Wholesale electricity trading started in
2003. Electricity is now bought and sold at half-hourly intervals
through the Singapore Wholesale Electricity Market (SWEM), known as the National Electricity
Market of Singapore (NEMS).
The Market Rules govern the operations of
NEMS, including the activities of the market company and market participants, to
ensure a transparent and competitive trading environment. The market company,
Energy Market Company Ltd (EMC), administers the Market Rules.
Any interested party may submit a proposal for modifications to the Market Rules to EMC. All proposed modifications to the Market Rules are reviewed
by the Rules Change Panel (RCP), whose members are from the electricity industry and the financial sector. The RCP would
make a recommendation to the EMC Board, which would submit its decision to the
EMA for approval.
For more information on the Market Rules,
visit the EMC website.
Since Jun 2019, EMA has consulted the industry on Developing a Forward Capacity Market (FCM) to Enhance the SWEM. More details on EMA's consultation papers can be found here.
For more information on how the FCM would enhance the SWEM for supply reliability, economic efficiency and financial sustainability, refer to the FCM Information Paper.
For other details on the Required Reserve Margin to maintain power system security and the Electricity Demand Forecast Methodology, click here.
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