Singapore’s 9.25-GW import approvals yet to break ground

No approved project has reached financial close or commenced construction.

Singapore’s Energy Market Authority (EMA) has approved 9.25 gigawatts (GW) of low-carbon electricity import capacity across six corridors, but construction of the approved projects is yet to begin, Wood Mackenzie said.

The firm's latest analysis found that imports are expected to account for only 15% of the city-state’s electricity generation mix by 2035, about half of EMA’s one-third target.

Malaysia is the only corridor with a credible delivery path this decade, with the existing high-voltage direct current interconnector with Singapore providing up to 1GW of bidirectional capacity.

EMA also approved 900 megawatts (MW) from Johor in August, with 300 MW awarded to Sembcorp Utilities for floating solar and battery storage, and 600 MW to Ditrolic Energy’s Southern Solar Alliance.

The Sembcorp project could achieve initial imports by 2029 using existing infrastructure, although full delivery of the remaining 600 MW would likely require a second interconnector.

The Indonesian corridor weighs on Singapore’s imports as it accounts for 37% of the approved pipeline, with six projects holding Conditional Licences confirming technical and commercial feasibility.

Wood Mackenzie noted that regulatory uncertainty is blocking final investment decisions, with Indonesia’s export permit requirements undermining the long-term project financing needed to proceed.

Meanwhile, Vietnam, Cambodia, and Australia account for 43% of the approved pipeline but remain at the Conditional Approval stage with no visible construction timeline.

The three corridors are unlikely to contribute significantly before the second half of the next decade.

“The most significant challenges for EMA lie in export permit frameworks, project bankability, cross-border transmission financing, and the lack of a complete market mechanism that allows Singapore buyers to claim the carbon value of imported electricity,” said Wei Han Tan, Research Analyst - Southeast Asia Power and Renewables Research at Wood Mackenzie.

It added that imported power must compete with the Uniform Singapore Energy Price, currently about $195.31 (SG$250) per megawatt-hour.

Projects, on the other hand, require a certificate framework so Singapore buyers can claim the carbon benefits of imported low-carbon electricity. This framework is still under development.

“The projects that get built will be those that can secure an Importer Licence from EMA, demonstrate their ability to deliver firm power at an annual load factor of at least 60% and offer a price that offtakers are willing to commit long term,” Tan said. “No project in the pipeline has cleared all three hurdles yet.”

Singapore is still heavily reliant on gas-fired generation, with natural gas accounting for up to 95% of its electricity generation, and has limited land for utility-scale renewables.

EMA’s September 2026 request for proposals raised the number of hydrogen-ready combined-cycle gas turbine units planned for 2032 from two to five, in addition to the 600 MW already approved for 2027 and 2029.

“This growth shows the important role gas-fired power will have in keeping the electricity supply steady as Singapore manages rising electricity needs and its shift to cleaner energy,” Wood Mackenzie said.

(US$1 = SG$1.28)