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9 October 2003 - The government of Singapore said Wednesday it is willing to support the full privatization of the country's three main power generators but has no specific timetable.
According to Raymond Lim, Singapore's Minister of State for Foreign Affairs and Trade and Industry the government as a matter of policy has no objection to 100 per cent privatization. He said that how much to divest and when will be for the Singapore government's investment arm ,Temasek,to decide.
Temasek Holdings, is planning to divest its 100 per cent shares in Senoko Power, PowerSeraya and Tuas Power in 2004. The three utilities account for about 83 per cent of the country's 8000 MW of installed power generation capacity.
Despite the plan to loosen state control over the local power industry, Singapore has contingency plans in place to safeguard its energy security, Lim said. "Energy security can be achieved in various ways, and not just by holding majority stakes," Lim said.
Under exceptional circumstances, Singapore's Electricity Act empowers the trade and industry ministry to place the generation companies under management control of suitably appointed people should a utility company run into trouble and put the system at risk, he said.
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