In pilot trial over 2 years
The little red dot wants a greener energy mix, and is taking multiple steps to achieve this - from an electricity import pilot with Malaysia to soaking up more sunshine at home and investing in research on emerging low-carbon technologies.
Minister for Trade and Industry Chan Chun Sing on Monday (Oct 26) laid out the steps that Singapore will take to be a "bright green spark" for the world - a place where ideas and applications can be an inspiration and help to create more sustainable and higher quality living environments.
As part of its plans, Singapore hopes to tap green energy from around the region through regional power grids. The groundwork for this will be laid through an electricity import pilot with Malaysia over two years.
Singapore embarks on trial to import electricity from Malaysia over two years
LNG, the cleanest fossil fuel, provides for 95 per cent of Singapore's electricity generation. ST FILE PHOTO
SINGAPORE is embarking on a trial to import electricity from Malaysia over the next two years, even as the government sets aside about S$50 million to fund research into low-carbon solutions, Trade and Industry Minister Chan Chun Sing said on Monday.
The Republic is planning to tap green energy from around the region through regional power grids, kicking this off with 100 megawatts (MW) of electricity imports over a trial period of two years, he said, adding that the trial will allow the authorities to see how technical challenges can be overcome.
"This will allow the region to share the clean energy sources that different countries may have, and we'll start this with Malaysia. Once the concept takes off, we'll be able to extend this to other players," Mr Chan said.
Singapore to import electricity from Malaysia under two-year trial
File photo. A view of HDB flats at night. (File photo: Xabryna Kek)
Singapore will import electricity from Peninsular Malaysia under a two-year trial, said the Energy Market Authority (EMA) on Monday (Oct 26).
The trial aims to "assess and refine the technical and regulatory frameworks" for importing electricity into Singapore, said the authority in a press release. This would help to facilitate larger-scale imports from the region in future, added EMA. "To meet our climate change commitments, there is a need to change the way Singapore produces and uses energy," said EMA.
"Tapping on regional power grids for cleaner energy resources is one strategy to further diversify Singapore’s energy supply," it added.
Singapore to import 100 megawatts of electricity from Malaysia in two-year trial
Under a proposal, electricity imports could begin as early as the end of 2021 via the existing electricity interconnector between Singapore and Malaysia
Under the proposal, electricity imports could begin as early as the end of 2021 via the existing electricity interconnector between Singapore and Malaysia.
Singapore currently does not import electricity.
More than 95 per cent of its electricity is generated from imported natural gas, of which the majority is from Malaysia and Indonesia.
EMA: Singapore to begin trial electricity imports from Peninsular Malaysia end-2021
Singapore will be embarking on a two-year trial for electricity imports from Peninsular Malaysia to the republic, according to the Energy Market Authority (EMA).
"To meet our climate change commitments, there is a need to change the way Singapore produces and uses energy. Tapping on regional power grids for cleaner energy resources is one strategy to further diversify Singapore’s energy supply," said EMA on its website.
EMA said the trial aims to assess and refine the technical and regulatory frameworks for importing electricity into Singapore.
Singapore key power assets sold to foreign entities
Since 2008, Temasek has been selling away Singapore power assets as part of Temasek’s “divestment” efforts. For example, in 2008, Temasek sold away Tuas Power to China’s Huaneng Group for S$4.2 billion, the largest overseas purchase by a Chinese power firm. Temasek got a very good deal out of the Chinese as Huaneng’s winning bid which worked out to about 24 times the S$177 million net profit Tuas earned in FY2007. Tuas Power had been reported to have a generating capacity of 2,670MW at the time of sale.
Later in September that year, Temasek sold its Senoko Power generating company to Lion Power Holdings for S$3.65 billion. Lion Power Holdings is a consortium led by Japan’s Marubeni Corporation. Other members of the consortium are GDF Suez of France, The Kansai Electric Power Company, Kyūshū Electric Power Company and Japan Bank for International Cooperation. At the point of sale, Senoko provides over 30 per cent of the nation’s electricity needs. Till today, it remains the largest power generation company in Singapore.
Finally, at the end of 2008, Temasek sold off Singapore’s PowerSeraya Ltd to Malaysia’s YTL Power International Bhd with the plant valued at S$3.8 billion. The PowerSeraya plant was the second largest power generation company in Singapore in terms of installed capacity, with a total licensed capacity of 3,100MW, representing about 25% of Singapore’s total licensed generation capacity at the time of the sale. DBS Bank even provided S$2.25 billion of credit facilities to YTL Power to fund their purchase.
Huaneng buys Singapore's Tuas Power for $3 billion
Singapore state investor Temasek Holdings TEM.UL on Friday said China's Huaneng Group will pay S$4.2 billion ($3.04 billion) for Tuas Power, the largest overseas purchase by a Chinese power firm.
Temasek said in a statement Huaneng, China’s largest independent electricity provider, will complete the purchase by March 24 of Tuas Power, the first of three generating companies that the city-state hopes to sell by mid-2009. “This transaction represents a major step for China Huaneng in its goal to diversify its assets across geographies and technologies,” the Chinese company’s vice president Huang Long said in the statement.
Lehman Brothers LEH.N, the financial advisor to Huaneng, said this was the largest ever acquisition overseas by a Chinese power company.
Huaneng buys Tuas Power for $3 billion
China Huaneng Group, a power producer in China, has emerged the winner in an auction of Temasek-owned Tuas Power with a bid of S$4.235 billion $3.01 billion.
Tuas Power has been sold at a firm value of S$4.3 billion, including S$70 million of net debt on its books. This is the largest acquisition of a Singapore company since 2001, the largest-ever divestment by Temasek and the largest-ever acquisition by a Chinese power company, specialists say.
The deal will be executed by SinoSing, a wholly owned subsidiary of China Huaneng. China Huaneng currently owns 71,000 megawatts MW of installed generation capacity. Its subsidiary, Huaneng Power International, is listed on the NYSE.
Temasek successfully completes divestment of Tuas Power
Temasek Holdings ("Temasek") today announced the signing of a Share Purchase Agreement with SinoSing Power Pte Ltd ("SinoSing"), a wholly-owned subsidiary of China Huaneng Group ("China Huaneng"), a leading power company based in the People's Republic of China, for the 100% sale of Temasek's wholly-owned Tuas Power Ltd ("Tuas Power") for a cash consideration of S$4.235 billion. The transaction is expected to be completed by 24 March 2008.
The sale of Tuas Power, one of the three major power generation companies in Singapore, marks the completion of a competitive and rigorous bidding process which began in October last year when Temasek announced its plan to divest Tuas Power. This is also the first of Temasek's three power generation companies to be sold under its long-stated plan to divest all of its wholly-owned power generation companies in Singapore.
Apart from working closely with the regulators and government authorities over the years to ensure an orderly transition to a stable and competitive power generation market in Singapore, Temasek has also kept in close touch with the board, management and union leaders of Tuas Power during this sale process.
Marubeni-Led Group Wins Auction for Senoko Power
A consortium led by Japan's Marubeni Corp won an auction of Senoko Power Ltd. and will pay Temasek Holdings Pte. Ltd. four billion Singapore dollars (US$2.8 billion) for the generation facility, the Singapore state investment company said.
The Marubeni consortium -- known as Lion Power -- also includes France-based GDF Suez SA, Japan Bank of International Cooperation, Kansai Electric Power Co. and Kyushu Electric Power Co. "Lion Power's proposal was the most attractive in terms of price and commercial terms among a field of highly reputable investors," said Gwendel Tung, director of investment at Temasek.
Senoko is the second of three generation companies to be privatized by the Singapore government. Temasek began the process in March with the sale of Tuas Power Ltd., which China Huaneng Group bought for S$4.2 billion.
Consortium led by Marubeni to buy Senoko Power of Singapore
A consortium led by the Japanese trading house Marubeni will buy Senoko Power from the Singapore sovereign fund Temasek for 3.65 billion Singapore dollars in cash, its latest expansion overseas to increase power output.
Marubeni, which has bought power assets in the Philippines and is building plants in the Middle East and Indonesia, wants to nearly double its power capacity in two years. Confirming a Reuters story, Temasek said Friday that the sale, valued at $2.5 billion, is expected to be completed by Sept. 12. Marubeni would also assume 323 million dollars of Senoko's net debt.
The consortium includes Kansai Electric, Kyushu Electric Power, Japan Bank of International Cooperation and GDF Suez of France.
Temasek sells Senoko Power to Japanese consortium
Power genco sold to Marubeni-led Lion Power consortium for an enterprise value of about S$4.0 billion. Temasek Holdings (Private) Limited (“Temasek”) has signed a Share Purchase Agreement today with Lion Power Holdings Pte Limited for the 100% sale of Temasek’s wholly-owned Senoko Power Limited (“Senoko Power”) for the cash consideration of S$3,650 million. In addition, Lion Power will assume S$323 million of net debt of Senoko Power as at 31 March 2008. The transaction is expected to be completed by 12 September 2008.
Lion Power is a special purpose vehicle owned by a consortium comprising Marubeni Corporation, GDF SUEZ S.A, The Kansai Electric Power Co., Inc., Kyushu Electric Power Co., Inc. and Japan Bank for International Cooperation. The sale of Senoko Power brings to close the competitive and rigorous bidding process which began two months ago in July 2008.
Senoko Power is the second of Temasek’s three power generation companies (“genco”) to be sold under its plan announced in July 2007 to divest all of its wholly-owned power generation companies in Singapore by end 2009. Ms Gwendel Tung, Director, Investment, Temasek said, “We are pleased with the successful outcome of the Senoko Power divestment. The Lion Power consortium partners are all established industry players with strong track records in power investments globally. Lion Power’s proposal was the most attractive in terms of price and commercial terms among a field of highly reputable investors. We appreciate the strong investor interest, which is also a reflection of the high quality of the business and the confidence in the Singapore market. With the accelerated timeline and expeditious completion of this transaction, we are wellpositioned to conclude our genco divestment plan on schedule.”
Temasek sells Senoko Power to Japanese consortium
Temasek Holdings (Private) Limited (“Temasek”) has signed a Share Purchase Agreement today with Lion Power Holdings Pte Limited (“Lion Power”) for the 100% sale of Temasek’s wholly-owned Senoko Power Limited (“Senoko Power”) for the cash consideration of S$3,650 million. In addition, Lion Power will assume S$323 million of net debt of Senoko Power as at 31 March 2008. The transaction is expected to be completed by 12 September 2008.
Lion Power is a special purpose vehicle owned by a consortium comprising Marubeni Corporation, GDF SUEZ S.A, The Kansai Electric Power Co., Inc., Kyushu Electric Power Co., Inc. and Japan Bank for International Cooperation.
The sale of Senoko Power brings to close the competitive and rigorous bidding process which began two months ago in July 2008. Senoko Power is the second of Temasek’s three power generation companies (“genco”) to be sold under its plan announced in July 2007 to divest all of its wholly-owned power generation companies in Singapore by end 2009.
Singapore's Temasek to sell last of 3 power firms
Singapore state investor Temasek Holdings kicked off the sale of electricity generator PowerSeraya on Tuesday, in a deal that could fetch around $2.5 billion.
PowerSeraya, the last of three power firms that Temasek is selling as part of Singapore’s efforts to liberalise its power-generating sector, provides about 28 percent of the city-state’s electricity. It has a capacity of 3,100 megawatts (MW) but this will rise to 3,900 MW by 2010 as the firm is in the process of building an 800 MW capacity natural gas-fired plant.
PowerSeraya “has attracted strong indications of interest from a number of potential bidders,” Temasek’s director of investment Gwendel Tung said in a statement.
Last of Temasek's power units sold for $3.8 billion to Malaysian company
TEMASEK Holdings has stunned the market by announcing that it has sold electricity generator Power-Seraya to a unit of Malaysia's YTL Power International for $3.8 billion. This came just a week after the Singapore investment company said it would shelve tender plans for PowerSeraya, owing to 'market conditions'. Market talk had suggested that relatively poor investor interest and lower-than-expected indicative bids by investors had led to Temasek's earlier decision.
Temasek said in a statement yesterday, however, that Sabre Energy, a wholly-owned unit of YTL Power, would pay $3.6 billion for PowerSeraya and assume $201 million of its adjusted net debt as at March 31 this year. The transaction for PowerSeraya - the third and last of the electricity generation companies (gencos) to be sold by Temasek - is expected to be completed early next year.
In June last year, Temasek announced it was selling the three gencos to liberalise the power generation industry. It had targeted to complete the sale by the middle of next year.
YTL Power acquires PowerSeraya from Temasek
The cash-rich YTL group yesterday made its second major deal in Singapore in a six-week span, as it bought 100% of the island’s second largest independent power company.
YTL Power International Bhd entered into an agreement with Singapore’s Temasek Holdings Ltd to buy PowerSeraya Ltd for S$3.8bil, which included S$200mil in debt. Singapore’s largest bank, DBS Bank Ltd, partially funded the deal by providing YTL Corp Bhd a S$2.25bil loan. YTL Power is a 52.8% subsidiary of YTL Corp.
“We are delighted to have this opportunity to acquire PowerSeraya,” YTL managing director Tan Sri Francis Yeoh said in a statement. “The 3,100 MW (megawatts) of licensed capacity operated by PowerSeraya will give us significant participation in the Singapore energy market.”
Temasek sells power firm to Malaysia YTL for $2.5bln
Singapore state investor Temasek Holdings [TEM.UL] said on Tuesday it had sold electricity generator PowerSeraya to a subsidiary of Malaysia's YTL Power International Bhd YTLP.KL for S$3.8 billion ($2.5 billion). Temasek said Sabre Energy, a wholly-owned subsidiary of YTL, will pay S$3.6 billion and will assume S$201 million of PowerSeraya’s adjusted net debt as of March 31, 2008.
YTL said it would fund the acquisition through a combination of cash reserves and a loan, and said the acquisition would add 76 million ringgit ($20 million) to its full year 2010 post-tax profit. It saw the acquisition being completed in the third quarter of 2009. The deal came despite Temasek saying just a week ago that it had postponed the sale of PowerSeraya, the last of three power firms it is selling to liberalise Singapore’s electricity market, amid market turmoil that has dampened deal-making globally.
“After we stopped the tender process last week, YTL Power International put forward an unsolicited bid which met our requirements,” said Gwendel Tung, director of investment at Temasek, in a statement.
Temasek sells PowerSeraya to YTL Power International for an enterprise value of S$3.8 billion
Temasek Holdings (Private) Limited (“Temasek”) has signed a Share Purchase Agreement this evening with Sabre Energy Industries Pte Limited (“Sabre Energy”), a wholly-owned subsidiary of Malaysia’s leading power company, YTL Power International Berhad (“YTL Power International”), for the 100% sale of Temasek’s wholly-owned PowerSeraya Limited (“PowerSeraya”) at an enterprise value of S$3.8 billion.
Sabre Energy will pay S$3.6 billion in aggregate consideration and assume S$201 million of adjusted net debt of PowerSeraya as at 31 March 2008. The transaction is expected to be completed in early 2009. Ms Gwendel Tung, Director, Investment, Temasek said, “After we stopped the tender process last week, YTL Power International put forward an unsolicited proposal which met our requirements. We are pleased with the successful outcome of the PowerSeraya divestment.”
Ms Tung added, “YTL Power International is an established industry player with a strong track record in power investments, both in Malaysia and internationally. We are confident that their expertise and experience will add significant value to Singapore's electricity market and PowerSeraya in particular.”
PowerSeraya divested from Temasek Holdings to YTL Power
YTL PowerSeraya was divested from Temasek Holdings to Sabre Energy Industries Private Limited, a wholly-owned unit under YTL Power International Berhad, on 6 March 2009.
The divestment formed part of the Singapore government’s efforts to liberalise the electricity market, with PowerSeraya being the final power generation company to be divested for S$3.8 billion.
YTL Power, a leading power generation company in Malaysia, is listed on the Main Board of Bursa Securities and is 61%-owned by YTL Corporation. It owns two gas-fired combined cycle power plants within Malaysia with a combined capacity of 1,212MW. The acquisition of YTL PowerSeraya would enable YTL Power to participate significantly in the Singapore electricity market.
Tuesday's blackout a reminder to strengthen energy resilience: Tan Wu Meng
The blackout across multiple estates in Singapore this week is a reminder that the country must continue strengthening energy resilience, Senior Parliamentary Secretary for Trade and Industry and Foreign Affairs Tan Wu Meng said while announcing initiatives to strengthen Singapore's power systems on Thursday (Sep 20).
Speaking at the Energy Market Authority (EMA)'s Energy Innovation event, Dr Tan said that the incident brought home the importance of energy security.
"Very recently, we felt the importance of energy security and energy resilience in a very real way when electricity supply was disrupted to many Singaporean homes in the early hours of Tuesday morning," said Dr Tan. "I was up late that night, after meeting some of my residents. I saw the social media updates coming in around 1.30am - that was a few minutes after the blackout occurred," he said. "I also saw the many emails and WhatsApps from the EMA team, which were working very hard throughout the night, responding, looking into what happened."
Australia blocks Ausgrid energy grid sale to Chinese companies
Australia has blocked the sale of Ausgrid, the country's biggest energy grid, to two Chinese companies over security concerns. Australian Treasurer Scott Morrison officially rejected the bid by the two firms to buy a 50.4% stake in Ausgrid.
The sale had already been put on hold last week, a decision which had drawn much criticism from China. On Friday, Mr Morrison said selling the grid to foreign investors would be against the national interest. "After due consideration of responses from bidders to my preliminary view of 11 August 2016, I have decided that the acquisition by foreign investors under the current proposed structure of the lease of 50.4% of Ausgrid, the New South Wales electricity distribution network, would be contrary to the national interest," he said in a statement.
"This is consistent with the recommendation from the Foreign Investment Review Board."
Massive blackout across Singapore
The affected areas are mainly at the northern and eastern side of the Island city
Electricity supply to parts of Singapore was disrupted early this morning, affecting some 146,797 residential and commercial customers, according to SP Power.
The power utilities firm said the supply, which was disrupted at 1.18 am, was fully restored within 38 minutes.
SP Power said the areas affected were Boon Lay, Choa Chu Kang, Clementi, Jurong, Pandan Loop, Aljunied, Geylang, Tanjong Rhu, Mountbatten, Kembangan, Bedok, East Coast, Ang Mo Kio, Bishan, Thomson, Mandai, Admiralty, Sembawang and Woodlands.
