Among the listcos, Keppel and Sembcorp Industries are major energy players.

Singapore will study the potential development of nuclear power and take further steps to systemically build up on nuclear capabilities, says Prime Minister Lawrence Wong at this year’s Budget.

Amid a need to meet rising energy needs and lower carbon emissions, Wong notes that expanding access to clean energy was a “major national imperative”.

While the country has already begun importing low-carbon electricity from the region, meeting a third of Singapore’s projected electricity demand, the Prime Minister pointed out that the country still requires domestic sources to “ensure greater energy resilience”.

Nuclear was considered among the “inherently limited” options due to Singapore’s lack of natural resources and land, but nuclear power, which has been an established low-carbon energy source, was deemed unsuitable for Singapore in 2010.

On Jan 15, Singapore’s Ministry of Trade (MTI) and the US Department of Energy signed a memorandum of understanding (MOU) to boost collaboration on civil nuclear issues. Under the MOU, both countries will work together on “energy security, [and] promote the development of zero-carbon baseload power in support of our climate goals,” according to the statement.

Among the listcos, Keppel and Sembcorp Industries U96 are major energy players.

A report commissioned by the Energy Market Authority (EMA) concluded in 2022 that nuclear energy could supply about 10% of Singapore’s energy needs by 2050.

Follow the market’s reaction to Budget 2025 on The Edge Singapore.