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Our Energy Story

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Discover how the Singapore Energy Story sets the vision towards a net-zero energy future.

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Modification to EMA's Procedures for Calculating the Fuel Cost Index For the Purpose of Computing the Quarterly Vesting Price

Industry Sector:

Decision

Feedback was received from 4 respondents, viz. PowerSeraya Ltd, TuasPower Ltd, Senoko Power Ltd and SembCorp Cogen Pte Ltd. 

After careful consideration of the feedback received, EMA finds that the arguments for the proposed modification is not sufficiently persuasive to warrant modification to the existing window. There has been, to date, no conclusive evidence of market manipulation. Moreover, the effectiveness of the recommended change in addressing the potential for market manipulation and to bring about more reflective prices has been questioned and no consensus has been reached. Anecdotal evidence from other jurisdictions as provided by respondents in fact appears to contradict the argument for shorter data-collection time windows.

In view of the lack of sufficient evidence supporting the need foramendment to the existing window, EMA has decided to retain the current window i.e. to use the forward fuel oil prices transacted or quoted in the relevant days from 10am to 6pm Singapore time for the purpose of vesting price calculation.

Update

The consultation has closed for comments.

Consultations

Vesting contracts were implemented on 1 January 2004. The vesting contracts commit the generation companies to sell a specified amount ofelectricity at a specified price (vesting price). The Intercontinental Exchange (ICE) has recently proposed that the window timing be amended from 10am to 6pm Singapore time to 4.30pm to 5.30pm Singapore time. This means that only forward fuel oil prices transacted or quoted in the relevant days between 4.30pm to 5.30pm Singapore time will be used for the purpose of calculating the daily average prices.

Submit Responses

Please send your submission by e-mail to: teo_nan_shing@ema.gov.sg, and tan_kheng_whee@ema.gov.sg. 

Alternatively, you may send your submission by post/fax to the following address:

Director (Market)
Regulation Division, Energy Market Authority
111 Somerset Road, #15-05
Singapore 238164
Fax: (65) 6 835 8084

Clarification, if any, with regards to the proposed modification should reach EMAby 5 pm on 9 January 2008.

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Industry Sector:

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