Asia Needs New Framework On Energy Security

By Tengku Noor Shamsiah Tengku Abdullah SINGAPORE, Nov 1 (Bernama) -- Asia needs a new framework on energy security, particularly given the uncertain global economic outlook and heightened price volatility. Former head of International Energy Agency, Nobuo Tanaka, said the future of energy security was more complex and difficult today. "It requires us to work with neighbouring countries to secure and supply energy needs in an affordable and sustainable way. "I would like to see Asian countries work together in future to create a framework that will achieve an inter-connected grid in the region," he said. Tanaka, who is currently the global associate for energy security and sustainability at The Institute of Energy Economics Japan, said this at the 4th Singapore International Energy Week (SIEW) 2011 which starts on Monday until Nov 4. He delivered the Singapore Energy Lecture, which is held in conjuction with SIEW 2011. Earlier, Singapore's Minister in the Prime Minister’s Office and Second Minister for Home Affairs and Trade & Industry, S. Iswaran, said a key thrust in the republic's energy strategy was diversification, for which the liquefied natural gas (LNG) terminal was developed. "With the LNG terminal due to commence operations by the second quarter of 2013, more options are also being explored for the medium term to enhance Singapore's energy security and fuel mix," he said in his address at the opening of SIEW 2011 here on Monday. Iswaran said by year-end, the government would commence a public consultation on the regulatory framework and would be looking into possible ways of introducing electricity imports to ensure benefits to the consumers in Singapore, without compromising the reliability of the country's power system. "Through the consultation, the government hopes to seek further views from the industry and other key stakeholders before it makes a decision on electricity imports," he said. On managing energy demand, he said, the republic did this by pricing energy to reflect its true cost, without subsidies that could lead to the inefficient use of a scarce and precious resources. -- BERNAMA