Extension of Temporary Electricity Contracting Support Scheme
- The Minister confirmed that the Temporary Electricity Contracting Support Scheme (TRECS) has been extended until May 2022, with EMA working with retailers to ensure fair contractual terms and compliance with the Code of Conduct, while also encouraging longer-term fixed-price contracts from retailers like Keppel Electric and Sembcorp Power.
- EMA confirmed there is no limit for generating companies to draw on the Standby LNG Facility for TRECS, and while capacity for March was sufficient, the Minister addressed concerns about over-subscription in February and noted plans to monitor and negotiate for more fixed-price contracts to enhance energy security.
- The Minister advised against making TRECS mandatory for all gencos, explaining that its voluntary and short-term nature allows flexibility for price hedging, and emphasized ongoing efforts to support longer-term stability alongside the scheme's temporary objectives.