Finding the Way Forward in Singapore’s Energy Transition
At the Singapore Electricity Roundtable 2025, Dr David Broadstock, Partner at The Lantau Group, shared his views on the challenges and uncertainties Singapore faces on its path to net zero. His key message: we know the destination, but the route is still unclear.
Acting in times of crisis
Dr Broadstock recalled the energy crunch of 2021, when the Temporary Electricity Contracting Support Scheme (TRECS) was rolled out to shield consumers from extreme price volatility. The quick response, he said, showed that Singapore’s regulator would not simply stand by during a crisis. “We can’t just sit back and let a problem unfold,” he noted. That same readiness to act will be crucial as Singapore navigates its energy transition.
A journey without a clear map
Singapore has committed to achieving net zero emissions by 2050. But many questions remain: how high will emissions peak before they decline? What will the path to 2050 look like? And which technologies will scale quickly enough to make a difference?
To make sense of it all, he highlighted several pieces of the puzzle — from understanding past emissions and setting realistic targets, to managing uncertainty through scenarios and recognising the role of residual emissions even at net zero.
Uncertainty in demand and prices
One of the biggest challenges is demand. Forecasts by the Energy Market Authority (EMA) show a wide range of possible outcomes, making it hard for investors to plan ahead.
Price signals add to the complexity. Current prices, long-term costs and investor expectations do not align neatly. “If you are a private sector player, deciding when and where to invest is not easy right now,” Dr Broadstock said.
Supply and technology choices
On the supply side, Singapore is banking on maximising solar, importing more electricity, and preparing for low-carbon fuels like hydrogen and ammonia. Other options such as geothermal and nuclear are being studied, but each comes with its own technical or safety challenges.
Carbon capture, utilisation and storage (CCUS) will also be vital, Dr Broadstock said. Without large-scale deployment, global climate goals will remain out of reach.
The role of finance and cooperation
Financing the transition will not be straightforward. Uncertainty over policies, technology choices and demand projections make billion-dollar investments risky. “Many variables don’t make for easily bankable investments,” he warned. Some form of government support may be needed to encourage private companies to take the plunge.
Regional cooperation is another hurdle. Southeast Asia does not yet have fully harmonised policies to support cross-border power trade, which limits the potential of imports to help meet Singapore’s clean energy needs.
Looking ahead
Despite the unknowns, Dr Broadstock emphasised the importance of planning and acting now. “The transition needs practical steps today and deliberate planning for tomorrow,” he concluded.
While the map may be incomplete, he argued that Singapore must face uncertainty head-on — by rethinking energy solutions and working together to build a resilient, sustainable future.
Dr Broadstock recalled the energy crunch of 2021, when the Temporary Electricity Contracting Support Scheme (TRECS) was rolled out to shield consumers from extreme price volatility. The quick response, he said, showed that Singapore’s regulator would not simply stand by during a crisis. “We can’t just sit back and let a problem unfold,” he noted. That same readiness to act will be crucial as Singapore navigates its energy transition.
A journey without a clear map
Singapore has committed to achieving net zero emissions by 2050. But many questions remain: how high will emissions peak before they decline? What will the path to 2050 look like? And which technologies will scale quickly enough to make a difference?
To make sense of it all, he highlighted several pieces of the puzzle — from understanding past emissions and setting realistic targets, to managing uncertainty through scenarios and recognising the role of residual emissions even at net zero.
Uncertainty in demand and prices
One of the biggest challenges is demand. Forecasts by the Energy Market Authority (EMA) show a wide range of possible outcomes, making it hard for investors to plan ahead.
Price signals add to the complexity. Current prices, long-term costs and investor expectations do not align neatly. “If you are a private sector player, deciding when and where to invest is not easy right now,” Dr Broadstock said.
Supply and technology choices
On the supply side, Singapore is banking on maximising solar, importing more electricity, and preparing for low-carbon fuels like hydrogen and ammonia. Other options such as geothermal and nuclear are being studied, but each comes with its own technical or safety challenges.
Carbon capture, utilisation and storage (CCUS) will also be vital, Dr Broadstock said. Without large-scale deployment, global climate goals will remain out of reach.
The role of finance and cooperation
Financing the transition will not be straightforward. Uncertainty over policies, technology choices and demand projections make billion-dollar investments risky. “Many variables don’t make for easily bankable investments,” he warned. Some form of government support may be needed to encourage private companies to take the plunge.
Regional cooperation is another hurdle. Southeast Asia does not yet have fully harmonised policies to support cross-border power trade, which limits the potential of imports to help meet Singapore’s clean energy needs.
Looking ahead
Despite the unknowns, Dr Broadstock emphasised the importance of planning and acting now. “The transition needs practical steps today and deliberate planning for tomorrow,” he concluded.
While the map may be incomplete, he argued that Singapore must face uncertainty head-on — by rethinking energy solutions and working together to build a resilient, sustainable future.
