Opening Remarks By Mr Ng Wai Choong, Chief Executive, Energy Market Authority, at The 53rd APEC Energy Working Group Meeting
26 Apr 2017
Representatives from APEC member economies
very good morning to all of you. It gives
me great pleasure to welcome you to the 53rd APEC Energy Working
Group Meeting (EWG) in Singapore. It has been
more than 10 years since the APEC EWG last met in Singapore, and we are pleased to be
able to host these important discussions again.
had the honour of hosting the first APEC EWG meeting in 1990. At that meeting, delegates
agreed that there was significant scope for cooperation given the importance of
the energy sector to the region’s development.
They identified five broad themes for the first work
programme, such as energy efficiency and conservation, research and
development, as well as energy and the environment. Some of these themes continue to be relevant
and discussed at the EWG today.
EWG’s achievements over the years
the last few decades, the APEC EWG has made great strides in energy
cooperation. The EWG has
completed over 420 projects on a wide range of energy issues, more than any
other APEC Working Group or Committee.
These concrete projects have helped keep us on track towards achieving
our common aspirational goals.
example, in support of our goal to reduce energy intensity in the APEC region
by 45% by 2035, the Peer Review on Energy Efficiency (PREE) and the Cooperative
Energy Efficiency Design for Sustainability (CEEDS) initiative have showcased best
practices and enhanced capabilities within member economies. The Peer
Review on Low Carbon Energy Policies (PRLCE) and the Low Carbon Model Town
initiative have also contributed to our collective effort to double the share
of renewable energy in APEC’s energy mix by 2030. In addition, the EWG has reached out to
relevant energy organisations such as the International Energy Agency (IEA) to
strengthen its energy analysis.
evolving energy landscape
we continue to work on evergreen issues such as energy efficiency and energy
security, it is important to recognise that the global energy landscape is
evolving rapidly. Oil prices have
fluctuated from as low as US$15 per barrel in 1990 to more than US$130 per
barrel in 2008.
Today a barrel of oil stands at about US$50. We have also witnessed the technological
breakthrough in unconventional shale oil and gas extraction, leading to the
shale revolution. On the renewables front, the landmark Paris Agreement inked
in 2015 has given new impetus to the transition towards a low carbon future. The declining cost of renewables has also
encouraged investments in clean energy.
decentralisation, digitalisation and distributed generation are also changing
our energy landscape. This is altering
the traditional roles of consumers and grid operators, as well as the way we
generate, distribute and use energy. An
increasingly open system also introduces cybersecurity challenges, and
threatens consumer privacy.
this backdrop, it is important for the APEC EWG to continue to be an open
platform where we can exchange ideas and discuss new initiatives. For example, energy resilience is a relatively
new concept that was highlighted by our Ministers at the last APEC Energy
Ministers Meeting in 2015.
supports this emphasis on resilience. In
particular, we believe that there is an urgent need to ensure a continuous
pipeline of talent with the requisite capabilities to meet future needs in this
rapidly changing energy landscape. Therefore,
we have hosted the inaugural APEC Energy Workforce Resilience Workshop
yesterday, to exchange views and learn from each other’s best practices.
understand that the EWG has a full agenda ahead over the next two days. Beyond the discussions, I hope you will have some
time to soak in the wonderful sights and sounds of Singapore. My colleagues have planned an exciting social
programme and dinner on Thursday evening which will showcase the best of Singapore’s
culture and culinary delights.
would also like to take this opportunity to invite you to join us again in
Singapore from 23-27 October this year for the 10th edition of the Singapore
International Energy Week (SIEW). This
year’s theme is “Rethinking Energy; Navigating Change”, where global energy
leaders will gather to discuss how to stay nimble, overcome challenges and
seize opportunities in this evolving energy landscape.
wish everyone a fruitful discussion and an enjoyable time in Singapore. Thank you.
 The last APEC
EWG meeting in Singapore was in May 2006.
 The five themes were: (i) energy
supply and demand; (ii) energy and environment; (iii) energy conservation and
efficiency; (iv) research, development and technology transfer; and (v) resource
exploration and development.
 Europe Brent
Spot Price, EIA website.
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