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Singapore International Energy Week (SIEW) was opened with the Keynote Address from Mr S. Iswaran the Minister for Trade and Industry and Dr Fatih Birol of the International Energy Agency. Both presentations were eye opening and thought provoking in terms energy development in Asia. The themes that were reiterated throughout the week at the Gastech and RE@SIEW conferences were:

  The current low oil price is definitely a driving factor to rebalance markets and to create lower priced energy, but it should be revaluated in terms of energy security as economies have responded to the lowered prices by increasing consumption.  The demand for energy in South East Asia is set to triple over the next 30 years. (Energy security is one of the themes of the SIEW ‘Building Energy Connections’).

  New supplies of natural gas have amplified pressure on price and competitively priced LNG has a chance of exceeding coal in Asiaas the primary energy source. Natural gas continues to dominate Singapore’s energy mix accounting for 95.5% of electricity generated in 2014. LNG demand is on the rise and with that comes the need to ensure proper transport infrastructure is in place for access and distribution.  Global spend on LNG facilities will rise by 88% in the 5 years to 2019 with US$193 billion spent on liquefaction and shipping. See the full KPMG Global Energy Institute report here.

   Renewable technology investment is growing and the cost decreasing, but government support is still needed in order to achieve the government’s targets. Fossil fuels, which account for two-thirds of power generation in Asia today, will be responsible for only 44% of electricity generation in 2040.

   Climate change pledges in light of COP 21 provide a positive start to a global reduction in the amount of emissions.

Posted: 1st Nov 2015

Tags: SIEW2015

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