Energy prices unlikely to fall despite plans to raise S’pore LNG supply, say analysts [News]
By Sharon See, Channel NewsAsia, 30 Oct 2013.
Singapore’s plans to increase its supply of liquefied natural gas (LNG) will boost energy security for the country, say analysts.
But they warn consumers not to expect lower electricity prices in the long run.
About 90 per cent of Singapore’s electricity is currently generated from natural gas that is imported from Malaysia and Indonesia via pipelines.
The plans to increase the supply of LNG to meet growing electricity demands are expected to strengthen the country’s energy security.
Melissa Low, energy analyst for National University of Singapore’s Energy Studies Institute, said: “This means that we’ve managed to diversify our energy sources and tap on newer, perhaps unconventional sources of gas from the Middle East.
“(And) possibly even in the future, from the US, and that might result in greater opportunities, (for example) more jobs for Singapore.”
But experts are not expecting electricity prices in Singapore to go down.
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Source: Channel NewsAsia