The UK’s Gas and Electricity Markets Authority (GEMA) and the Energy Market Authority (EMA) of Singapore have signed a Joint Statement of Intent for closer collaboration on gas and electricity market regulation and design.
Ofgem – which is governed by GEMA – and EMA will hold their second bilateral dialogue virtually in the first quarter of 2021, focusing on energy market regulation as well as the deployment of clean energy technologies, such as hydrogen and carbon capture, utilisation and storage (CCUS).
The first bilateral dialogue in London was held in November 2019, where they highlighted the importance of emerging technologies in enhancing energy resilience and security.
GEMA Chair Martin Cave said: “Ofgem is very pleased to formalise our co-operation with the EMA through this joint statement. We continue to have mutually beneficial dialogues on how regulators and the regulatory framework can best enable decarbonisation.”
EMA Chairman Richard Lim added: “Energy regulators play an important role in ensuring the stability and resilience of our power systems while facilitating energy transformation. Both agencies will benefit from closer collaboration and sharing of best practices in regulating our electricity and gas markets.”