Evolution in the national electricity market of singapore
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Evolution in the National Electricity Market of Singapore. Allan H. Dawson Chief Executive Officer Energy Market Company, Singapore. Agenda. Reform Milestones Singapore an earlier adopter Why the NEMS? Industry Structure Market Design NEMS Performance Future Evolution.

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Evolution in the national electricity market of singapore
Evolution in the National Electricity Market of Singapore

Allan H. Dawson

Chief Executive Officer

Energy Market Company, Singapore


Agenda
Agenda

  • Reform Milestones

  • Singapore an earlier adopter

  • Why the NEMS?

  • Industry Structure

  • Market Design

  • NEMS Performance

  • Future Evolution



Singapore an early adopter
Singapore an early adopter

Singapore Electricity Pool

  • Singapore Electricity Pool (SEP) was a cost-based day-ahead market

  • Designed in 1994, SEP was implemented in 1998

  • International thinking on market design progressed significantly between design and implementation

  • SEP was a useful way of transitioning to a more dynamic and complex market


Why the nems
Why the NEMS?

  • Designed to promote the supply of competitively priced electricity

  • Open up the retail market to full competition

  • Allow certain government assets to be privatized

  • Encourage private investment in Singapore’s power system infrastructure


Industry structure

NEA

SembCorp

Power

Seraya Ltd

Tuas

Power Ltd

Senoko Power Ltd

Regulator

System

Operator

Electricity

Retailers

  • Keppel FELS Energy Supply Pte LTd

  • SembCorp Power Pte Ltd

  • Senoko Energy Supply Pte Ltd

  • Seraya Energy Pte Ltd

  • Tuas Power Supply Pte Ltd

Power Grid Ltd

Market

Operator

(EMC)

Electricity

Retailers

Contestable Customers

Non-Contestable Customers

Power

Supply Ltd

Industry Structure




Market design1
Market Design

  • Real-time market spot market for energy, regulation and 3 classes of reserve

  • Mandatory participation

  • Cooptimization between energy, reserve and regulation


Market design2
Market Design

  • Ex ante pricing

  • Locational marginal (nodal) prices at 33 injection nodes and 350 off-take nodes

  • Generators receive nodal spot price

  • Customers pay Uniform Singapore Electricity Price

  • Daily settlement


Nems performance
NEMS Performance

  • Competitive pressure in the energy, reserve (most notably) and regulation markets

  • Prices move with fundamentals (oil prices, generator outages etc)

  • Increasing dominance of gas-fired generation

  • Stakeholders appear satisfied with the first 10 months of operation


Nems performance1
NEMS Performance

Wholesale Energy Prices


Nems performance2
NEMS Performance

Wholesale Reserve Prices


Nems performance3
NEMS Performance

Dominance of gas-fired generation


Further evolution
Further Evolution

  • Market rules change panel has supported over 100 rules changes

  • Most changes were in preparation for market commencement to make the rules workable

  • EMC administers the rules change panel

  • Critical that the market continues to evolve so that ‘big bang’ implementations are avoided


Further evolution1
Further Evolution

  • Key market design issues likely to be considered in the next 2 years

    • Interruptible load participation in the reserve market

    • Market re-settlement

    • Transmission planning and augmentation

    • Financial transmission rights


Summary
Summary

  • Singapore has come a long way in the liberalisation of its electricity market

  • Evolution is important as NEMS performance directly impacts on Singapore’s economy

  • Singapore will remain at the forefront of market reform

  • EMC is excited to play a key role in the evolution and success of the NEMS


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