(July 31): Singapore is looking for a company to build a new power plant in its latest push to enhance energy security.

The Energy Market Authority (EMA) is inviting proposals to build, own and operate a gas-fired power plant for operations by 2028, it said in a statement. Participants are expected to also develop hydrogen and low-carbon solutions in order to develop a greener power system.

Singapore’s power consumption has been steadily increasing, with hot weather pushing peak demand to an all-time high in May. The new 600-megawatt power plant could help alleviate periods of tight supply that have triggered spikes in spot electricity rates.

“With the anticipated growth in energy demand, it is crucial that we establish measures to meet future needs,” said Ngiam Shih Chun, the EMA’s chief executive officer.

The EMA also said it will implement an improved regulatory framework for electricity retailers to strengthen the existing market structure. The changes will include requiring power retailers to have a tangible net worth of at least S$1 million (US$752,000 or RM3.39 million) at the time of licence application or renewal, to ensure they have sufficient financial standing.