Powering the Next Phase of Growth: What SIEW 2026 Means for Singapore and ASEAN

Powering the Next Phase of Growth: What SIEW 2026 Means for Singapore and ASEAN

November 2026

Isabelle Trick, Associate Director, Public Affairs, Singapore

The Singapore International Energy Week (SIEW) 2026 marked a shift in the region’s energy conversation. Against a backdrop of ongoing geopolitical uncertainty, volatile energy markets and accelerating electricity demand, one message stood out: the energy transition is no longer just about setting ambitions, but building the infrastructure to deliver them.

The scale of Singapore’s planned investments dominated discussions, alongside questions about how to integrate renewable energy, strengthen grid resilience and accelerate cross-border power trade. Nuclear energy also featured prominently, including through the inaugural IAEA@SIEW Forum, reflecting growing interest in its potential role in the country’s longer-term energy mix.

With Singapore assuming the ASEAN Chairmanship in 2027, the discussions offered an indication of where regional energy policy could be heading, and where businesses may have a role in shaping it.

Energy security takes centre stage

In his opening Singapore Energy Lecture, Minister for Energy, Trade and Industry Dr Tan See Leng described energy security as an existential priority, drawing parallels with Singapore’s efforts to secure its water supply. His five priorities – Confidence, Competitiveness, Carbon, Connectivity and Cost – reflected the increasingly close relationship between energy security and economic competitiveness.

The numbers help explain the urgency. Singapore’s peak electricity demand could reach 13 gigawatts (GW) by 2031, around 50% higher than the 8.6 GW recorded in August 2026. Much of this growth will come from energy-intensive sectors such as semiconductors, data centres and transport electrification.

To meet this demand, five new natural gas-fired power plants are expected to come online between 2026 and 2031, increasing generation capacity by approximately 26%. The Energy Market Authority (EMA) also unveiled plans for up to S$5.3 billion in grid investment over five years, eleven times the amount invested over the preceding five-year period.

These investments illustrate a challenge Singapore is looking to manage carefully. Its ability to attract and retain energy-intensive industries will increasingly depend on securing reliable electricity supplies at competitive prices, even as it works towards its decarbonisation goals.

A more flexible grid

Building additional generation capacity is only part of the solution. As Singapore diversifies its energy sources and increases electricity imports, managing variations in supply and demand will become more complex.

Energy storage featured prominently at SIEW, with EMA announcing plans to increase national storage capacity from approximately 350 megawatt-hours (MWh) to more than one gigawatt-hour (GWh) by 2030. This represents almost three times the amount of electricity that can currently be stored and dispatched when needed, helping to manage fluctuations in the grid.

EMA also launched an industry consultation on its National Energy Storage Systems Vision, seeking input on commercially viable technologies and business models.

The consultation is significant because technical solutions alone will not be sufficient. Questions around who finances, owns and operates storage infrastructure, and how providers are compensated for supporting grid stability, will need to be resolved. Companies with experience in energy storage, grid management and large-scale electricity consumption have an opportunity to contribute to these discussions.

Regional connectivity moves into sharper focus

Singapore’s domestic infrastructure plans are closely linked to its ambitions for regional electricity imports, another major focus at SIEW.

The ASEAN Power Grid has been under discussion for decades, but recent developments suggest that some of the practical barriers to implementation are beginning to be addressed.

During SIEW, EMA granted conditional approval to Sembcorp Utilities for a 1.3 GW electricity import project drawing on renewable energy resources in Vietnam and Malaysia. Singapore is also studying a second electricity interconnector with Malaysia, potentially supporting up to 2 GW of power transfers by 2030, twice the capacity of the existing connection.

These projects are important steps, but their complexity also highlights why regional electricity trade has been slow to develop. Cross-border infrastructure requires countries to agree on everything from transmission charges and regulatory approvals to commercial risk allocation and long-term purchasing arrangements.

This is where Singapore’s ASEAN Chairmanship in 2027 becomes particularly relevant. The government has identified regional power connectivity as a priority, including efforts to advance an ASEAN submarine power cable framework and establish clearer rules for cross-border electricity trade.

Progress on these issues could help unlock renewable energy investments across Southeast Asia while giving countries greater flexibility to manage their energy needs. It could also make the region more attractive to industries that increasingly consider access to reliable, lower-carbon electricity when making investment decisions.

What comes next for businesses?

SIEW 2026 offered a clearer picture of the infrastructure Singapore will need to support its next phase of economic growth. The challenge now is to develop the commercial arrangements, regulatory frameworks and partnerships that will make these plans viable.

For businesses, there are several ways to contribute. Energy companies and technology providers can bring practical experience to discussions on grid integration and storage. Financial institutions can help address the risks that make cross-border infrastructure difficult to finance, while major electricity users can contribute to the development of long-term power purchasing models.

Singapore’s ASEAN Chairmanship provides a timely opportunity to take some of these discussions forward at the regional level. With Thailand assuming the chair in 2028, there is also scope to sustain progress beyond a single year, as the two countries have agreed on a multi-year agenda.

The foundations for a more connected regional energy system are taking shape. Whether that translates into new infrastructure will depend on the less visible, but equally important, work of aligning regulations, allocating risks and making projects commercially viable.