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The Market Rules govern the operations of National Electricity Market of Singapore (NEMS) to ensure a transparent and competitive trading environment.
In Singapore, we have the Energy Market Company Ltd (EMC) that administers the market rules that govern NEMS.
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 will make a recommendation to the EMC Board, which would submit its decision to the EMA for approval.
More information on the Market Rules can be found on EMC website.
As the Power System Operator (PSO), EMA is represented in various NEMS committees and panels.
This comprehensive but flexible dispute resolution procedure is set out in the Market Rules. This covers all market participants, the Market Support Services Licensee, the EMC and PSO.
Technical Working Group
The Technical Working Group reports to the Rules Change Panel. The group is responsible for examining proposed changes to the dispatch and price discovery process. It is also in charge of balancing economic, financial and technical considerations to create a more efficient wholesale electricity market.
Rules Change Panel
The Rules Change Panel reviews all proposed modifications to the Market Rules. Thereafter, the panel makes recommendations to the EMC Board, which then submits the Rules Change to EMA for approval.
Urgent Rules Modification Committee
Urgent modifications by this Committee are valid for up to only one year. During this period, EMC has to submit the urgent modification to the Rules Change Panel for consideration via the usual rules change approval processes.
Related Policies and Consultations
Operating Reserve Policy
A Spinning Reserve is necessary to prevent an outage in the event any single online generating unit fails. It is defined as the amount to cover the loss of a single largest online generating unit in the power system.
To maintain power system security and reliability, EMA has implemented a Required Reserve Margin (RRM). The minimum RRM is currently set at the standard of three loss of load hours per year. This is to cater to scheduled and unscheduled maintenances, as well as forced outages of generation units in the power system.
The methodology used to forecast electricity demand also takes into account the RRM. Read more about RRM
Forward Capacity Market
In June 2019, EMA consulted the industry on developing a Forward Capacity Market (FCM) to enhance Singapore’s wholesale electricity market.
Through a series of subsequent consultations with the industry, EMA issued an Information Paper to defer the implementation of the FCM. EMA will continue to monitor market conditions and technological developments and review the introduction of the FCM in the future.