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On 25 Jul 2014, EMA issued a draft determination paper to which 3 gencos (viz. PacificLight Power, Senoko Energy and YTL PowerSeraya) responded. EMA’s responses to their comments are set out in Appendix A.
This paper sets out EMA’s final determination on the LRMC parameters to set the vesting contract price for the period 1 Jan 2015 to 31 Dec 2016 after taking into consideration all the comments and feedback received.
25 Jul 2014:
On 29 May 2014, EMA issued a consultation paper on the Review of the LRMC parameters to be used to set the vesting contract price for the period 1 January 2015 to 31 December 2016. EMA received comments and feedback from the 6 vested gencos. This paper sets out EMA’s draft determination on the LRMC parameters to be used to set the vesting contract price for the period 1 January 2015 to 31 December 2016, taking into consideration the feedback received from the industry.
Please submit all comments and feedback, in writing, to Mr Lee Joo Yeow (lee_joo_yeow@ema.gov.sg) or Mr Lim Tze Yong (lim_tze_yong@ema.gov.sg). Alternatively, you may send the submissions by post or fax to:
Economic Regulation and Licensing Department
Regulation Division, Energy Market Authority
991G Alexandra Road, #01-29
Singapore 119975
Fax: (65) 6 835 80202.
All comments and feedback should reach EMA by 5pm on 15 August 2014.
19 Jun 2014:
The consultation has closed for comments.
The Energy Market Authority (“EMA”) implemented vesting contracts on 1 January 2004. The objective of the vesting regime is to control the exercise of market power by the generation companies (“Gencos”) and promote efficiency and competition in the electricity market. The vesting contracts commit the Gencos to sell a specified amount of electricity (viz. the vesting contract level) at a specified price(viz. the vesting contract price).
EMA conducts a review of the LRMC parameters used to set the vesting contract price biennially or at other times when it considers necessary. In between the biennial reviews, EMA also conducts a mid-term review of the capital cost parameters, using the same methodology as the biennial re-set. The procedures for determining the vesting price can be found in the document “EMA’s Procedures for Calculating the Components of the Vesting Contracts (Version 2.1)” (“Vesting Contract Procedures”). EMA has appointed PA Consulting Group Pte Ltd (“PA”) with their subcontractor Sinclair Knight Merz (“SKM”) to assist in the review of the LRMC parameters for setting the vesting contract price for the period 1 January 2015 to 31 December 2016. EMA invites comments and feedback on this consultation paper which summarises our preliminary assessment of the LRMC parameters to be used to set the vesting contract price for the period 1 January 2015 to 31 December 2016.
Please submit all written feedback to Mr Lee Joo Yeow (lee_joo_yeow@ema.gov.sg) or Mr Lim Tze Yong (lim_tze_yong@ema.gov.sg). Alternatively, you may send the submissions by post/fax to:
Economic Regulation and Licensing Department
Regulation Division, Energy Market Authority
991G Alexandra Road, #01-29
Singapore 119975
Fax: (65) 6 835 80202.
All comments and feedback should reach EMA by 5pm on 19 June 2014.
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