Gas costs under very long-phrase contracts up 50%: Gan Kim Yong

SINGAPORE: Selling prices of pipeline natural gasoline (PNG) and liquefied normal fuel (LNG) presented below lengthy-expression contracts have risen above the earlier calendar year, Trade and Field Minister Gan Kim Yong explained on Wednesday (Oct 5).

In composed answers to concerns from Parliament, Mr Gan mentioned that in August PNG selling prices were up 20 for each cent 12 months-on-yr, when LNG rates were being up 50 for every cent when compared to the exact same time period final 12 months.

In this issue, MP Louis Chua (WP-Sengkang) asked Mr Gan about the proportion of PNG and LNG that Singapore employs for electricity generation, and the 12 months-to-day selling price improvements for these commodities.

“Domestic, about 95% of our energy is generated using organic fuel. By 2021, about two-thirds of our purely natural gas will be imported as standard pipeline gas, and the remaining just one-third will be imported as regular LNG,” Gan mentioned. claimed Mr.

“Our electricity generation businesses also use place LNG to complement their very long-time period contracts.”

Mr Gan extra that between January and August this 12 months, the price ranges of PNG and LNG presented by way of term contracts rose by about 21% and 38% respectively.

In the identical time frame, place LNG charges surged 113%.

On a 12 months-around-12 months foundation, LNG location charges rose 224% in August when compared to the same thirty day period in 2021.

“As most of Singapore’s electricity provide is utilized for energy era, the enhance in international electricity rates in excess of the previous calendar year will have an effect on our rates,” Mr Gan reported.

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