Tuas Power Generation, Senoko Energy and YTL PowerSeraya continued to hold significant market shares. However, their combined market share decreased from 53.3% in 2022 to 51.5% in 2023, due to a rise in electricity generation amongst other power generators. Taser Power increased its market share by 1.1 percentage points to reach 4.4%.

As of 1H 2024, Tuas Power Generation maintained the largest market share (19.6%), followed by Senoko Energy (18.2%). Keppel Merlimau Cogen (14.2%) emerged as the third largest player in the market.

Singapore's electricity generation capacity increased 2%, from 12,756 MW in 2022 to 13,062 MW in 2023. This was largely driven by the expanding solar PV systems, which saw a 46% increase in installed capacity.

In 2023, combined cycle gas turbine, co-generation and tri-generation plants continued to account for the largest share (80% or 10,507 MW) of the total generation capacity. The remainder comprised of solar PVs (7% or 919 MWac), steam turbines (6% or 764 MW), waste-to-energy (3% or 393 MW), energy storage systems (2% or 200 MW), open cycle gas turbines (1% or 180 MW) and electricity import (1% or 100 MW).

In 1H 2024, there was a 5% decrease in the overall generation capacity, declining from 13,062 MW in Dec 2023 to 12,406 MW in Jun 2024.  This was primarily attributed to several generators being decommissioned in the 1H of 2024, resulting in a decrease of 656 MW in generation capacity. This decision was driven by operational and safety concerns as the units approached or reached the end of their operational lifespan. This decrease was partially offset by the continued expansion of the solar PV systems, which grew by 13% from 919 MWac in Dec 2023 to 1,038 MWac in 1H 2024.

Singapore's overall capacity remains robust and adaptable, despite the decommissioning of older generation units. The increasing trend in the solar generation capacity over the years is expected to continue, further bolstering Singapore's renewable energy development and sustainability efforts.