Welcome Remarks by Mr Ngiam Shih Chun, Chief Executive, Energy Market Authority at the SIEW Energy Insights on 27 October 2022

27 Oct 2022

Excellencies,
Distinguished Guests,
Ladies and Gentlemen,

1. Good morning.

2. It gives me great pleasure to welcome all of you here in-person for the SIEW Energy Insights. The SIEW Energy Insights has always been well received and provides excellent thought leadership for in-depth discussions on key energy topics. Amidst the backdrop of a volatile energy market, I am pleased to highlight that today’s SIEW Insights will provide discussions on energy solutions such as green grids, hydrogen powered engines and innovative solutions by industry start-ups.

Net-Zero Future by 2050

3. This year, we announced several decarbonisation initiatives to support the energy transition towards a net-zero energy future by 2050. These include the launch of our national hydrogen strategy, which spells out our long-term outlook of hydrogen in areas such as the power sector, as well as the launch of an Expression of Interest (EOI) for small-scale ammonia projects. These are important initiatives as Singapore embarks on our net zero goal by 2050. As such, today’s presentations and discussions are important opportunities for both the public and private sector to spark new ideas and technologies in realising our shared decarbonisation goals for the energy sector.

4. As we continue to push the envelope, Singapore is fully invested in the success of the global energy transition and has laid out several plans to transform the way we produce energy. A key part of this transformation is the development of regional power grids. This not only supports Singapore and the region’s transition to a low carbon economy. It will also enable the development of renewable energy sources and drive socio-economic opportunities for the region. We are therefore pleased to have a panel discussion on the Lao PDR-Thailand-Malaysia-Singapore Power Integration Project (LTMS-PIP) at today’s discussion which is a testament to the success of the project, which commenced on 23 June 2022.

5. Projects like the LTMS-PIP are important pathfinder projects to realise the vision of multilateral electricity trading and enhance the development of the renewable energy sector in the Southeast Asian region. According to the International Renewable Energy Agency (IRENA), there is potential to increase the region’s share of renewable energy to 65% by 2050, while concurrently reducing its share of energy-related carbon emissions by 75% in the process ^[1]. I therefore look forward to the panellists’ valuable insights on how we can continue to advance the development of a regional power grid for multilateral electricity trading beyond neighbouring countries.

Innovative Solutions

6. Even as we transform our energy sources, we must also continue to push the boundaries in driving new and innovative solutions for our longer-term energy needs. For example, companies such as Sydrogen and City Energy are exploring the deployment of hydrogen fuel cells as a Proof-of-Concept (PoC) to support off-grid decentralised EV charging and augment existing power grid infrastructure.

7. In addition, today’s programme will also feature an exciting line-up of speakers and presentations on hydrogen by INNIO on how engines can be converted from natural gas to hydrogen operation. Aside from this, you can also look forward to presentations by Shell’s StartUp Engine, which will showcase the role of start-ups in supporting our energy transformation. There will also be insights from the Asia Pacific Energy Research Centre that will touch upon the major challenges and opportunities facing the region’s energy sector, as outlined in their 8th Energy Demand and Supply Outlook report.

Conclusion

8. Lastly, I would also like to express my appreciation to our returning sponsors, A*STAR, Singapore Battery Consortium, Shell and our new sponsors, Sun Cable and INNIO for their strong support for SIEW Energy Insights.

9. To conclude, the energy transition is an important part of our global climate change efforts. By coming together to share expertise, exchange ideas and discuss solutions, I am confident that we can forge a more resilient and sustainable energy future for all. I look forward to the robust and engaging discussions ahead.

10. Thank you.

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^[1] IRENA ASEAN 2nd Renewable Energy Outlook Report 2022