Post by : Shakul

Singapore has enough energy reserves to last for several months, according to Energy Minister Tan See Leng, as global energy markets face uncertainty due to tensions in the Middle East.

Speaking on a national podcast, the minister said the government maintains stockpiles of liquefied natural gas (LNG) and diesel to ensure the country’s energy security during supply disruptions. While the exact volume of reserves was not disclosed for security reasons, officials confirmed that Singapore remains in a stable position to handle potential shocks.

Authorities strengthened the country’s energy resilience after the 2022 global energy crisis, when fuel shortages and price spikes disrupted electricity markets worldwide. Since then, Singapore has diversified its energy sources and established additional safeguards, including the creation of Singapore GasCo, which centralises gas procurement and improves supply management.

The government also ensures that power generation companies maintain their own backup fuel reserves. In addition, many electricity-generating turbines in Singapore are capable of operating on both natural gas and diesel, providing flexibility if gas supplies are disrupted.

Despite concerns about Middle East supply routes, officials noted that Singapore imports energy from multiple global suppliers, including the United States and Australia, which can replace cargoes if shipments from the region are interrupted.

Analysts say Singapore is better prepared than it was during previous crises in 2021 and 2022, when several electricity retailers exited the market and power prices surged. However, experts caution that the country still relies heavily on imported natural gas for electricity generation, meaning global price fluctuations could eventually impact local energy costs.

Officials say the government will continue monitoring global developments closely and is prepared to respond quickly if supply disruptions intensify.

#world news #Global News #Business News #Asia News #Singapore News