Consumption by Sector (%), 2021

Figure 11: Power Market, Singapore, Cumulative Capacity Share by Technology (%), 2021

Figure 12: Power Market, Singapore, Cumulative Capacity and Annual Generation, 2010–2035

Figure 13: Power Market, Singapore, Capacity Share by Technology, 2010–2035

Figure 14: Power Market, Singapore, Annual Generation Share by Technology, 2010–2035

Figure 15: Thermal Power Market, Singapore, Cumulative Capacity and Annual Generation, 2010–2035

Figure 16: Renewable Power Market, Singapore, Cumulative Capacity, 2010–2035

Figure 17: Renewable Power Market, Singapore, Annual Generation, 2010–2035

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