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Straits Times
3 days ago
- Business
- Straits Times
Asean grid makes headway with plans for new electricity interconnector from Indonesia to S'pore
The deal to develop the new Singapore-Indonesia interconnector for electricity imports was signed between SGEI and Singa Renewables. ST PHOTO: BRIAN TEO Asean grid makes headway with plans for new electricity interconnector from Indonesia to S'pore SINGAPORE – The Asean Power Grid, in the works for decades, made further headway with two significant developments announced in Singapore on May 30. The first is the signing of a deal that would see a new subsea electricity cable being laid between Indonesia and Singapore. This infrastructure will support Singapore's target of importing from its neighbours up to six gigawatts (GW) of low-carbon electricity by 2035, about one-third of the country's energy demand then. The second is news that the Singapore Government has appointed the Singapore Energy Interconnections (SGEI), a newly incorporated government-linked company, to specialise in developing cross-border power infrastructure. Such infrastructure is key to enabling countries in the region to trade renewable-generated electricity with one another. Both announcements were made on May 30 at an event held in conjunction with the state visit by France President Emmanuel Macron to Singapore. The deal to develop the new Singapore-Indonesia interconnector for electricity imports was signed between SGEI and Singa Renewables – a joint venture between French energy giant TotalEnergies and Indonesian conglomerate Royal Golden Eagle , which has businesses in sectors such as energy and palm oil. The signing of the memorandum of understanding was witnessed by Dr Tan See Leng, Singapore's Minister-in-charge of Energy, and Science and Technology, and France's Minister of the Economy, Finance and Industrial and Digital Sovereignty Eric Lombard. The main focus of the MOU is for both companies to explore the planning, development, financing, construction, operation and maintenance of a subsea interconnector and associated assets for low-carbon electricity imports from Indonesia into Singapore, the companies said in a statement. In response to queries from The Straits Times, SGEI said that Singa Renewables will be tapping Indonesia's abundant solar resources to generate electricity. The Energy Market Authority (EMA) has granted a conditional licence to Singa Renewables to import 1GW of low-carbon electricity from Indonesia to Singapore. The project in Rangsang Island aims to achieve commercial operations from 2029. A regional grid will allow countries to share their renewable energy resources, which are unevenly distributed throughout the region. This can boost energy security among countries in a climate-friendly way, as they can tap their neighbours during periods when the supply of renewable energy is intermittent. 'With limited renewable energy options in Singapore, electricity imports will be needed to meet our nation's net-zero emissions goal by 2050. As power generation makes up around 40 per cent of Singapore's total carbon emissions, electricity imports will play a significant role in decarbonising the power sector,' SGEI chief executive Ong Teng Koon told ST. Incorporated on April 24, SGEI said in a separate statement that it was appointed by the Singapore Government to specialise in cross-border power infrastructure that will enable electricity imports that support Singapore's low-carbon future. This will be done by investing in, developing, owning and operating interconnectors to import electricity. Grid infrastructure, which includes overland and subsea cables, is critical in ensuring that electricity can be distributed from the generation source, such as a renewable energy project, to where users are. But policymakers in the region have said that more investments in grid infrastructure are needed to facilitate cross-border electricity trade as well as make the transition to renewable energy more affordable. SGEI said it will work with partners in Asean and other stakeholders to create the required infrastructure to enable cross-border electricity trade as it focuses on building, owning and operating regional power interconnections. Besides supporting cross-border electricity trade, SGEI said it will work closely with regional partners to develop renewable energy projects, and promote best practices as well as facilitate technical cooperation within the power sector. Mr Ong added that there are other ongoing commercial discussions with project developers at various stages of maturity. Power grid integration was first mooted in 1997 to enhance cross-border electricity trade in South-east Asia to ensure energy security. But the Asean Power Grid made headway only after Singapore said in 2021 that it plans to import around 30 per cent of its electricity from low-carbon sources, such as renewable energy plants, by 2035. In 2022, the Laos-Thailand-Malaysia-Singapore electricity import pilot was launched and the region's first multilateral electricity trade took place then. Recent developments include an agreement between government-linked firms from Malaysia, Singapore and Vietnam signed on May 26 to jointly explore the export of renewable energy. Signed on the sidelines of the Asean Summit chaired by Malaysia, the pact will see the three countries collaborate on developing a new electricity link. EMA said Singa Renewables was given a conditional licence to import 1GW of solar electricity from Indonesia – an advancement from the previous 'conditional approval' awarded in September 2024 – as 'the project has made substantive progress, with marine surveys and feasibility studies completed'. 'These are key milestones in demonstrating the project's technical and commercial viability,' added EMA. 'Further progress was made recently, with the two companies signing a co-investment agreement for a solar photovoltaic plant with integrated battery energy storage.' A company has to undergo three stages before it is granted an electricity import licence from EMA. The first stage entails the firm getting 'conditional approval' from EMA, which means the regulator has found that a project's proposal is technically and commercially viable. The firm will then begin further surveys and feasibility studies. If it can demonstrate its ability to meet the requirements of both the host country and Singapore, EMA will then award it a conditional licence. At this point, the project will be in an advanced developmental stage. The third and final step is when EMA issues the importer licence. The development brings the number of electricity import projects with conditional licences from Indonesia to Singapore to six. A total of six projects from Indonesia have been granted conditional licences to export up to 3GW of greener electricity. Chin Hui Shan is a journalist covering the environment beat at The Straits Times. Join ST's WhatsApp Channel and get the latest news and must-reads.
Straits Times
3 days ago
- Science
- Straits Times
Extreme heat waves are getting longer and hitting the tropics hardest: Study
Indonesia and Singapore have both recorded an additional 99 extreme heat days since May 2024. ST PHOTO: BRIAN TEO Four billion people experienced at least 30 additional days of extreme temperatures over the past year as a result of climate change, with nations in the tropics the most severely impacted, according to a study released on May 30. Indonesia and Singapore have both recorded an additional 99 extreme heat days since May 2024 when compared to a scenario that stripped out the impacts of global warming, researchers from London-based World Weather Attribution, US non-profit Climate Central, and the Red Cross Climate Centre found. Barbados, Haiti and a number of other Caribbean and Pacific island states and territories each had more than 120 extra hot days. Scientists defined extreme heat days as instances when daily temperatures were above 90 per cent of the historical average for a given location, aiming to gain better insight into conditions experienced locally rather than by making comparisons to worldwide averages. Last year (2024) was the hottest ever recorded, and the period studied in the report covered several severe heat waves, including in the southwest US last June, across southern Europe the following month, and through central Asia in March 2025. Periods of extreme heat disproportionately impact vulnerable populations, including older adults, low-income communities and pregnant people, the study said. There are frequently also negative effects on agricultural productivity, water availability and energy infrastructure. Of the 247 countries and territories analysed in the study, those with the highest number of additional extreme heat days were overwhelmingly in regions closest to the equator. 'Temperatures are less variable in the tropics than in the mid-latitudes, which means that the climate change trend is emerging more clearly in tropical regions,' said Dr Clair Barnes, a research associate at Imperial College London and member of the World Weather Attribution group. That means those regions will more likely experience extreme heat, she said. The World Weather Attribution group is an international scientific collaboration focused on finding out to what degree climate change is to blame for extreme weather events. Extreme heat has one of the strongest links to climate change. Small island states are among the most exposed to and least prepared for climate risks, and saw the starkest increase in extreme heat days during the period studied. That's because 'the oceans surrounding them tend to hold heat for a long time, keeping temperatures higher in what would previously have been cooler months,' Dr Barnes said. BLOOMBERG Find out more about climate change and how it could affect you on the ST microsite here.
Straits Times
4 days ago
- Business
- Straits Times
Singapore stocks rise after US court blocks Trump's tariffs; STI up 0.1%
Investors here were not overly fired up by the ruling but still nudged the benchmark Straits Times Index ahead 0.1 per cent. ST PHOTO: BRIAN TEO SINGAPORE – The move by a US court to block President Donald Trump's 'Liberation Day' tariffs gave regional shares a welcome lift on May 29. Investors here were not overly fired up by the ruling but still nudged the benchmark Straits Times Index (STI) ahead 0.1 per cent or 4.92 points to 3,916.84 but gainers thumped losers 309 to 170 on solid trade of 1.2 billion securities worth $1.3 billion. The STI's top gainer was the Singapore Exchange, which rose 2.3 per cent to $14.30, while casino operator Genting Singapore was the biggest decliner, down 1.4 per cent to 69 cents. It was also the most active, with 64.3 million units traded. The court ruling was released too late for Wall Street and the three major indexes slipped back a day after big gains in the previous session. Traders there were rattled by minutes from the Federal Reserve's last rate meeting indicating concerns that the hefty tariff hikes would elevate prices and risk stoking higher inflation. The Dow Industrials and S&P 500 both lost 0.6 per cent while the Nasdaq fell 0.5 per cent. Markets across the region had better timing and rose on news that the trade court ruled that the President Trump overstepped his authority by imposing across-the-board duties. The ruling also casts doubts on recent agreements with Britain and China. South Korea's Kospi and Japan's Nikkei 225 were both up 1.9 per cent and Australia's ASX 200 gained 0.2 per cent. Mr David Chao, global market strategist for Asia Pacific at investment management company Invesco, said the US court ruling on tariffs will result in a delay in trade deal announcements as countries adopt a wait-and-see approach. Against a backdrop punctuated by escalating and de-escalating tariff measures, non-US assets are 'increasingly attractive and poised for continued out-performance', added Mr Chao, noting: 'We view this as an opportunity for investors to diversify their portfolios across regions and asset classes and reduce concentrations.' THE BUSINESS TIMES Join ST's Telegram channel and get the latest breaking news delivered to you.
Straits Times
5 days ago
- Business
- Straits Times
Wall St rally boosts Singapore shares as they buck regional trend; STI up 0.4%
The modest rally in New York helped spur the benchmark Straits Times Index up 0.4 per cent or 15.83 points to 3,911.92 on May 28. ST PHOTO: BRIAN TEO SINGAPORE – Local shares ignored the downbeat mood across the region and took their lead from a resurgent Wall Street overnight. The modest rally in New York helped spur the benchmark Straits Times Index (STI) up 0.4 per cent or 15.83 points to 3,911.92 on May 28 although gainers only just edged out losers 233 to 224 on trade of 1.2 billion securities worth $1.2 billion. Wall Street was the catalyst. Markets there rose in reaction to the news that the Trump administration has pulled back on implementing tariffs on Europe. The tech-heavy Nasdaq led the way with a 2.5 per cent gain, partly in anticipation of a bumper earnings report from Nvidia in coming days. The Dow Industrials added 1.8 per cent and S&P 500 advanced 2.1 per cent, both breaking four-session losing streaks. While the STI happily took the hint, regional bourses were unimpressed, with shares ending mostly in the red. Australia's ASX 200 fell 0.1 per cent after earlier hitting a three-month high, Hong Kong's Hang Index slid 0.5 per cent and Japan's Nikkei 225 ended flat. Mr Peter Bates, the portfolio manager for global select equity strategy at investment management company T. Rowe Price Group, said the persistent US fiscal deficit – which exceeds 6 per cent of the country's gross domestic product – could affect US equities. 'If this raises doubts about the US's creditworthiness, it could push 10-year yields above 5 per cent, pressuring equity valuations,' he added. Nevertheless, Mr Bates remained bullish on the prospects for US stocks, as he believes the market there is more likely to attract long-term opportunities. Meanwhile, the STI's top gainer was Thai Beverage, up 2.2 per cent to 47 cents. The drinks distributor was also the most actively traded by volume, with 48 million units worth $22.5 million don e. THE BUSINESS TIMES Join ST's Telegram channel and get the latest breaking news delivered to you.
Straits Times
6 days ago
- Business
- Straits Times
ACRA launches playbook for students to explore accountancy careers
Mrs Chia-Tern Huey Min, chief executive of ACRA speaking at the launch of the playbook of the playbook at Revenue House on May 27. ST PHOTO: BRIAN TEO SINGAPORE - Two years after a task force was set up to reverse a shortage of young talent going into accountancy, a guidebook has been launched through which students can understand the profession better and the opportunities it offers. Teachers, education and career guidance counsellors can use the Accountancy Education and Career Guidance (ECG) Playbook to help students gain a fuller perspective on the accountancy sector and also guide them on how to enter it. The playbook was launched on May 27. Educational pathways into accountancy are highlighted in the playbook for students from various education backgrounds such as junior colleges, polytechnics, institutes of technical education and universities. The pathways detail the diplomas and degrees that students aspiring to become accountancy professionals can aim for. Besides an overview of the outlook and skills required for various roles in the field, the playbook also presents insights into career personas and emerging roles in the accountancy sector, such as sustainability reporting specialists, business advisors and information technology auditors. It also dispels common myths, such as accountancy is boring or accountants spend long hours at work. 'Accountancy is not about number crunching - it is about giving insights into the financial health of companies, engaging in forward-thinking about their financial future and helping companies make strategic and sound decisions,' said Mrs Chia-Tern Huey Min, chief executive of ACRA at the launch of the playbook at Revenue House. The ECG playbook is one of the key initiatives of the Implementation Committee for Accountancy Workforce Development, which was set up in 2023 to spark interest in the accountancy profession among students. One of the reasons was that the number of accounting degree students at universities here had fallen by more than 10 per cent in the prior five years . The number of graduates who eventually go on to become accountants or auditors had also fallen. 'The fact is that the accountancy profession offers many opportunities and diverse pathways, thanks to the formal training and professional development available to accounting professionals,' said Mrs Chia-Tern. During her opening speech, she added: 'The launch of the playbook at today's event marks the beginning of what we hope to be a sustained engagement with the schools and the Institutes of Higher Learning (IHLs). We are working with stakeholders to introduce learning journeys to potential employers for students and enhance internship experiences.' Today, about 120,000 professionals are employed in accountancy-related jobs in Singapore. Nearly 20 per cent are employed by accounting firms, which contribute about $3 billion to our annual GDP, said ACRA in a statement on May 27. The rest of the professionals are in accounting and finance functions in businesses, such as financial and insurance services, and trade and manufacturing-related sectors. An estimate in 2022 projected that by 2025, demand would rise to some 6,000 to 7,000 new accounting jobs. Join ST's Telegram channel and get the latest breaking news delivered to you.
