Singapore’s electricity demand is driven by factors such as temperature, population and economic activities. Our system peak demand has been increasing steadily and is projected to grow at a Compound Annual Growth Rate (“CAGR”) of 3.1% - 5.5% (or 2.6GW - 5.2GW) from 2024 to 2033. Over the next six years (2024 to 2030), our system peak demand is projected to grow at a CAGR of 3.7% - 5.7% (or 2.0GW - 3.4GW). This growth in system demand is driven largely by the growth in existing and emerging electricity-intensive sectors such as advanced manufacturing, digital economy, food and transport sectors.
If demand grows in line with base demand projections, the reserve margin for 2029 – 2031 is projected to fall below the 27% reserve margin required to ensure power system security.
Thus, EMA is launching this request for proposal (“RFP”) for the private sector to build, own and operate (“BOO”) new generation capacity in 2029 and also in 2030 to provide more time for participants to plan and deliver the required additional generation capacity.
Please refer to the attached document for more details.