Senoko Energy

Last updated

Senoko Energy
Company type Private
Industry Electric utility
Founded1977;48 years ago (1977)
Headquarters
Singapore
Key people
Graeme York
(President and CEO)
Parent Lion Power
Website www.senokoenergy.com

Senoko Energy is a Singaporean electric utility company and retailer. It is the largest power generation company in Singapore, accounting for approximately 20% of the nation's electricity supply. It also operates the Senoko Power Station, the nation's largest power plant by generation capacity. Since 2008, it has been owned by Lion Power, a consortium led by Japanese trading company, Marubeni.

Contents

History

Senoko Power was originally formed in 1977 [1] as a power generation arm of the Public Utilities Board (PUB) in Singapore. [2] In the 1990s, it converted the Power Station from an open-cycle gas turbine power plant to Singapore's first combined cycle plant. [3] It also began piping in natural gas from Malaysia to generate electricity in 1992. [4]

In October 1995, the electricity and gas departments of the PUB corporatised their holdings and vested the electricity and gas undertakings under the Singapore government's investment arm, Temasek Holdings. Within Temasek Holdings, the newly formed Singapore Power was structured as a holding company for five separate subsidiaries, including PowerSenoko Limited (the original corporate name for the company that would become Senoko Energy). [2]

Senoko Power Station located on the northern coast of Singapore Senoko Power Station located on the northern coast of Singapore.jpg
Senoko Power Station located on the northern coast of Singapore

In April 2001, Singapore Power's power generation subsidiaries (including PowerSenoko) were fully divested to Temasek. That same month, a new statutory body, the Energy Market Authority (EMA), was established. [5] [6] [7] PowerSenoko was renamed Senoko Power Limited [8] and it was among the first three companies to receive a power trading licence from the EMA. [9] In April 2004, the company began a $50-million (SGD) power plant upgrade, which eventually made it the largest electricity producer in Singapore. [10] [11]

In September 2008, a consortium led by Japanese trading company, Marubeni, acquired Senoko Power from Temasek Holdings for $3.65 billion (SGD). Other members of the consortium included Kyushu Electric Power, Kansai Electric, the Japan Bank of International Cooperation, and GDF Suez (now Engie) of France. [12] The consortium is known as Lion Power Holdings with Marubeni and Engie holding the most shares at 30% each. [4] Also in 2008, the company started converting three of its oil-fired turbines (producing 750 MW of power) into two natural gas-fired turbines (producing 862 MW of power). [13] The $1-billion (SGD) repowering project was completed in 2013 and resulted in a 1-million ton reduction in carbon dioxide emissions annually. [14]

In 2010, the company underwent restructuring and became known by its current name, Senoko Energy Private Limited. [15] [16] In November 2016, the company became one of the founding members of the Singapore chapter of the World Energy Council. [17]

In April 2018, Senoko Energy began offering consumers individual energy plans for households and small and medium-sized enterprises as part of the EMA's soft launch of the Open Electricity Market in Singapore. [18] It was one of 13 approved electricity retailers when the Open Electricity Market opened nationwide [19] in May 2019. [20] It was one of six that also generated its own power. [21]

Subsidiaries

Senoko Energy has three subsidiaries: Senoko Energy Supply, Senoko Services, and Senoko Gas Supply. [1] Senoko Energy Supply is the company's retail arm that sells electricity and other services to consumers in Singapore. Senoko Services leases out fuel storage tanks and provides terminal services. [16] Senoko Gas Supply is a licensed gas shipper and retailer that is authorised by the EMA to ship gas throughout the country's gas network. [22] [23]

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References

  1. 1 2 Tang, See Kit (19 November 2019). "Senoko Energy clarifies that it does not need more Government funding in 'foreseeable future'". CNA. Retrieved 6 February 2020.
  2. 1 2 Tan, Chwee Huat (1 June 2002). Singapore Financial & Business Sourcebook. Singapore: University of Singapore Press. pp. 623, 662. ISBN   978-9971692568.
  3. ↑ "Environmental innovations seen in 1997 Project of the Year winners". Power Engineering International. 1 November 1997. Retrieved 6 February 2020.
  4. 1 2 Hoong Ng, Weng (28 November 2011). Singapore, the Energy Economy: From The First Refinery To The End Of Cheap Oil, 1960-2010. Routledge. pp. 116–117, 121, 131. ISBN   978-0415686754.
  5. ↑ Barton, Barry; Redgwell, Catherine; Rønne, Anita; Zillman, Donald N. (3 June 2004). Energy Security: Managing Risk in a Dynamic Legal and Regulatory Environment. Oxford, England: Oxford University Press. pp. 403–404. ISBN   978-0199271610.
  6. ↑ "China Huaneng to pay $3.1b for Tuas Power". China Daily. 14 March 2008. Retrieved 9 February 2020.
  7. ↑ Low, Linda (2002). "Rethinking Singapore Inc. and GLCs". Southeast Asian Affairs. 2002: 282–302. JSTOR   27913213.
  8. ↑ "Senoko to add to its Singapore Electricity Market". Power Engineering. 13 October 2003. Retrieved 9 February 2020.
  9. ↑ "Three generators to dominate Singapore power market". Power Engineering International. 9 July 2002. Retrieved 9 February 2020.
  10. ↑ "Senoko sets aside S$50mil for power plant upgrade". The Star. 1 April 2004. Retrieved 13 February 2020.
  11. ↑ Guerrera, Francisco; Burtonin, John (6 October 2005). "Temasek 'preparing for' electricity sale". Financial Times. Retrieved 13 February 2020.
  12. ↑ "Consortium led by Marubeni to buy Senoko Power of Singapore". The New York Times. 5 September 2008. Retrieved 9 February 2020.
  13. ↑ Chua, Grace (6 February 2013). "Senoko Energy producing electricity using less fuel". Straits Times. Retrieved 14 February 2020.
  14. ↑ "Senoko Energy repowers generating stations in Singapore". Power Technology. 7 February 2013. Retrieved 14 February 2020.
  15. ↑ Chua, Tony (8 October 2010). "Boustead subsidiary to construct water treatment plant". Singapore Business Review. Retrieved 14 February 2020.
  16. 1 2 Thien, Rachel (5 November 2011). "Brunei princess tours Singapore's biggest energy provider". AsiaOne. Retrieved 14 February 2020.
  17. ↑ Soh, Andrea (10 November 2016). "Singapore power companies form local chapter of World Energy Council". Business Times. Retrieved 14 February 2020.
  18. ↑ Mui, Rachel (7 March 2018). "Senoko Energy launches retail services for consumers ahead of market liberalisation". Straits Times. Retrieved 14 February 2020.
  19. ↑ Tang, See Kit (1 October 2018). "Full opening of electricity market in Singapore to fire up competition: What will retailers do?". CNA. Retrieved 13 February 2020.
  20. ↑ "5 myths about the Open Electricity Market". The Straits Times. 4 May 2019. Retrieved 14 February 2020.
  21. ↑ Gabriel, Anita (4 March 2019). "Power grab in Singapore's electricity market could spur consolidation". Business Times. Retrieved 14 February 2020.
  22. ↑ "S'pore gas retailers cleared to go islandwide". Business Times. 21 June 2014. Retrieved 14 February 2020.
  23. ↑ "Gas Shipper". Energy Market Authority. Retrieved 14 February 2020.
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