The Potential for Energy Savings Firms in Singapore - Essay Example

Contents Background 1. The electri industry 2. Thesis 3. Introduction to ESCOs 4. Singapore’s energy data and statistics 5. Electri Market of Singapore 6. Analysis of Electrical Sector 6.1. SWOT analysis of ESCOs in Singapore 7. Existing policies and regulations 7.1. Government schemes favourable for ESCOs 8. ESCO accreditation system 8.1. Eligibility criteria for new ESCOs 9. Potential for energy efficiency in Singapore 10. Potential for renewable energy resources 11. Key recommendations 12. Conclusion Background: Singapore is country leading the world in its highly efficient energy systems. With liberalized electricity markets Singapore offers competitive and affordable prices for energy for its citizens. Singapore has gone a long way from being a small British trade post island to the present country with highly successful industrial and energy sector. “Singapore’s strategic location at the entrance to the Strait of Malacca, through which roughly one third of global sea commerce passes each year, has helped it become one of the most important shipping centers in Asia.” (Energy information administration: country analysis briefs: Singapore 2006 [1]). Singapore is one of the largest oil refiners in the world. It has a distinction of being the world’s busiest bunkering port and the world’s third largest oil trader. The Asia Pacific oil prices are set by the Singapore oil price. Singapore has to buy all the oil resources needed for the country from abroad. Like any other country, Singapore is also facing the challenge to the sustained energy resources supply. Since the country depends solely on imported oil and gas for its energy needs, Singapore is highly vulnerable to the risk of loss of supply. The competition for energy resources between nations are tightening day by day. Hence the requirement of energy security is very crucial for the country. In the national energy policy report, Lim HNG Kiang, the Minister for trade and industry of the Singapore Government, says that “Moving forward, we need a holistic national energy policy framework to meet our objectives of economic competitiveness energy security and environmental sustainability. As a small island state with limited indigenous resources, a strong and growing economy is our best defense against high energy prices and climate change.” (Kiang n.d., p.3 [2]). The Singapore’s energy system is largely based on imported oil and natural gas. In order to sustain their economic growth and support civilization, Singapore must take serious consideration of their energy sector and should have a clear view on energy security. There is a need to become more energy efficient. Alternative resources for energy can be utilized by Singapore, but the resources are limited. Turning to nuclear energy like major countries in the world is not easily possible for the small island city nation. For that they should consider oceanic nuclear power plants in international waters. Bio fuel and solar energy are the other two alternatives for Singapore’s energy sector. The electricity industry: For over thirty years before the 1990s, the Public Utilities Board was the only utilities provider for Singapore. But, the increased electricity prices in the mid 90s affected the economic competitiveness. Singapore mainly relied on steam generators fired by imported oil and gas for its electrical needs. The question of whether Singapore was an efficient consumer as a power producer was a major issue. Hence, the government decided to liberalize the electrical system expecting for higher efficiencies in the energy scenario. “The first step to liberalization of the energy market took place in 1995 with the corporatization of the operational parts of the electricity and gas sectors under a vertically integrated monopoly, the Singapore Power.” (Hong 2007, p.24 [3]). PUB remained as the regulator of gas and electricity. Independent power producers and co generators also came to the market scenario to compete with Singapore Power. However by 2000 further restructuring took place giving the transport of electricity and gas to Singapore Power and the other parts of electric sector like generation and retailing to separate entities. This encouraged competition and the energy sector was more or less secure. The electricity of Singapore is thus a market driven industry. The sector uses the most cost effective technologies for its power generation. However the increasing fuel prices globally have caused the consumers to be more watchful of their consumption. With the changing patterns in industry, energy saving service companies can have large scope in Singapore. Thesis: The purpose of the paper is to investigate the potential for the growth and development of Energy Saving services Companies (ESCO) in Singapore. The need for intelligent use of energy is becoming more focused globally. Singapore also needs efficient energy management for the sustainability of its growth and development. This paper examines the scope of ESCOs in the Singapore energy sector. The paper examines the existing policies and regulations on renewable energy resources and the potential for renewable energy sources in Singapore. The findings of this paper can be beneficial for the ESCO companies in determining their success in the Singapore energy sector. An introduction to ESCOs: ESCOs are Energy Saving Services Companies which provide energy efficiency and improvement in energy consumption services and guarantees savings. They were started in the United States following an oil crisis in the 1970’s and soon the ESCO companies spread worldwide. ESCOs are now considered inevitable for the success of the industrial sector of developing countries where cost of energy plays a crucial role in the economy. ESCO companies have their activities in different sectors. For large developed countries like the US or Germany, ESCOs are contracted by the public sector and obtains financial support from the government. In developing countries like India and Brazil, ESCOs are mainly concentrated in the private sector companies. ESCOs have clients in industrial sector in mainly the countries which have started developing and are in a stage of transition. However, the scope of ESCOs in the residential sector is quite low due to low profitability. ESCO companies usually work on a contract basis with other companies. Their payments depend upon the nature of work and the amount of energy saved. “ESCOs usually offer the following services: development and design of energy efficiency projects; installation and maintenance of energy efficient equipment involved; finally, measurement, monitoring and verification of the projects energy savings.” (Energy efficiency policies around the world 2009 [4]). The ESCO financings can be done by the client company or by the bank on loan. ESCO provides two models based on the energy saved, the shared savings model and the guaranteed savings model. The success of ESCOs are governed by a lot of factors like the support of the legislation of the country concerned, the building model of the industries, the nature of the industries, etc. “A requirement or at least incentive to improve the energy efficiency in public buildings can be an important ingredient of success for the ESCO industry.” (Energy efficiency policies around the world 2009 [5]). The understanding of the government and public sector on the importance of saving energy can be beneficial for the ESCOs. Also strong financial support systems, either by the legislation or by other financial instruments like banks, are required for the successful implementation and working of ESCOs. The countries which receive ESCO services often formulate a standardization of the contract procedures which are periodically measured and verified. Accreditation systems are developed in most countries which have ESCOs. Singapore’s Energy Data Statistics: The Energy Information Administration’s country analysis briefs on Singapore’s energy data statistics in terms of oil, natural gas, Liquefied Natural Gas, and electricity. The data shows that Singapore’s oil consumption have increased by 15% since the start of the twenty first century (Energy information administration: country analysis briefs: Singapore 2006, p.2 [6]). The entire oil consumed by Singapore are imported from abroad. But Singapore’s role as a premium oil refiner has been advantageous for the country in terms of oil pricing. But the risk of break in oil supply is always present for Singapore. Natural gas is the major product used for power generation by Singapore. Sixty percent of the electricity produced in Singapore is by burning natural gases. The natural gas consumption of Singapore has increased fivefold since 2002 reaching 230 billion cubic feet per year. The figure shows the natural gas consumption from 1990 – 2004. (Energy information administration: country analysis briefs: Singapore 2006, p.4 [7]). The electrical energy of Singapore comes totally from thermal sources. The present total electricity generation capability of Singapore is more than 10 Giga Watts. Singapore’s electrical sector has both private and public companies. The figure shows rise in installation of electricity generation capacity over the years. (Energy information administration: country analysis briefs: Singapore 2006, p.5 [8]). (Singapore’s electricity and gas sector 2004, p.2 [9]). The fuel mix for electricity generation for Singapore over the years are shown in the figure below (Fuel mix for electricity generation n.d. [10]). The Energy Market Authority (EMA) controls the energy production and management of Singapore. Singapore has seven planned power generation companies. “Prices are determined in the wholesale market, although the Energy Market Authority (EMA, the energy sector regulator) has imposed vesting contracts on 65% of demand, in an effort to curb market power of the three largest gencos, which control 90% of the country’s installed capacity.” (Singapore’s electricity and gas sector 2004, p.1 [11]). (Kiang n.d., p.43 [12]). The Electricity Market of Singapore: The National Electricity Market of Singapore promotes efficient supply of electricity at competitive prices. The NEMS allows full market competition in retail level. The NEMS is governed largely by the whole sale market and Energy Market Authority. The National Electricity market of Singapore has two main divisions, the retail market and the wholesale market. The wholesale market is further divided to spot market of real time market and procurement market. The spots markets are for energy, regulation and reserve while procurement markets are for ancillary services other than regulation and reserve. Singapore introduced retail electricity market in stages. The choice of the retailer is flexible for the consumer. “Since July 2001, consumers with a maximum power requirement of 2MW and above were already given the option to choose whom they wish to buy electricity from. In June 2003, consumers with average monthly consumption of 20,000kWh and above became contestable.” (Introduction to the national electricity market of Singapore 2009, p.2-3 [13]). The electricity industry in Singapore undergoes periodic reformation. “The current restructuring program was conceived out of the quest for an efficient supply of competitively priced electricity driven by an entrepreneurial industry. The privatization of some Government-owned assets, and the encouragement of investment by international electricity companies experienced in operating in a competitive market, is expected to enhance Singapore’s reputation as a low risk commercial environment with a modern competitive infrastructure.” (Introduction to the national electricity market Singapore 2009, p.3-1 [14]). Analysis of Electrical Sector: The present electrical sector players in Singapore involve the generation, transmission, the wholesale market, the retail market and the consumers. The market place for ESCO companies is large as Singapore is a highly developed and industrial nation with a well defined electrical sector. The electrical sector produces as much as 10Giga watts of electrical energy to meet it electrical needs. Singapore’s electrical sector is fast growing along with its changing trends in developments. ESCO companies are also present in the industrial scenario of Singapore with some of the world’s major ESCO companies serving the electrical sector of the country. The major ESCO companies already working in Singapore are ACTSYS, Equation ENERGY, Honewell, Johnson Controls, Super Solutions, Cofely South East Asia Ltd.,G-Energy Global, IESYS, LJ Energy, Trane, CPG consultants, Hitachi Plant Technologies, Invensys, Siegle + Epple Asia and United PREMAS. The typical services provided by these ESCOs include energy appraisals, project financing, project guarantee, and implementation of energy efficiency projects. ESCOs also provide equipment maintenance and servicing. “An energy appraisal is a detailed study on the energy consumption to identify and quantify to save energy.” (Energy services providers 2008 [15]). The companies also take up performance monitoring and energy audit of power plants as well as consumer industries. Industrial Energy Audit is done by these companies. The industrial energy audit consists of bench mark study, site preparation, system investigation and performance assessment, use of alternate energy resources, monitoring and verification of energy savings and development of energy cost reduction projects. (Energy cost reduction n.d. [16]). Some companies also provide Green Mark for existing buildings as well as new ones. SWOT analysis of ESCOs in Singapore: Strength: Developing Economy: With the strategic location, its premier oil refineries and bunkering advantages, Singapore has a steady developing economy. The Gross Domestic Product of the country will increase in the coming years making drastic changes in the energy sector. Need for alternate energy efficiency programs: Singapore needs to find alternate energy efficient programs to cater the needs of the country without causing much environmental pollution by using natural gas fired thermal power stations. Favorable Government policies: The Government of Singapore is reconstructing the energy sector periodically to tend to the requirements of the present. The government also issues favorable decisions for energy efficient programs like financial support. Stable political and business environment: Singapore offers a stable political and favorable business environment for staring new ESCOs. Weakness: Strong regulation methods: The government imposes regulations on the ESCOs. Accreditations are reformed periodically. Contract based services: The ESCOs are given contract based services. Contracts are to be renewed periodically. Coping up with latest technologies: Companies need to identify and cope with the latest trends in technologies to provide energy efficient solutions for the clients. Limited Access to Capital for small enterprises: Smaller enterprises have limited access to capital and this may cause small industries to refrain from accessing ESCO services. Opportunities: Growing demand for energy security: With the development of the industrial sector and energy sector, energy security becomes a serious issue. There will be a need for energy saving services in all sectors including residential sector. Use of cutting edge technologies: New ESCOs can provide cutting edge technologies to develop better energy saving services. Policies of the government: ESCOs can utilize the favorable decisions of the government as an opportunity to start their industry. Scope for liberalization: The energy sector may be liberalized further providing more scope for new ESCOs. Threats: Competition: There are some big players in the market who have already stabilized their existence in the Singapore market. Government interference: Governmental policies interfering with the electrical sector and periodical restructuring of the industry. Maintaining the efficiency and class of the ESCO: The companies will have to work hard to maintain the efficiency of services offered by them. Existing policies and regulations: Singapore is a country which does not provide subsidized energy solutions. Instead the country has restructured its energy sector. It has provided platform for competition among energy producing industry. This has helped Singapore to provide its energy at competitive prices to its consumers. “Energy efficiency is an integral part of Singapore’s energy policy. While energy demand is expected to grow in the future due to economic growth and an increasing population, part of this growing energy demand can be met by using energy more efficiently instead of increasing energy production.” (Kiang n.d., p.42 [17]). The figure below shows the national energy policy framework for Singapore to meet the growing needs for energy security. It consists of six important strategies. (Kiang n.d., p.23 [18]). An important strategy is to improve energy efficiency. “The National Environment Agency (NEA) is working with the relevant agencies through the Energy Efficiency Program Office (E2PO) to design and implement energy efficiency programs in each of the sectors of energy use, namely, power generation, industry, transport, buildings and households.” (Kiang n.d., p.24 [19]). Singapore government also concentrates on building energy industry and invests in research and development in energy. The government focuses on developing an energy industry to provide complete energy solutions for the country’s environment. The strong technology foundation of Singapore helps the government to focus on researching and developing efficient energy solutions. The National Energy Policy Report says that “We will also draw on our strengths in engineering, design and urban planning, to develop sustainable energy solutions and services. To support industry development in these areas, R&D capability is necessary for success. Possessing R&D capability will also enable us to identify, customize or develop solutions that address Singapore’s domestic energy needs.” (Kiang n.d., p.25 [20]). Setting up international cooperation is very important for developing sufficient energy saving methods. Singapore government promotes regional and international cooperation of the energy industry and works with different countries to improve energy security options. The Singapore government have set up the National Energy Efficiency Committee in 2001. The NEEC have the participation of both private sector and public sector. The major industry participants in NEEC are several industry associations, energy users and energy service companies. “The NEEC gives key thrusts to promote energy conservation through the efficient use of energy in the industrial, building, transportation and consumer sectors and also to use Singapore as a pilot test bed for pioneering energy technologies and to develop Singapore as a hub for cleaner energy technologies.” (Wah & Kwee n.d., p.5 [21]). NEEC focuses on reviewing and updating Energy codes and standards and green labeling of domestic air conditioning and refrigerating units. They review and provide accreditation for ESCOs. Dr Amy Khor, Mayor of the South West district Singapore, presents the national plan for energy efficiency. The speech says that Singapore takes a sectored approach in promoting energy efficient technologies and builds capability to drive and sustain energy efficiency. (Khor n.d.[22]). Government Schemes favorable for ESCOs: “The Energy Efficiency Improvement Assistance Scheme (EASe) is a co-funding scheme administered by the National Environment Agency (NEA) to encourage companies in the manufacturing and building sectors to carry out detailed studies on their energy consumption, also known as energy appraisals, and identify potential areas for energy efficiency improvement.” (Energy efficiency improvement assistance scheme (EASe): objective 2008 [23]). Assistances are provided as 50% of the funding of the costs incurred for energy appraisal by a qualified ESCO. The ESCO must be permitted to conduct energy appraisal and recommend and implement energy efficient solutions. “Over a 5-year period, the maximum amount of funding to any single facility or building is capped at $200,000.” (Energy efficiency improvement assistance scheme (EASe): form of assistance 2008 [24]). Efficiency monitoring projects are also funded by EASe. “The Grant for Energy Efficient Technologies (GREET) provides funding for the Singapore-registered owner or operator of existing or proposed industrial facilities to invest in energy efficient equipment or technologies.” (The green business times guide to 30 Singapore government funding and incentives for the environment 2009 [25]). The government also provides tax allowances for companies which invest on energy saving techniques or companies to replaces inefficient equipments. The income tax act provides “one year accelerated depreciation allowance for energy efficient equipment and technology.” (Incentive scheme 2007 [26]). “The Design for Efficiency Scheme (DfE) aims to encourage new facilities that are large consumers of energy to integrate energy and resource efficiency improvements into their development plans early in the design stage. Funding is provided up to 80% of the qualifying costs or $600,000, whichever is lower.” (The green business times guide to 30 Singapore government funding and incentives for the environment 2009 [27]). Energy Services Companies Accreditation Scheme: To enhance the productivity and quality of services, accreditation of the ESCOs is done by the Energy Sustainability Unit. The benefits of accreditations are Development of professional and qualified ESCOs and energy engineers; Enhance the standing of ESCOs, and in particular energy auditing services; Support services procurement and selection procedures; Support public sector incentive schemes in the promotion of energy efficiency; and Reduce wastage and false claims amongst industry players. (Application guidelines for the assessment and accreditation of energy services companies (auditing services) 2005, p.6 [28]). The accreditation covers Level II and Level III energy audit services. Eligibility criteria for newly formed ESCOs Accreditation given on yearly basis (12 months) for three years. Full accreditation can be sought after completing a period of 3 years. “The ESCO has under its full-time employment a minimum of one (1) Key Qualified Person (KQP) to carryout and/or oversee energy audit work” (Energy services companies (ESCOs) accreditation scheme: eligibility criteria 2005 [29]). The ESCOs must possess the sufficiently calibrated equipments to carry out relevant energy audits. Potential for energy efficiency in Singapore: Singapore is taking more serious actions for energy sustainability and works hard for a cleaner and greener environment. Singapore believes that development can be sustainable only if it takes measures to minimize the impact on nature and natural resources. Singapore faces challenges in energy efficiency as the majority of its energy resources are dependent on the global market. The country does not refrain from taking long term measures that are required despite the short term costs. “Singapore does not have viable sources of renewable energy (such as wind, geothermal or hydropower). We will therefore have to focus on raising efficiency, aiming for a 35% improvement in energy efficiency from 2005 levels by 2030.” (A lively and liveable Singapore 2009, p.13 [30]) Singapore government will supply financial assistances for energy efficient technologies and will invest in developing ESCO companies. The research and development towards better energy consumption is a top priority of Singapore’s energy sector. Potential for renewable energy: Singapore government will invest in research and development in tapping Solar energy. “National Research Foundation provides $170 million for solar research.” (Youngho & Putra n.d., slide.17 [31]). The use of photo voltaic cell as a greener means for energy production is being utilized by the country. The Energy management authority have started test bedding of clean and renewable technologies on Pualu Bin involving the development of micro grid to tap on energy sources like solar, wind tidal and biomass. (Energy market authority: smart energy, sustainable future 2009, p.7 [32]). Key recommendations: The new ESCOs have immense scope for development in Singapore. If the companies can provide cutting edge technologies in energy management and security, then they have huge chance for success in Singapore. The development of the country for a cleaner greener environment is the opportunity for new ESCOs. ESCOs can also avail the financial assistances and R&D support of the Singapore government for developing energy efficient solutions. Periodic up gradation of technologies and use of renewable energy sources can be beneficial for ESCOs. Conclusion: “Growth in demand for electricity is outstripping demand for other types of energy in the Asia Pacific region, as the region becomes increasingly electrified and per capita consumption rises.” (Electricity sector deregulation in the APEC region 2000 [33]).The situation is no different for Singapore. This paper has discussed the energy sector of Singapore focusing on the electrical energy sector. The paper has identified the existing policies in the electrical sector and has found a need for energy efficiency. It has also discussed the future policies and potential for energy security companies and renewable resources as energy sources. All this shows that Energy Saving Service Companies have a favorable situation in Singapore. There is wide scope for developing ESCOs in Singapore. The only serious threat will be the present market players which can be tough competitors for new ESCOs. The Government policies have been discussed and are found to be favorable for development of ESCOs. “Singapore is planning massive structural changes to make itself energy-secure through better policies as well as technology. It plans expansion of its energy industry to $24 Billion by 2015.” (Singapore energy sector to become $24 billion industry by 2015 2007 [34]). Reference List 1. Energy information administration: country analysis briefs: Singapore: background 2006, Singapore Energy Data, Statistics and Analysis-Oil, Gas, Electricity, Coal. Available from: http://www.eia.doe.gov/emeu/cabs/Singapore/pdf.pdf [Accessed 4 November 2009]. 2. Kiang, LH n.d., Energy for growth: national energy policy report: foreword. 3. Hong, M, Singapore’s changing landscapes in energy, in Energy perspectives on Singapore and the region: the electricity industry, ed. KC Hean, Institute of Southeast Asian Studies, 2007. 4. 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