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Riding the megatrend of sustainability - Senoko (Leading power generation company of Singapore)
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RIDING THE MEGATREND OF SUSTAINABILITYSINGAPORE SUSTAINABILITY AWARDS COMMEMORATIVE BOOKFeaturing Award Winners and Strategic/Knowledge Partners of the Inaugural Sustainable Business Awards and Green IT Awards
Jointly Published by
Proudly Produced by
© 2011
SINGAPO
RE SUSTAIN
ABILITY AW
ARDS CO
MM
EMORATIV
E BOOK
Featuring Award W
inners and Strategic/Know
ledge Partners of the Inagural Sustainable Business Aw
ards and Green IT Aw
ardsRIDING THE M
EGATREND OF SUSTAINABILITY
078
RIDING THE MEGATREND OF SUSTAINABILITYSINGAPORE SUSTAINABILITY AWARDS COMMEMORATIVE BOOK
SENOKO ENERGY
Committedtoservingthenation’senergyneedsinaresponsibleway,SenokoEnergyPteLtdisthelargestpowergenerationcompany(genco)inSingapore,with3300MWlicensedcapacitywhichisover30percentshareofthecitystate’sentireinstalledcapacity.Thecompanyhastwopowerplants.ThemainplantcalledSenokoPowerStation(3195MWcapacity)isattheextremenorthofSingaporeborderingMalaysia.Theotheropencyclegasplant(PasirPanjangGasTurbinePlant)isatPasirPanjang,southofSingapore.SenokoPowerStationisthefirstcompanyinSingaporetobuildcombinedcyclegasturbine(CCGT)plantin1996inabidtoreduceitscarbonemissionintensity.Byyear2004,Senokohadconverteditsthreeageingoilfired120MWsteamplantsintothreemodern365MWcombinedcycleplants.Thisrepoweringprojectincreasedthetotalcombinedcyclecapacityto1945MWaswellasreducedthecarbonemissionby40percentmakingSenokothegencowithlowestCO2emissionintensity1.WithhighestshareofCCGTgeneration2andlowestCO2emissionintensity,SenokoisthemostefficientandenvironmentfriendlypowergeneratorinSingapore.
SENOKO’S JOURNEY THROUGH PRIVATIZATION
Senokostarteditsoperationsin1976asadivisionoftheElectricityDepartmentofPublicUtilitiesBoard(PUB)andwaslatercorporatizedasPowerSenokoLimitedunderSingaporePower(SP)in1995.DivestmentfromSPtoTemasektookplacein2001whenPowerSenokowasrenamedasSenokoPowerLimited.Infact,priortoprivatizationandderegulation, theSingaporegovernment’ investmentarmTemasekHoldingsownedallthethreepowergencosinSingapore.TemaseksubsequentlydecidedtodivestallthreegencosinordertoprovideastableandcompetitivepowermarketinSingapore.TemasekfirstsoldTuasPowertoHuanenggroup.Continuingdivestmentstrategy,TemaseksoldSenokoPowerLimitedtoLionPowerHoldingsin2008.LionPowerisaninternationalconsortiumcomprisingMarubeniCorporation(30percent),GDFSuezS.A.(30percent),TheKansaiElectricPowerCo.Ltd(15percent),KyushuElectricPowerCo.Ltd(15percent)andJapanBankforInternationalCooperation(10percent).GDFSuezisaFrenchPowerCompanywhiletherestoftheshareholdersareJapanesecompanies.On13January2010,thenameSenokoPowerLtdwaschangedagainandnowitisknownasSenokoEnergyPteLtd(SEPL).
THE ABCs OF SUSTAINABLE DEVELOPMENT IN THE POWER INDUSTRY
Sustainable development is defined as the development that “meets the needs of the present withoutcompromisingtheabilityoffuturegenerationstomeettheirownneeds”3.Asustainabledevelopmentrequiressimultaneouspursuitof“triplebottomlines”:economy(firmspecific),environmentandsociety.Wheneverwethinkofsustainabledevelopmentwithinthepowerindustry,thepictureofwindturbinesandsolarpanels
comestomind.Generatingpowermeansprovidingsocietywiththemostusefulcommoditywhichmakeslivingpossibleinthemodernworld.However,theprocessof power generation must be economically sustainable while minimizing theimpactontheenvironment.Windandsolarpowerarerenewablesourcesaswellasenvironmentallyclean.Butthequestionremainsastowhetherwindturbinesandsolarturbinesareeconomicallysustainablemeansof power generation in Singapore. Wind speed of 6meter/secondistheminimumairspeedforsuccessfullyharnessingwindturbineenergy,andforprofitablewind
turbinestherequiredairspeedis9meter/second4.HoweverinSingapore,averageairspeedis0.06to3.4m/s.So,windisnotaviableoptionforSingapore.Neitherissolarpowerarealisticsourceofenergysincethesolarpanelsrequirelargespacewhichthetiny710sqkmislandcannotprovide.Ifthegovernmenthousingblocks
SENOKO ENERGY PTE LTDCaseWrittenBySomnathKansabanik
Solar Plant
Wind Turbine Farm
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RIDING THE MEGATREND OF SUSTAINABILITYSINGAPORE SUSTAINABILITY AWARDS COMMEMORATIVE BOOK
(HDB)wereupgradedwithsolarpanelswhichusuallyoperateat10percentefficiency,altogetherthesepanelscouldonlyprovide2percentofthenation’sentireelectricityneed.Nuclear,hydroandbio-energyaretheotherenvironmentallyfriendlychoices.Nuclearhoweverrequiresbiginvestmentalthoughoperatingcostperunitelectricityproducedismuchlower.Safetyisprimeconcernfornuclearpowerplant,especiallyinasmallcountrysuchasSingapore.HydropowerisnotobviouslyapossibilityinSingapore.Theothersourcesoffuelsuchasbio-massandbio-fuelarerenewablebutlimitedinquantity.Hence,Singaporehastorelyonfossilfuelslikenaturalgas,fueloilandoil/dieselforpowergeneration.Amongthese,naturalgasisthemostenvironmentallycleanandviablechoice.
With limited alternative energysolutions, Singapore uses thermalsystems for power generationwhichcontributetohalfofthetotalnational emissions of CO2, theprimary heat-trapping, “greenhousegas”responsibleforglobalwarming.However, it will not be technicallycorrect to say gencos are the onlysources of the greenhouse gasproblems; they are just a solutionprovider for the energy needs ofSingapore. The manufacturingsector,whichisthebiggestcustomerof electricity, also emits CO2 byusing directly fossil fuels in theirmanufacturing processes. So interms of total CO2 emission, themanufacturing sector tops the CO2
emissionlistwith44percentshareinoverallemission.TheothercustomersofelectricityaswellasdirectcontributorsofCO2emissionarethetransportindustry(5percent),buildings(30percent)andhouseholds(18percent).ApartfromCO2,NOx,Sulphurandindustrialwastearetheotherpollutingelementsemittedbygencos.Overall,gencosfacetheuniquechallengeoffulfillingsociety’sneedforenergywhilehavingtoremaineconomicallysustainableandenvironmentally friendlyaswell.The implicationsofsustainability forpowerindustryaremuchmorethanjustshowinglip-sympathytowardstheenvironment.TheenvironmentalstrategyofgencoswilldecidewhetherSingaporecanachievethenationaltargetofreducingCO2emissionby16percentby2020(againstbusiness-as-usuallevel).
Itisimportantthatacompanynotonlyaddressestheconcernsforenvironment,economyandsocietybutalsomeasuresonasetofdimensionstheimpactofitssustainabilityactionsandreportsthemperiodically.Oflate,companieshavestartedadoptingaholisticapproachinreportingnon-financialperformanceofthecompanyintheformofsustainabilityreporting.AsperGRI(GlobalReportingInitiative)guidelinesthereare79indicatorstomeasuresustainabilityintermsofbothhumanandenvironmentalaspects.Whilehumanresourcepractices, community service, corruption/ethics are measures of human aspect of sustainability, there arenumberofindicatorsforenvironmentalsustainabilitysuchasnoiselevel,ambientairquality,carbonfootprint,waterefficiency,waterquality,wastemanagementetc.InSingaporetodateaboutanumberofcompaniesareannuallyreportingtheirsustainabilityperformancewithSGX.Senokoisintheprocessofstartingtoreportsustainabilityonannualbasis.PowerSerayahasalreadyventuredintosustainabilityreportingandhaswonthetoppositionintheSingaporeAwardsforSustainabilityReporting(SASR)byACCA5.
SELLING CIGARETTES VS. SELLING POWER
InSingapore,thereare1milliondomesticcustomeraccountsfortheentirepopulationof5.1millionpeople6.Domesticretailmarketisnotde-regularizedyet,henceSPPowerisstillthesoleretailerinthisdomesticmarketwhichis18percentofthe41.2TerraWatthour(TWh)yearly(in2010)electricitysalesinSingapore.Through
080
RIDING THE MEGATREND OF SUSTAINABILITYSINGAPORE SUSTAINABILITY AWARDS COMMEMORATIVE BOOK
themonthlyinvoices,SPPowercommunicatesthenationalaverageelectricityconsumptiondataalongwiththeindividualconsumptiontrends.Thisdataisprovidedinordertoraiseconsumerawarenesssothattheycanminimizetheuseofelectricityandwater.AlongwithSPPower,alltheprivateoperatorsarealsospreadingthesamemessageofsavingelectricity.Isnotthereductioninconsumptiongoingtoreducetheirrevenue?Thatmaybetrue,butpowercompaniesneedtolookbeyondshorttermrevenuebasemaximizationthroughpromotinghigheruseofelectricity.
InSingapore,tobaccocompaniesareobligedtomentiontheill-effectsofsmokingonthepacketitself.Onasimilarnote,powercompaniesembraceeffortstoletthecommonpeopleknowhowelectricityisgeneratedinSingaporeandhowthewasteofelectricitysimplyaddstoelevatedCarbonfootprint.Nowadays,almostallenvironmentallyconsciousorganizationsareparticipatingineventslike“EarthHour”.AspertheFacebookpageofEarthHourSingapore,ifmostpeople,businessesandgovernmentgetinvolvedintheEarthHourandturnofftheirlightsfor60minutes,electricityconsumptioncouldbereducedby10percentofthetotaldemandwhichisequivalentto“taking48000carsofffromtheroads”viiforonehour.Consideringallthesefacts,wecanseethetwistwhileanalyzingthestrategicangleforeconomicsustainabilityofgencos.Theirresponsibilitiestowardsenvironmentandpeoplearemuchmorethananyothertraditionalprofitmaximizingorganizations.Buttheymustdevelopsoundeconomicstrategiestosurviveinthederegulatedpowerindustryandcontinueservingthesociety.
How Senoko & Its Competitors Generate PowerIn a typical steam plant, fuel is burnt in steam boilers to produce steam that drives the turbines andgenerateselectricity.Senokohasatotalof500MWfromitstwosteamplantinSenokoPowerStation.ItsmaincompetitorsareTuaspowerwhichhasa600MWsteamplantandPowerSerayawhichhassixunitsof250MWoil-firedsteamplantsthathaveacombinedcapacityof1500MW.
Natural gas provides the highestefficiencywhenusedincombinedcyclepower plant (also known as combinedcycle gas turbine – CCGT). In CCGT,naturalgasisburnedtoproduceenergyto drive gas turbine that generateselectricity. The waste gas-to-heat, intheformofsteamproducedintheheatrecovery steam generator, is recoveredtodriveasteamturbinethatproducesmoreelectricity.Thesystemisequippedwith back-updiesel supply, to addressgasshortage,ifany.In Singapore, there is a general shifttowardsnaturalgasandhenceexisting
plantsarebeingconverted tomoderncombinedcycleplants.Thefirstcombinedcycleplant inSingaporewascommissionedbySenokoin1996.Between2000and2004,Senokocompleteditsfirststagerepoweringprojecttoconvertitsthree120MWoilfiredsteamplantsintothree365MWcombinedcycleplant.AfterSenoko,Tuas Power developed fourcombined cycle plants withcombinedcapacityof1470MW(4x367.5)8between2002and2005. By 2002, Seraya alsocompleted two units of 370MW combined cycle powerplant. Seraya also built twounitsof400MWcogenerationcombinedcyclepowerplants9.
Thelistofdifferentplanttypes,theircapacitiesandallthepowergeneratorsinSingaporewiththeircapacitiesareasfollows(asofSeptember2009):
source: http://www.ema.gov.sg/how_electricity_is_generated/index.html
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RIDING THE MEGATREND OF SUSTAINABILITYSINGAPORE SUSTAINABILITY AWARDS COMMEMORATIVE BOOK
Company Capacity
PowerSeraya 3100
SenokoEnergy 3300
TuasPower 2670
SembCorpCogen 900
IslandPower 800
SingaporeSyngas 20
ExxonMobil 180
KeppelMerlimau 470
ElbaEastern 50
NEA 250
Total 11740
Adapted from: Senoko’s Presentation, Consulted following: 1) http://www.powerseraya.com/index.
php?option=com_content&task=view&id=3&Itemid=81
2) http://www.ema.gov.sg/media/files/facts_and_figures/consumption/Licensed_Capacity_in_Commercial_Operation_LN.pdf
Fuel For Power Generation: Environment Or Cost?Forpowergenerationcompaniesfuelcostcomprises85percentofthelongrunmarginalcost10.Cheaperfuelmaygiveshorttermprofitabilitybutitisdetrimentaltotheenvironment.
NaturalgasiscostlyatpresentbutprovidesthehighestthermalefficiencyandemitslowestCO2.AsperEMA’sreport,estimatedgaspriceis19.26SGD/GigaJoule(GJ),whereas High Sulphur Fuel Oil (HSFO) is 18.31 SGD/GJandcoal is6.3SGD/GJ11. Ifgasprice inSingaporefurther comes down, gas would be the Singapore’sanswerforglobalwarmingissues.Presently,therearethree international gas pipes from Malaysia (M-Gas)andIndonesia(I-Gas).GascontractwithMalaysiawas
signed in 1990 where gas was bought at 7 per cent premium along with water from Malaysia. In 1998duringAsianfinancialcrisis,acontractwassignedwith Indonesiatobuygasat >20percentpremiumtofacilitateASEAN’seconomicrecovery12.By2013,LNGterminalissupposedtobeoperationalwhichwillfurtherincreasesupplyofgas.LNGterminalwillenabletransportationofgasthroughshipsfromgasrichcountriessuchasIranandQatar.
How Green Is The “Garden City” Singapore?During the UN’s Climate Change Conference inBali in December 2007, consensus to reduceCO2emissionby25~40percentby2020couldnot be reached but all agreed to follow the‘BaliRoadmap’ that formed thebasisof futurenegotiationsonprotocolsmeanttoreplacetheKyotoProtocols.Followingtherecentlyconcluded
Plant Mix by Type Installed Cap MW Percentage
Cogen Plant:Sembcogen 785 7.4%KeppelCogen 470 4.4%Sub-total 1,255 11.9%CCGT:Senoko 1,945 18.4%PowerSeraya 730 6.9%TuasPower 1,470 13.6%Sub-total 4,145 39.2%Orimuision/Cheap Oil:PowerSeraya 750 7.0%Steam Plant:Senoko 1,250 11.8%PowerSeraya 1,400 13.3%Tuas 1,200 11.3%Sub-total 3,860 36.5%OCGTSeraya 210 1.0%Senoko 210 2.0%Sub-total 420 3.0%NEA 251 2.4%TOTAL: 10,576 100%
Fuel Price
Gas 19.26SGD/GJ
HSFO 18.31SGD/GJ
Diesel 23.53SGD/GJ
Coal 6.30SGD/GJ
922
757 726 629
417
0 100 200 300 400 500 600 700 800 900
1000
Coal
Orimuls
ion
Oil
Diesel
Gas
kg/M
Wh
Carbon Intensity by Fuel Type
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RIDING THE MEGATREND OF SUSTAINABILITYSINGAPORE SUSTAINABILITY AWARDS COMMEMORATIVE BOOK
Copenhagensummitonclimatechange,Singaporehasnowpledgedtocutitscarbonemissionsby16percent(business-as-usuallevels)by2020.CarbonMonitoringforAction(CARMA.org)monitorsworldwideemissionofCO2.Aspertotalcarbonemission,theworld’stop10biggestcarbonemittersareChina,USA,India,Russia,Germany,Japan,UK,Australia,SouthAfricaandSouthKorea.13
CARMAalsocolourcodesdifferentcountriesbasedontotalcarbonemissionperunitelectricitygenerated(carbonemissionintensity)i.e.kgofCO2perMegaWatt-hour(kg/MWh)ofelectricityproduced.Thecolourcodingisshownbelow:
6 Co2emissionintensitycolourcodesrangefromredtogreen
>1,750 Ib/MWh =>794 kg/MWh(coal)
1,250~1,750 Ib/MWh =567~794 kg/MWh(oil)
750~1,250 Ib/MWh =340~567 kg/MWh(naturalgas)
250~750 Ib/MWh =113~340 kg/MWh
<250 Ib/MWh =<113 kg/MWh(nuclear,hydro)
SwitzerlandandFrancewithhighratioofhydroandnuclearfacilitiesarethecountrieswiththelowestcarbonemissionintensitiesintheworld.WithCarbonintensityof541kg/MWh,Singaporeis“yellow”intermsCO2emissionintensitywhichisconsideredmoderate.Between2000and2007,SingaporeCO2emissionintensityreducedby30percent.ThisreductionisthebestinASEANregion.Giventhe100percentelectricitycoverage,Singapore’sachievementisoutstanding.
SenokotookthefirststepinSingapore’sjourneytowardsCO2emissionreduction.ItwasthefirstgencotoconverttheoilfiredpowerplantsintoCCGT.ByimplementingCCGT,SenokorecycledthelostheatandreducedCO2emissionintensity.
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RIDING THE MEGATREND OF SUSTAINABILITYSINGAPORE SUSTAINABILITY AWARDS COMMEMORATIVE BOOK
ARE SINGAPORE CONSUMERS “GREEN”?
Whileansweringaquestiononthepossibilityofchargingapremiumforcleanersourceofenergy,MinisterMentorMr.LeeKuanYewmentionedhowthecitizensofthissmall,denselypopulatedcountryhavelearnttolivewiththepricingmechanism.Singaporeelectricitymarketderegulationstartedin2001butsmallerconsumersstillgettheirelectricitythroughSPPoweratregulatedtariff.Sofar,liberalizationhasenabledonly75percent15ofthemarketforcontestabilityi.e.givingconsumerschoiceto select their desired power company while buyingelectricity.Singaporeandomesticsegment(18percentoftheentire41.2TWhelectricitysale)andthesmallbusinesssegmentarenotqualifiedas“contestable”whichmeanstheyhavetobuyelectricityatthegovernmentregulatedtariff.
Anyconsumerwithmonthlyconsumptionover10,000kiloWatthour (kWh) for theprevious12months iseligibletobecomeacontestableconsumer.Ascontestablecustomer,non-domesticsectorscanbuyfromtheretailerorfromSPServices(alsoknownasMarketServicesSupportLimited-MSSL)atcompetitiveprices.RetailersinSingaporeareusuallyverticallyintegrated.SoSenokoEnergySupply(http://www.senokoenergy.com.sg/) is the retailarmofSenokoEnergyPteLtd (http://www.senokoenergy.com/).AsperEMA’sdata inDecember201016,27percentofthe8064contestablecustomerspurchasedelectricitythroughSPServiceswhiletherest73percentpurchasedfromretailers.However,the73percentcustomeraccountsrepresent94percentoftheentirecontestabledemand.Senokoishaving15.3percentshareintheretailmarketwith450retailcustomers17.
ContestableConsumerscanbuyfromanyretailerordirectlyfromthemarket;theycanswitchtheirvendorinrealtime.Thechurnrateamongthecontestableconsumerswas1.76percentinDecember201016.Althoughconsumers can switch between retailers, there is only one Grid Company called SP PowerAssets whichchargesfixednetworkcostsubjecttoannualreview.Theentireflowofelectricityfromgeneratorstoconsumersisshownbelow(adaptedfromhttp://www.ema.gov.sg/page/3/id:27/)
“I think Singaporeans are cost conscious; they don’t care from where the energy
comes from. Which is the cheaper one?” - Minister Mentor Lee Kuan Yew, International Energy Week 2008 14
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RIDING THE MEGATREND OF SUSTAINABILITYSINGAPORE SUSTAINABILITY AWARDS COMMEMORATIVE BOOK
Shownbelow is thediagramwith the locationsofdifferentgencos inSingaporeand themajorgrid lines(adaptedfromSenoko’spresentation):
Theindustrystructureandpowergridnetworkmaybesimpletounderstand,butthestructureofNationalElectricity Market Singapore (NEMS) and the market dynamics of the real time energy trading are morecomplicated.First,thedifferentplayersandtheirrolesneedtobeunderstood:
6 Energy Market Authority (EMA)–Regulateselectricityindustry
6 Energy Market Company (EMC)–Administersthespotmarket
6 Generation Companies (genco)–Produce&sellelectricityinthespotmarket
6 Transmission Licenses (SP Power Assets Ltd) –Ownsthenetwork
6 Retailers–Buyelectricityatspotpricesandsellelectricitytocontestableconsumers
6 Market Support Services Licensee (MSSL, SP Services)–ProvidesSpotMarketSupport
Theoverallstructureofthenewelectricitymarketisshownbelow(adapted from http://www.mssl.com.sg/market_frameset.htm).
The market is divided in twoparts: the wholesale electricitymarket and retail electricitymarket. The wholesale marketiscalledthespotmarketwhereall the wholesalers (powergenerators) “sell” 100 per centof their generation forming an“electricitypool” throughwhichelectricityistraded.SPServicesbuysfromthepoolatapricesetasper contract.Smallbusiness
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RIDING THE MEGATREND OF SUSTAINABILITYSINGAPORE SUSTAINABILITY AWARDS COMMEMORATIVE BOOK
andhouseholdshave tobuyelectricity fromSPServicesatpre-definedtariff.Contestablecustomershavemanyavenuesfromwhichtheycanbuyelectricity.Theycanbuyfromdirectlyfromtheenergymarketpool,fromSPServicesorfromretailerswhoagaincanchoosetobuydirectlyfromthemarketorfromSPServices.Foracontestableconsumer thedecisiononwheretobuyelectricitywoulddependontotalconsumption,consumptionpatternandothereconomicorfinancialconsiderations.
FromApril2011onwardsSPServiceshasrevisedtheelectricitytariffto25.58cents(US$208/MWh18)perkWhforhouseholdsandsmallbusinesses19.Outof25.58cents,20.52cents(205SGD/MWh)willnowgotogencos.Earlierthepricewas18.9cents(189SGD/MWh).AsperEnergyMarketCompany’stradingreport,theaverageelectricitypricesincreasedfrom160.79SGD/MWh inFebruary2011 to186.70SGD/MWh20 in March same year. Domestic consumershoweverdonotbuyatmarket tradedpricewhichkeeps varying every half hour. For consumers, SPServicessetsfixedenergycosttakingintoaccountthepolicyobjectiveofpromotingefficiency in thermalpowerplants. Presently, “FClass” combinedcyclegas turbine is themostefficientonethatcatersmore than25percentof thesystemdemand.Thepricethatconsumerspaynowreflectsthelongrunmarginalcostofmostefficient(henceleastpolluting)powergenerationtechnology.
February 2011 March 2011
Weekdays Saturday Sunday Weekdays Saturday Sunday
USEP($/MWh)
DailyAverage 160.79 164.08 179.66 186.70 178.87 196.51
DailyMaximum 322.07 426.95 487.28 427.48 414.35 456.87
DailyMinimum 128.15 128.75 129.76 143.60 145.48 148.16
Thursday21-Apr-11
Friday22-Apr-11
Saturday23-Apr-11
Sunday24-Apr-11
Monday25-Apr-11
Tuesday26-Apr-11
Wednesday27-Apr-11
USEP($/MWh)
DailyAverage 219.17 234.48 248.92 211.66 271.13 289.55 286.16
DailyAverage 277.36 312.69 457.12 274.15 478.19 468.57 481.28
DailyMinimum 190.04 191.18 180.91 184.14 171.68 191.73 191.69
WhenSingaporeanspaytheirelectricitybills,theyareactuallysupportingCCGTpowergenerationtechnologywhich is the most efficient and least CO2 emission intensity technology. If a genco buys cheap oil andeventuallyoffers cheapelectricity,onlysomenon-domestic contestablecustomerscanbuy that. Inaway,Singaporeansarehelpingthenation’stargetofswitchingtonaturalgastoreducetotalCO2emission.Thatcontributestomakingusgreen.Infact,largerconsumerslikemanufacturingindustries,buildingsandshoppingmallsarealsoadoptinggreentechnologiesbyinvestinginenergysavingequipments.Theyarealsoinvitingexpertsforconductingenergyauditforidentifyingelectricitywastesandpossibleimprovementsbyminimizingpowerconsumption.Byadoptingtheexperts’suggestionsbuildingsandmallsarebecominggreen.ExamplesareCDL’sCitySquareMallnearFarrerParkMRT.Singaporeanditspeoplearethustryingtodotheirpartinthisgreeninitiative.
TheeffortstakenbySingaporeareindeedremarkablebecause,forexample,HongKong,acitycomparabletoSingaporeonmanydimensions,stillusescoalasitsmajorfuelsource.Itisfurtherinterestingtonotethat
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RIDING THE MEGATREND OF SUSTAINABILITYSINGAPORE SUSTAINABILITY AWARDS COMMEMORATIVE BOOK
SingaporehasnotadoptedanytoughmeasurelikecarbonpricinginEurope.Yet,Singaporeanditspeoplehavemanagedtostay“greener”comparedwithitsneighboursandcompetitors.
A PERSPECTIVE ON SENOKO’S ECONOMIC STRATEGY
First,thealignmentofSenoko’sdifferentrevenuestreamswithcorporatestructureneedstobeunderstood.Likeanyothergenerator/retailerssuchasPowerSeraya,TuasPower,SembcorpCogenandKeppelMerlimauCogen,Senokoisverticallyintegratedi.e.separategenerationandretailarmswithinthesameparentcompany.SenokoEnergySupply,theretailarmofparentcompanySenokoEnergyPteLtd.,earnsrevenuefromretailcontestable customerswhereasSenokoEnergygets revenue fromMSSL through its vesting contractsandthroughdirectmarketparticipantsforthenodalsaleofelectricity.
Singapore’sGDPcontinuetogrowandsoistheelectricityconsumptionwhichsurpassed40terawatthours(TWh)forthefirsttimeintheNEMS’history,reaching41.2TWhin201021.Outofthetotalelectricityproduced18percentareconsumedbydomesticcustomerswhiletherest82percentwithmarketsizeof33.9TWhmarket22belongstothenon-domesticsegmentinSingapore.Again,withinnon-domesticsegment18percentarenon-contestablecustomersandremaining82percentqualifyasacontestablecustomergrouprepresentingtotal27.9TWhelectricitysales23.AsmallportionofcontestablecustomerschoosetobuyelectricityfromSPServices,but95percentoftheentirecontestablemarketissharedbyfivemainretailerswithtotalelectricitysalesof26.5TWhin2010.
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RIDING THE MEGATREND OF SUSTAINABILITYSINGAPORE SUSTAINABILITY AWARDS COMMEMORATIVE BOOK
AsperNEMS2010report,Senoko’sshareofpowergenerationis25.7percentoftheentiremarketwhereasSeraya’sshareincreasedto28.4percent.Senokoishaving15.3percentmarketshareofretailmarketbasedonmetereddemand24.ThisishigherthanSenoko’sshareof14.3percentin2009.HoweverthecurrentmarketshareofSenokoislessthanSeraya’sshareof18.9percentin2010and18.7percentin2009.Asperthemetereddemand,SPServicesishavingthehighestshareof35.9percent.
Themarketshareofdifferentretailersbasedonannualmetereddemandisshownbelow(adaptedfromNEMS2010report):
Considering the fact that SP Services does not produce electricity, rather it buys from the gencosand supplies to the domestic segment, non-contestable non-domestic customer segment and 5per cent of the contestable customers, the non-MSSL retailers’ share of the retail market would bebased on the ratio of their metered demands. Therefore, Senoko with 15.3 per cent would have
15.315.3+18.9+13+7.6+9.3 or24percentshareofthe
26.5TWhmarketsofcontestablecustomersbuyingthroughnon-MSSLretailers.SerayaandTuasshare29percentand20percentrespectively.IntermsofGeneration,respectivesharesofSenoko,SerayaandTuasare26percent,29percentand25percentrespectively.
Seraya is currently the market leader in terms ofPowerGenerationandRetailMarketshareaspertheabovetableshowingtheshareofgenerationversusshareofcontestablemarketforthetopfivepowercompanies.Serayahasaverystrongtradinggroupthatmanagedtosecuregoodcontractsforcheapoilusedinpowergeneration.AlthoughcheapoilemitsmoreCO2,electricitycanbegeneratedatacheaperrateandthatmeanshighershareinaderegulatedenergymarketwheresomecomputeralgorithmcalledMarketClearanceEngine(MCE)isperformingalltradesbymatchingthebidagainstthelowestofferirrespectiveofhowtheenergyisgenerated.
NameShare of
Generation
Share of Contestable
Market
Senoko 25.70% 23.9%
Seraya 28.40% 29.5%
Tuas 25.20% 20.3%
SembCorp 9.50% 11.9%
Keppel 8.30% 14.5%
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RIDING THE MEGATREND OF SUSTAINABILITYSINGAPORE SUSTAINABILITY AWARDS COMMEMORATIVE BOOK
However,thegovernmentdoesnotencouragetheuseofcheapoilforpowergenerationandhastakensomeuniquemeasuresinthederegulatedmarketinordertopromoteefficientandenvironmentallyfriendlyenergygenerationandtocontrolthemarketpowerofthreemajorgencoswhocontrol90percentofthemarket.First,thereisnomechanismofcarbonpricinginSingapore.RathertheinterestsofplantsengaginginCCGTtechnologyareprotectedbyvestingcontractregime.
Alltheelectricitygeneratedbydifferentgeneratorissoldtotheelectricitypoolandaportionoftheentirepool(55percentin2011)isunderthepricingprovisionssetbyvestingcontract,aspecialfinancialcontractbetweenSPServicesandeachofthethreemainpowergenerators(Seraya,SenokoandTuas).Withvestingcontracts,generatorsareobligedtoproduceaspecifiedquantityofelectricity(vestingcontractlevel)ataspecifiedprice(vestingprice/strikeprice).Thestrikepriceissameforallgenerators,butthelevelofcontractsisdifferentbasedonthegenerationcapacityofeachofthecompanies.
Ifthegencosdonothaveanymarketpower,VestingContractReference Price (VCRP)will beusuallyhigherthantheUniformSingapore Energy Price (USEP)whichistheaverageofallnodalpricesofelectricity.VCRPissettoreflectthelongrunmarginalcost of class “F” CCGT (mostefficient). Beyond the vestinglevel,generatorscompetewithone another to sell remainingcapacitytoconsumers.
Historically inSingapore,USEPhas always been lower thanvestingcontractreferenceprice.Due tovestingpriceandappropriate level,nocompanycangetunfairadvantagebyproducingelectricitybycheapermeansover long run.Therecouldbesomeshort termgains,but this cannotsustainasEMAperiodicallymonitors the licensing requirementsofpowerplantsandenforcesmeasuressuch thatgencoseventually switch to efficient and environmentally friendlypower generation. PowerSeraya, due to cheapoilhasenjoyedsomeeconomicadvantagestobidforcheapelectricitysale.HenceretailshareofSerayaincomparisontoitsgenerationcapacityishigherthanthatofSenoko.
Seraya29%
Senoko24%
SembCorp12%
Tuas20%
Keppel15%
Share of Contestable MarketYear 2010 : 26.5 TWh
Seraya29%
Senoko26%
SembCorp10%
Tuas26%
Keppel9%
Share of Power GenerationYear 2010 : 41.2 TWh
Electricity Pool
Vesting Contracts(“Vesting Price”)
withSPServices
Retail Contracts
Aportionofgenerationispeggedto“VestingPrice”or“LRMC”(LongRunMarginalCost
AportionofgenerationishedgedbyRetailContractswithlargecustomers
100%ofgenerationis“sold”totheElectricityPool.
Poolrevenue,however,fluctuateseveryhalfhourlyandisthusnotcertain.(“SparkSpreads”) Others
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RIDING THE MEGATREND OF SUSTAINABILITYSINGAPORE SUSTAINABILITY AWARDS COMMEMORATIVE BOOK
In 2010, Senoko produced over 10500 GigaWatthours(GWh)ofelectricitywhichis25.7per cent of national consumption of 41,199GWh.Out of total 10500GWh, around4200GWhwassoldviaSPServicesatthevestingcontracthedgepriceof$172.29/MWh22.Rest6300GWhenergy,whichis24percentofthecontestablemarketbyretailers,wassoldtoits450contestablecustomers.
A PERSPECTIVE ON SENOKO’S ENVIRONMENTAL STRATEGY
With toppriority for environment, Senoko isaligningallitsmajorbusinessdecisionsasperthe“SingaporeGreenPlan2012”,whichwasdraftedbySingaporegovernmentinordertoreducenationalcarbonfootprint.ThecompanytookthefirststepinreducingitscarbonemissionintensitybyembarkingonanS$600millionrepoweringprojecttoconvertthreeageingoil-fired120MWsteamplantsintoenvironmentally-friendlythreeunitsof365MWcombinedcyclegasturbine(CCGT).Theprojectwascompletedby2004anditincreasedtheefficiencyofpowerplantby14percentagepoints.ThisisknownasStage1RepoweringProject(2000-04)thatreducedtheannualcarbonemissionby2,500,000tonnesofCO2,whichisnearlyequivalenttoCO2emissionsofallpassengercarsonSingaporeroadsinoneyear25.
AfterthehugesuccessofstageIrepoweringprogram,SenokoinvestedinStageIIRepoweringprogrammewithabudgetofoverS$760millioninordertoconvertthree30yearoldoil-fired250MWsteamplantsintotwounitsofenvironmentally-friendlyLNG&pipedgas-fired430MWcombinedcycleplants.Giventhe factthatSingaporeLNGterminalissupposedtostartoperationfrom2013,theprojectwhichisexpectedtobecompletedbythelatterhalfof2012hasimportantstrategicimplications.AlotofcountieslikeJapan,IndiaareadoptingCCGTtechnologyapartfromnucleartechnology.Itisinterestingtonotethatdespitehavinganexport-oriented,energy-intensiveeconomy,SingaporehasmanagedtokeepitsCO2intensitymeasuredagainstGDPat2000PPPprices)belowtheworldaverageandstayedaheadofdevelopedcountrieslikeJapan,NetherlandsandBelgium26.
Senokoequippedallgeneratorsetswithlow-NOxburnersbyinvesting$16million.ThishasloweredtheNOxemissionleveltobelow200mg/Nm3.Sofar,SenokohassuccessfullymaintainedtheNOxlevelinlinewiththeNEA’snewstatutoryrequirementof700mg/Nm327.
SenokohasconsistentlyincreasedtheuseofNEWater(reclaimedwaterfromsewagetreatment)anddesalinationwaterasboilerfeed-waterforelectricitygeneration.Senokobuilta$7milliondesalinationplantin2004inordertouseseawaterasboilerfeed-waterforelectricitygeneration.BythisSenoko,since2004,hasreducedconsumptionofPUB’spotablewaterby80percent(750,000m3,annually)whichis3percentoftheentiremonthlywaterconsumptioninSingaporexx28.
Senokohasalsoestablishedinternalmeasurestoencourageemployeestoreducewaterusageandminimizewaterwastage.Thesemeasuresincludeconductingcompany-wideawarenessbriefings,monitoringmonthlywaterconsumptionandinstallinglow-capacityflushingsystems,flowregulatorsandspring-loadedfaucetsinwashrooms.Apartfromconstantpatrollingtoensureminimalwaterwastage,Senokoalsohasahelplineforreportingon-sitewaterleakstofacilitateimmediatefixing.
Senokoengagesindependentexternallaboratoriesinordertocarryoutmonthlywaterqualitytestforanalysisofcontaminationofgroundwaterbysewerwater.Throughthismonthlyanalysis,Senokoidentifiedsourcesofseawaterinfiltrationintosewerpipes.Followingthis,aCCTVsystemworth$35,000forsurveyingundergroundsewerpipeswasdeployedinFeb-Apr2008.Moreover,poroussewerpipeswerere-linedbyspendinganother$80,000inMay2008.AlltheseeffortsensuredsafedischargeofSenoko’ssewerwaterintopublicsewers.
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RIDING THE MEGATREND OF SUSTAINABILITYSINGAPORE SUSTAINABILITY AWARDS COMMEMORATIVE BOOK
SenokoisthefirstgencoinSingaporetobeawardedtheISO14001certificationEnvironmentalManagementSystem (EMS) which covers policy, commitment, evaluation, review and improvement for environmentalconcerns.Amongallthepowergenerationcompanies,SenokohastakentheleadroleinreducinggreenhouseemissionsandeducatingSingapore’syouthcommunityonclimateissues.EventuallySenokobecamethefirstgencoinSingaporetobegiventheSingaporeGreenPlan2012(SGP2012)awardin2005andthePresident’sAwardfortheEnvironmentin2008.
A PERSPECTIVE ON SENOKO’S STRATEGY TOWARDS SOCIETY
Initsvisiontobethe“preferredenergysupplier”inSingapore,Senokoaimstodelivercompetitivelypricedelectricitywhiletakingcareof itsemployees,thecommunityandenvironment.TheExecutiveManagementTeam(EMT),undertheleadershipofthepresidentandCEO,determinestheCSRguidelineswhichareidentifiedunderthefivecorevaluesofSafety,Teamwork,Integrity,Commitment,CareandCustomerfocus.
ByadheringtoSingaporelaws(WorkplaceSafety&HealthAct,WSHA)andgoingbeyondtoincludecertificationto international standards (OHSAS 18001 Certification), Senoko is committed to itsWorkplaceHealth andSafety(WHS)programme.TheboardofdirectorssettheWHSpolicywhereasthesafetymanagerimplementsit. Mini-safety committees at section levels have been set up on voluntary basis to discuss reports andbrainstormsafetyissues.SenokoisinvolvedinraisingtheawarenesslevelcontinuouslyandalsoencouragesitsemployeestoparticipateinEnergyUtilitiesWorkforceSkillsQualification(WSQ)schemelaunchedrecently.Italsoencouragescontractorstogetinvolvedinsafetymanagementbyprovidingthemwithinductiontraining,checkingworkers’qualificationforjobandrewardingthemforgoodsafetypractices.
Participation of employees and contractors in safety programmes is encouraged and their contribution isrewardedaccordingly.LostTime Injury (LTI) isoneof theseveraloperation indicatorswhich togetherwiththefinancialperformanceofSenokothatdetermine theamountofbonuspayment.Thishelps inaligningsafety behaviourwith compensation. Senoko’s policy is to be open about its safety practices and learn“unashamedly”fromotherorganisations.Senoko’spositiveimageisfortifiedbythefactthatitreceivedtheWorkplaceSafetyandHealth(WSH)PerformanceAward(Silver)fromtheMinistryofManpowerin2009and2010.Alongwiththis,therewererequestsfromNTUCWSHcommittee,MountAlverniaHospitalandRSAFtogivetalksonsafety.
SomeoftheexamplesofSenoko’sotherCSRinitiativesareasfollows:
National Weather Study Project (NWSP)NationalWeatherStudyProject(NWSP),aninter-schoolcompetitiononclimatechangeawarenessisSenoko’sflagshipenvironmentalcommitmentwhichwaslaunchedin2005.TheconceptofNWSPwastoraiseawarenessamongthestudentpopulationofhowclimateandweatherpatternshaveadeepimpactontheenvironment.Throughtheinstallationofmini-weatherstationsattheparticipatingprimaryschools,secondaryschoolsandjuniorcolleges,SenokohasinvestedoverS$2.1millioninthecompetitiontilltoday.TheNWSPisorganizedbytheNWSPWorkingCommittee(comprisingSenoko’semployees)withtheguidanceoftheNWSPAdvisoryCommittee (made up of individuals from various private and public sector organizations). In the 2009competition,thecommitteeidentified14winningentries,outofthe235projectssubmittedby152schools.TheoverallwinnerswereawardedcashprizeandsponsoredtripstoGermanytopresenttheirprojects.WithtimeNWSPhasexpandeditsscopeandisfastbecominganidealplatformforraisingawarenessofthethreatsposed by climate change. The list of official NWSP partners comprising government ministries, statutoryboards,commercialentities,grassrootsbodies,NPOs,academicinstitutionsandindividualsisgrowingeveryday.EvenforeignmultinationalorganizationssuchasSiemens,aregettinginterestedinthecompetitionbybecomingco-sponsors.
Adoption Of Sungei SembawangSenokoofficiallyadoptedthe2.5kmlongSungeiSembawangwaterwayinJune2008locatedatthenorthernSingaporeshore,sharedwiththeresidentsofSembawangandWoodlands.SenokocollaboratedwithPUB,theWaterwayWatchSocietyandsurroundingschoolsincollectinglitterfromparkconnectorsandlink-ways,
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underthisinitiative.Abrochuredetailingthehistory,thesurroundingbio-diversity,andtheareasofattractionalongthemapofSungeiSembawangwaterwaywascommissionedintheprocess.Studentswereencouragedtotakeownershipintheupkeepofthewaterwaybyspreadingthemessageinthebrochuretothenearbyresidentsandcompanies.
Water quality testing of Sungei Sembawangwaterway is conducted on regular basis by SenokoMonthlyvoluntary riverside cleanups at Sungei Sembawang are also organized in which Senoko employees andstudentsparticipatetoremovelitterfromthewaterwayanditssurroundingareas.ThisschemewasexpandedinFebruary2009toincludepartoftheKallangRiveralongtheBuildingandConstructionAuthority(BCA)withBCA’scollaboration.
Corporate & School Partnership Programme (CASP)Senokoadopted16schools,mainlylocatedinWoodlands,SembawangandYishununderthisNEAprogramme.TrainingopportunitiesareprovidedtotheteachersandthestudentsandSenokoalsovisitstheseschoolsonaregularbasistounderstandtheneedsfortechnicalexpertiseandsponsorship.EveryyearinNovember,these adopted schools are encouraged to showcase their environmental projects to the public and otherschools.Senokosponsorshipsincludetechnicalconsultations,on-siteassistance,boothspacerentsandthecostincurredinprojectshowcases.SenokohasbeentherecipientoftheCASPsustainabilityawardfor2005,2006,2007,2008,2009and2010byadoptingthemaximumnumberofschoolsunderthisNEAprogramme.
Teacher Work Attachment Programme: ThisisaMOEprogrammeunderwhichteachersandstudentsareattachedtoSenokotolearnhowSenokooperatesinanenvironmentallyresponsiblemannerwhilemaintainingprofitabilityatthesametime.Senokoisoneofthelimitedlistsoforganisationsthatacceptteachersandstudents(goingdowntoprimary&secondaryschools) on work attachments. The primary and younger secondary student leaders have shown interestindeveloping trialson fuel combustion,waterprocessingandenvironmentalmonitoringusing techniquesofscienceandmathematics.Theoldersecondarystudentsandpolytechnic/universityinternsundertakethediagnosticinvestigationofambientair,indoorairandsewerwaterqualityaswellasestablishtopographyofair&waterqualitylevelsfromthesourcesofemission&tradeeffluentdischarge.
Teachersaremainlyinterestedinlearninghowtechnicalknowledge(chemistry,physics,meansquareerrorsandthermodynamics)isappliedinreallifeenvironment.Theyalsostudyhowbusinessinprivateorganisationsisconductedandhowregulationsaremonitoredandcompliedwith.Todate,morethan15groupsofteachersandstudentshavespenttimerangingfromafewdaystofourmonthswithSenokotoappreciatethewholeprocessoftradeeffluentanalysisandmanagement.
WHAT’S NEXT?
Senokohassofarplayedaleadingroleininnovationandsustainability.Itwasthefirstcompanytostartfueldiversification,thefirsttobuildCCGTandtherebyanswerenvironmentalconcernsbyrepoweringexistingoilfiredturbinestogasfiredones.EvenSenoko’sshareholdingpowercompanieshaveinternationalreputationforenvironmentalconcerns.OtherpowercompaniesinSingaporearefollowingSenoko’smodelofupgradingoldpowerplants tomodernplants. Bydoingso,gencoswillbeable tominimizeenvironmental impactwhilefulfillingsociety’sneedforenergy,averyessentialcommodity.Withstrongcorporateethicstostriveforsustainabledevelopment,Senokohassetexamplesforothers.
Senokofacessomeuniquestrategicchallenges.First,itisasingleproductcompany.Second,itissituatedatnorth.WiththedevelopmentofthepetrochemicalandchemicalindustryclusteronnewlyreclaimedJurongIsland, the other power generating companies enjoy the advantage of selling steam and thus acting ascogenerationplant.Senokoisunabletodothatasthereisnosubstantialcustomerbaseforsteamarounditspowerstation.Third,thegovernmenthasnottakenanystrongmeasureslikeimplementingcarbontaxonelectricityproduction.Thisallowedotherstoenjoyashorttermcompetitiveadvantageforprofitmaximizationandincreasingretailmarketsharebyproducingelectricityusingcheapoil.
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RIDING THE MEGATREND OF SUSTAINABILITYSINGAPORE SUSTAINABILITY AWARDS COMMEMORATIVE BOOK
Senokoispositionedasawellmanagedenvironmentallyfriendlycompanywithastrongcultureforsafetyandethics.Senoko’sculture,leadershipandstaffarerealassetsthatwillgiveSenokolongtermsustainability.AlthoughSenokohastakenaleadingroleinimplementingkeyinitiativesforsustainability,ithasyettotakealeadingroleincommunicatingitsachievementtothepublicintheformofsustainabilityreporting.Senokohastoimmediatelyfocusonannualsustainabilityreportingwhichthecompetitorhasalreadystarted.Overthelongrun,SenokohastobuildupitscorporateimageasanenvironmentallyfriendlypowergeneratorwithlowestCO2emissionintensityinSingapore.
References:1 Accessed http://carma.org/dig/show/world+country on 28-Apr-11
2 Accessed http://www.ema.gov.sg/media/files/facts_and_figures/consumption/Licensed_Capacity_in_Commercial_Operation_LN.pdf on 27-Apr-11
3 United Nations 1987: “Report of the World Commission on Environment and Development.” General Assembly Resolution 42/187, 11 December 1987. Retrieved: 2007-04-12
4 Expert Interview (Unless otherwise stated, each of the expert interviews have been conducted internally with members from the company Senoko Energy Pte Ltd)
5 Accessed http://www.powerseraya.com.sg/images/stories/newsarchive/acca-award-win-best-sustainability-report.pdf on 26-Apr-11
6 2010 Census of Singapore
7 “Earth Hour Facebook group”: Accessed http://www.facebook.com/group.php?gid=8786319877 on 26-Apr-11
8 Accessed http://www.tuaspower.com.sg/tuas.asp on 27-Apr-11
9 Accessed http://www.powerseraya.com/index.php?option=com_content&task=view&id=3&Itemid=81 on 27-Apr-11
10 Expert Interview
11 PA Consulting Group Report: Review of Parameters for Setting Vesting Contract Price 2011 – 12, Published at the following URL: http://www.ema.gov.sg/media/files/vesting_contracts/27%20Sept%2010%20-%20PA%20Consulting’s%20Final%20Report%20_VC%20Parameters%202011-2012.pdf
12 Expert Interview
13 Accessed http://carma.org/dig/show/world+country accessed on April 27, 2011
14 Videos of International Energy Week 2008 in Singapore accessed at http://www.youtube.com/watch?v=2wMDwW5BMsQ on 26-Apr-11
15 Accessed http://www.ema.gov.sg/page/4/id:28/ on 27-Apr-11
16 Accessed http://www.ema.gov.sg/images/files/facts_and_figures/details%20of%20contestable%20demand.pdf on 27-Apr-11
17 Expert Interview
18 Based on currency conversion rate on 28-Apr-11 by http://www.xe.com/ucc/
19 Press Release by SP Services http://www.spservices.com.sg/news/Press%20release_29Mar11.pdf
20 Accessed http://www.emcsg.com/MarketData/MarketTradingReports on 28-Apr-11
21 Accessed http://www.emcsg.com/f279,59153/EMC_NEMS_2010-28_March_version_with_links.pdf on 28-Apr-11
22 http://www.ema.gov.sg/page/38/id:75/ Statistics for Qtr 1 to 4 in 2010
23 Accessed http://www.ema.gov.sg/media/files/facts_and_figures/consumption/DETAILS%20OF%20CONTESTABLE%20DEMAND%20_as%20at%20Dec%2010_%20with_churn_rate.pdf on 28-Apr-11
24 Accessed http://www.emcsg.com/f279,59153/EMC_NEMS_2010-28_March_version_with_links.pdf on 28-Apr-11
25 Expert interview (Data updated as per year 2004 car statistics)
26 Accessed http://app.mewr.gov.sg/data/ImgUpd/NCCS_Chapter_3_-_Mitigation.pdf on 12-May -2011
27 Accessed http://www.senokoenergy.com/pdf/Care_Environment.pdf on 14-May-11
28 Accessed http://www.pub.gov.sg/conserve/Pages/default.aspx on 14-May-11, Average water consumption per person 154 litres/day