Senoko Energy has clarified that it does not need more funding from the Singapore Government in the “foreseeable future”, after a media report last week said it has sought a rescue package from local authorities. It also said that its outlook for the local power industry remains “positive” and saw “no reason” to exit the Singapore market. As the largest power genco here, it supplies about 20 per cent of Singapore’s electricity needs. It also clarified that it is “one of the gencos” that have explored with EMA on the possibility of loan facilities to help the sustainability and growth of the power generation industry. However, it is “unlikely” that the company will have to drawdown on such a loan given the completion of its recent refinancing. It added: “All industry stakeholders, including Senoko, are working closely with EMA to review ways to incentivise the generation companies to maintain their generation capacity reliably, and ensure the security of supply in Singapore.” This includes looking at initiatives such as a forward capacity market, which has been implemented in other countries.... Continue Reading