\n<\/p>\n
This comes amid retaliatory Iranian attacks on energy infrastructure in the Gulf since last Saturday, when the US and Israel <\/span>declared war on the Islamic republic<\/span>.<\/span><\/p>\n In Oman, drones have <\/span>hit ports and fuel tanks<\/span>, while in the United Arab Emirates, an oil storage zone was hit by falling debris from an intercepted drone.<\/span><\/p>\n Gas prices have risen since Qatar shut its LNG facilities<\/span>, which supply around 20 per cent of global LNG exports, on Monday due to the war, now into its fifth day.<\/span><\/p>\n Iran on Wednesday also claimed it had <\/span>“complete control” of the Strait of Hormuz<\/span>, with an Iranian general threatening <\/span>to “burn any ship”<\/span> trying to pass through it. A key waterway for energy transit, it is where around 20 per cent of global seaborne oil travels.<\/span><\/p>\n As of 6pm on Wednesday, benchmark Brent crude was at US$83.76 a barrel, up for a third straight day.\u00a0<\/span><\/p>\n Surging gas prices due to <\/span>global demand and supply factors in 2021<\/span> caused an energy crisis that severely tested Singapore’s electricity market.<\/span><\/p>\n Since then, EMA has established a <\/span>standby LNG facility<\/span>, which power generation companies (gencos) can tap to generate electricity if their natural gas supplies are disrupted.\u00a0<\/span><\/p>\n Gencos are also required to maintain sufficient fuel for power generation based on their available generation capacity as well as a diesel stockpile as backup fuel.<\/p>\n In 2023, EMA introduced the temporary price cap mechanism to act as a “circuit breaker” that is activated during periods of high and sustained volatility in Singapore’s wholesale electricity market.<\/p>\n “These measures help secure fuel and electricity supply and mitigate price volatility,” said the authority.<\/span><\/p>\n