New Market Research Report: Singapore Power Report 2013

Most of Singapore's electricity is generated from natural gas, with the country planning to fuel additional capacity with LNG. Other thermal sources - mainly oil, although there are plans for some coalfired capacity - also play a role. Feedstock constraints weigh on the development of renewable capacity; yet, Singapore is playing an increasingly important role as a leader in renewable energy in the region. That said, given the demands of Singapore's energy-intensive industry sector and the existing project pipeline, BMI believes that the country will continue to rely upon thermal sources of energy over the forecast period, while it will go some way to minimising the risks associated with energy imports - particularly gas imports.

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Singapore is a reasonably attractive market, with customers concentrated in a densely populated area that is well served by existing infrastructure. In addition, Singapore's manufacturing sector is energy-intensive, boosting demand - according to the EIA, the manufacturing sector and household power use accounted for the 39% and 17% respectively, in 2011. That said, its power market overall size remains modest when compared to the majority of its regional peers. BMI anticipates that the country's power consumption will rise from 43.28TWh in 2013 to 56.79TWh by the end of the forecast period (2022), representing average annual growth of 3.05% in 2013-2022.

Gas-fired power generation will account for the majority of electricity provision, with its share of total power generation rising from an estimated 82.43% in 2013 to 86.60% by 2022. This will be boosted by the opening of Singapore's first liquefied natural gas (LNG) terminal. Coal-fired power generation plays a small but growing role, while oil's importance will decline over the forecast period as oil sites are converted to gas facilities - such as at Senoko's Steam Plant Stage II.

In light of this, key trends and developments observed in Singapore's power sector include:

* Singapore received its first commercial delivery of liquefied natural gas in May 2013, diversifying its supplies and underscoring the country's role as a regional energy hub at a time when Asia's gas demand and trade is booming.
* Singapore's power companies use natural gas as their major fuel source, and starting of operations at the country's new LNG plant will provide power companies an opportunity to increase fuel supplies and invest in new capacity.
* In addition, although Singapore faces some feedstock constraints on renewable resources, the country is playing an increasingly important role as a leader in renewable energy in the region and we believe that there is scope for development in the renewable energy sector in Singapore. Some factors that will drive growth in the sector include achieving energy security, production and technological expertise within the country, and access to financing.

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