Post by : Bianca
Haleem
Singapore and Japan have solidified their commitment to enhancing cooperation in regulating the electricity and gas sectors, following the signing of a fresh memorandum of cooperation (MOC) by their energy regulators.
The agreement took place on July 13 in Singapore, featuring Energy Market Authority (EMA) Chief Executive Puah Kok Keong and Electricity and Gas Market Surveillance Commission (EGC) Secretary General Tatsuya Shinkawa.
Focusing on regulatory collaboration, the memorandum emphasizes cooperation and information sharing regarding the management of electricity and gas markets.
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Knowledge Exchange between Regulators
According to the agreement, the EMA and Japan's EGC will engage in knowledge sharing and experience exchanges related to energy market regulations, surveillance activities, and stability measures.
The collaboration will include:
- Technical exchanges
- Study visits
- Joint research initiatives
- Regular discussions and consultations
These initiatives aim to enhance mutual understanding and cooperative efforts as both nations navigate evolving energy markets.
EMA Stresses the Importance of Current Regulations
EMA Chief Executive Puah Kok Keong indicated that the alliance is a continuation of their drive to keep regulatory responses agile in light of the changing energy landscape.
He also mentioned that the regulators would hold further discussions at the upcoming Regulators@SIEW event during the Singapore International Energy Week in October.
Identical Energy Challenges Faced by Both Nations
EGC Secretary General Tatsuya Shinkawa stated that Japan and Singapore's energy sectors share similar traits, facing intertwined challenges in ensuring reliable energy provision and efficient market operations.
He emphasized that the cooperation pact would fortify collaboration, facilitate experience sharing, and bolster consumer protection initiatives in both regions.
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