Singapore Power Market - DBS Research 2023-06-20: Chance To BUY On Power Surge

Singapore Power Market - Chance To BUY On Power Surge

Singapore Market Focus ~ DBS Group Research | SGinvestors.ioSembcorp (SGX:U96) KEPPEL CORPORATION LIMITED (SGX:BN4)
  • Singapore has ~12.3GW of electricity generation capacity as at Mar-2022 based on EMA statistics. Of which, the top 5 players (Senoko Energy, YTL PowerSeraya, Tuas Power, Sembcorp Cogen, Keppel Merlimau Cogen) accounted for 79% of the market.
  • As ~70% of capacity is foreign-owned and given that the market has been very tough for a prolonged period pre-COVID, attracting new investments from these foreign players could prove challenging, in our view.

Singapore power market tightness to persist.

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  • New investment cycle has just kick-started in 2023 with Sembcorp and Keppel Corp committed to build two units of 600MW hydrogen ready power plants, representing ~10% of current total capacity, that will come online by 2026.
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Temporary price cap (TPC) to prevent huge volatility in electricity prices.

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Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @

Pei Hwa HO DBS Group Research | 2023-06-20

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