SINGAPORE - Singapore will set up a $20 million fund to train Singaporean technical professionals for the local power sector, and also create a $25 million Energy Storage Programme to develop technology to boost the power system's stability and resilience.
These were among a slew of new projects announced by Minister in the Prime Minister's Office S. Iswaran at the opening of this year's Singapore International Energy Week at the Marina Bay Sands Expo and Convention Centre.
Mr Iswaran also announced that Singapore Power will set up the Singapore Institute of Power and Gas to provide training courses for Singapore's power and gas sector.
From July, more people will also be eligible to buy electricity from retailers of their choice. Currently, only commercial and industrial consumers with an average monthly electricity consumption of at least 4,000 kWh can do so; the threshold will be lowered to 2,000 kWh. About 10,000 consumers are expected to benefit from this, adding to the current pool of 23,000 eligible consumers.
Mr Iswaran added that the Energy Market Authority will also be simplifying about 70 of its rules and regulatory requirements to streamline information and reporting requirements, and to make the application processes for gas and electricity licensees less onerous.
"In recent times, we have witnessed significant shifts in the energy sector arising from a veritable surge in technological innovation," said Mr Iswaran, who is also Second Minister for Home Affairs and Trade and Industry.
"These initiatives will allow Singapore to diversify its energy sources, foster greater competition in the electricity market, reduce costs and enhance flexibility for businesses, and develop our manpower capacity and capabilities."