Singapore Says Energy Shift May Not Mean Cheaper Electricity
- Singapore to import 30% of power supply by 2035: minister
- Country invests in hydrogen, carbon capture and storage
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Singapore’s move away from dependence on natural gas may not bring lower power costs, the country’s trade minister said, after the nation state faced a dramatic spike in electricity prices.
“The transition to renewable energy, including imported electricity, may not mean cheaper electricity,” Trade and Industry Minister Gan Kim Yong said at the Singapore International Energy Week conference. “While the cost of generation may be lower, the costs of transmission and backup, as well as necessary grid enhancements, will add to overall costs. This is an inevitable but necessary trade-off.”