Strategy 1: Promote Competitive Markets. We are committed to the promotion of competitive markets. This will help keep energy affordable and ensure our economic competitiveness. We have liberalised our electricity and gas markets, and are looking into enabling full contestability in the electricity retail market. Where there are market failures, we will correct them by using market-based instruments or imposing standards and regulations. We will also encourage the private sector to innovate and achieve the energy security and environmental outcomes that we are seeking. Strategy 2: Diversify Energy Supplies. Energy diversification will help to protect us against supply disruptions, price increases and other threats to the reliability of supply. [...] trategy 3: Improve Energy Efficiency. Improving energy efficiency is a key strategy as it can help to achieve all three objectives of our energy policy. Using less energy to obtain the same output will decrease our dependence on energy imports and enhance our energy security, while reducing business costs, pollution and CO2 emissions. The Government has set up an Energy Efficiency Programme Office (E2PO) and developed a comprehensive national energy efficiency plan called Energy Efficient Singapore (E2 Singapore). Strategy 4: Build Energy Industry and Invest in Energy R&D. We can turn the energy challenges into opportunities by positioning our economy to meet rising global and regional demand for energy. We intend to increase our refining capacity to consolidate our status as Asia’s premier oil hub. We will expand the range of energy trading products to include liquefied natural gas (LNG), biofuels and carbon emission credits. We are also pursuing growth opportunities in clean and renewable energy, including solar energy, biofuels and fuel cells. Strong research and development (R&D) capabilities are required to support industry development in these areas, which will also enable us to develop solutions that address our own energy needs. Strategy 5: Step Up International Cooperation. Given our small size and reliance on energy imports, it is important that our energy policy includes efforts to promote greater regional and international energy cooperation to further our energy interests. To enhance our energy security, Singapore continues to be actively involved in various energy-related initiatives in major fora, including the Association of Southeast Asian Nations (ASEAN), the Asia-Pacific Economic Cooperation (APEC) and the East Asia Summit (EAS). Strategy 6: Develop Whole-of-Government Approach. The growing complexity and strategic importance of energy policy demands a Whole-of-Government approach. The work of drawing together the different strands of our energy policy began with the formation of the EPG in March 2006. The EPG plays the role of formulating and coordinating Singapore’s energy policies and strategies. In addition to the development of a national energy policy framework comprising the six strategies outlined above, the EPG studied a wide range of energy issues which include power and transport sectors; energy efficiency; climate change; energy industry; energy R&D; and engaging international energy partners. [...]