SINGAPORE – Investments in solar energy saved Singapore an estimated US$97 million (S$123.8 million) in power-related fossil fuel imports over five months earlier in 2026, after energy prices spiked because of the crisis in the Strait of Hormuz, a recent report has found. Nearly all the savings came from avoided gas imports, according to the Finland-based Centre for Research on Energy and Clean Air (CREA) report published in late August. Of this, about US$40 million were savings from avoiding the additional premium imposed by the Hormuz crisis for natural gas, said a CREA analyst. CREA’s Europe-Russia policy and energy analysis team lead Isaac Levi told The Straits Times in an e-mail interview: “(The savings) demonstrate the benefits of Singapore’s solar expansion programme.” These figures were modelled wholesale-price estimates, he said. Despite the savings, the report by the independent research organisation found that Singapore’s reliance on imported fossil fuels still caused it to incur US$8.1 billion in additional gross fossil fuel costs in the six months following the outbreak of the US-Iran war. This placed Singapore 13th among 171 territories for extra fossil fuel import costs during the period, said Levi, with China, India and the US bearing the heaviest financial burdens.     https://www.straitstimes.com/singapore/environment/solar-investments-saved-singapore-123-8m-in-higher-fossil-fuel-import-costs-report?ref=top-stories (ICE SINGAPORE)

Fonte notizia: The Straits Times, 21 September 2026