Singapore needs to diversify energy sources

Singapore needs to consider different options to diversify its energy sources, so as to make the country less vulnerable to price fluctuations and supply disruptions, according to a report by a sub-committee under the Economic Strategies Committee. Some of the options to consider include importing coal and electricity. Another is to conduct a study on the possibility of having nuclear energy in the distant future. Currently, about 80% of Singapore’s electricity is generated by gas-fired power plants. To ensure energy security, the sub-committee suggests that Singapore should develop a smart energy economy. Proposals to achieve that include developing Jurong island as an energy-optimized industrial cluster, investing in critical energy infrastructure and further developing renewable energy sources like solar and biomass. The sub-committee also suggests that the government consider refining the existing Green Vehicle Rebate such that it is based on the actual fuel efficiency or carbon emissions of the vehicle, which it does not take into account now. It also proposed that existing funding for research and development in energy be expanded to about S$500 million (US$352.16 million) over five years. (February 4, 2010)