Energy leaders discussed impact of new energy realities at SIEW 2016

The Singapore International Energy Week (SIEW) last week brought together more than 13,000 delegates from the industry, governments and international organisations from over 60 countries to discuss critical issues impacting the global energy landscape. Distinguished speakers shared their perspectives on the theme, “New Energy Realities”, highlighting the opportunities and challenges of energy prices remaining lower for longer, the push for greater sustainability and smarter energy systems.

Co-delivering the SIEW Opening Keynote Address, Rachel Kyte, CEO of the United Nations (UN) Sustainable Energy for All (SE4ALL) stressed the need for energy systems to move to lower carbon energy sources, which will “bring forth a rapid increase in energy productivity, a new generation of institutions to manage our energy systems, an integrated approach to energy that embraces centralised and decentralised sources, and an ever increasing share of renewables in the energy mix”. To facilitate this energy transition, “we need to design flexible policies and regulatory systems that encourage innovation and new business models. This provides a sufficiently predictable framework to give investors the confidence they need to invest,” said David Gray, Chairman of the UK Gas and Electricity Markets Authority (GEMA), during his Keynote Address.

Consumers and technology are key drivers in this transformation, creating disruptions in today’s energy industry, said Dr Michael Weinhold, Chief Technology Officer of Siemens. Anne Nilsson, Director-General of the Swedish Energy Markets Inspectorate (Ei) added that these disruptions are creating opportunities – such as allowing greater adoption of cleaner energy, encouraging more efficient use of energy by the consumers, and stimulating efficiency and competition in the energy market.

To further enhance the move to a lower carbon energy system, Dr Fatih Birol, Executive Director of the International Energy Agency (IEA) noted the challenges in the oil & gas sectors and encouraged governments to put in place attractive investment and policy frameworks to promote the growth of renewables.

SIEW 2016 also introduced the inaugural Energy Access Forum – Powering Developments in the Asia Pacific. Dr Shamshad Akhtar, Under-Secretary-General of the United Nations (UN) and Executive Secretary of the UN Economic and Social Commission for Asia and the Pacific (ESCAP) highlighted that “new ideas, technological advancements and innovative market-driven financing solutions are fast instilling confidence that universal energy access is achievable within this generation”. Adding to the diverse views shared at the Week, SIEW Energy Insights featured the launch of the IEA Medium-Term Renewable Energy Markets Report 2016 and the World Nuclear Association’s World Nuclear Performance Report 2016 – Asia Focus.

A major announcement at SIEW was the IEA welcoming Singapore as an Association Country. “Being an Association Country is a natural extension of Singapore’s already close collaboration with the IEA. It will allow us to further participate in the global energy dialogue and keep abreast of new technical developments in the energy sector,” said Minister for Trade and Industry (Industry) S. Iswaran.

SIEW will return for its 10th edition from 23-27 October 2017 at the Marina Bay Sands, Singapore.