Dr Matthew Peloso, Founder & CEO, Sun Electric Group,

Her Excellency, Heather Grant, High Commissioner of Canada to Singapore,

Distinguished Guests & Friends,

Ladies and Gentlemen,

Good afternoon.

1. I am honoured to join you today at the launch of Sun Electric's "SolarSpace" programme. My heartiest congratulations to Sun Electric on this happy occasion. I would also like to acknowledge JTC and SPRING Singapore for their roles in catalysing the SolarSpace programme, through the joint grant call for the test-bedding of sustainable technologies and solutions.

Recognition of JTC and SPRING Singapore's roles


2. The demand for Cleantech solutions is growing, both locally and overseas. This presents business growth opportunities not just for established companies, but also for Small and Medium Enterprises.
   
3. As Singapore's lead industrial developer, JTC continues to drive innovation, productivity and sustainability. Where feasible, JTC will open up industrial spaces for the test-bedding of innovative ideas in real-life environments.
   
4. On its part, SPRING, through collaborations with partners such as JTC, helps SMEs and start-ups to enhance their innovation and enterprise capabilities.
   
5. We hope businesses will continue to leverage on such collaborative grant calls to help them accelerate the commercialisation of their products and services.
   

EMA's contributions to the energy sector


6. As for the Energy Market Authority, we seek to build a competitive and vibrant energy landscape. One key initiative that EMA is working on is to give consumers greater flexibility and choice in how they buy electricity.
   
7. Today, large consumers can already choose to buy electricity from retailers and enjoy customised packages.
   
8. By the second half of 2018, we aim to open the electricity retail market to Full Retail Competition. This will empower the remaining 1.3 million small consumers, mainly households, with more options on how to better meet their electricity needs.
   
9. In line with Full Retail Competition, EMA will continue its efforts to facilitate the entry of independent electricity retailers. The creation of the Electricity Futures Market has enabled such retailers to hedge their price risks. By doing so, they are better able to provide innovative and competitive price packages. One such retailer is Sun Electric, which focuses on rooftop solar solutions.
   

Greater Solar Deployment in Singapore


10. Market interest in clean energy has been growing significantly in Singapore, where the total installed solar PV capacity has increased from just 1.5 megawatt in 2009 to 43.8 megawatt by end-2015, enough to power around 14,000 four-room flats a year.
    
11. We expect the strong growth of solar to continue as technology improves, and costs go down. Under the Government's SolarNova initiative, the plan is to aggregate solar demand across Government Agencies to support the 350 megawatt-peak target by 2020; or about 5 percent of our peak electricity demand then, up from less than 1 percent today.
    
12. At the recent Paris Climate Change Summit, Singapore pledged to reduce its emissions intensity by 36 percent from 2005 levels by 2030, and stabilise its emissions with the aim of peaking around 2030. Against this backdrop, solar remains the most promising renewable energy source for our city-state when it comes to electricity generation and reducing carbon emissions.
    
13. EMA will support the use of solar energy in Singapore. We will continue to enhance the regulatory framework to encourage deployment, while actively looking for ways to manage the intermittent nature of solar and maintain overall system stability. For example, we have reduced the time taken for solar PV to be connected to the grid from 27 to just 7 days. We have also reduced the paperwork to make it easier for customers to receive payment for excess solar energy that they generate.
    
14. In December last year, EMA further reduced the compliance cost for big solar consumers. They will now have a choice to use solar profiling, instead of installing physical meters, to measure the amount of solar energy generated. This will help to reduce the cost by about $2,500 for each metering point per year. This is estimated to be 3 to 4 percent of the cost of a typical solar installation for such customers.
    

Sun Electric's Innovative Business Model


15. Today, we are happy to see the early benefits of our energy market development efforts. Despite the scarcity of land, retailers such as Sun Electric has made its innovative efforts felt in our energy landscape. Its SolarSpace programme offers small consumers, such as SMEs with no rooftop space, access to solar energy. This programme also benefits building owners by allowing them to rent out their rooftop space to other consumers to tap onto solar energy.
    
16. One satisfied customer is Sky Tower Ltd which operates the observation tower on Sentosa. While it is not feasible to install solar panels on the tower itself, this has not stopped Sky Tower from procuring solar energy from Sun Electric to run its operations. This is also part of Sky Tower's efforts to reduce its carbon footprint and to do their part for the environment.
    

Conclusion


17. With such benefits for both consumers and the environment, we hope to continue expanding on solar energy as a clean energy source in Singapore. Again, congratulations to Sun Electric on your SolarSpace programme and I wish you every success on this new venture.
    
18. Thank you.