Energy savings Entrepreneurship in Singapore Essay

Energy savings Entrepreneurship in Singapore - Essay Example ing companies’ horizon has grown vast with the realisation that investment made on the energy saving technologies would be a profitable deal in the long run. ESCOs provide a complete package of services starting from the appraisal to the project financing, guaranteeing the success of the project besides providing equipment maintenance and servicing. Only accredited ESCOs can provide energy saving technology services; Energy Sustainability Unit (ESU), a division of the School of Design and Environment, National University of Singapore, runs an accreditation programme to introduce quality and standard in the services of energy saving companies (E2 Singapore) 1. Before discussing the ESCOs in detail, let’s have a good view of energy sector in Singapore. Energy sector in Singapore involves electricity consumption, energy consumption, energy intensity, energy statistics, and energy efficiency policies. Electricity consumption as per 2005 stats given in the National Energy Policy Report includes power generation sector consuming 51% fuel to generate electricity for different sectors namely transport, buildings, household and others, as shown in the chart below. The Energy Market Authority governs the business of awarding licenses to private companies to generate electricity. The graph below depicts the electricity consumption and electricity consumption per capita from 1990 to 2007, as given by the Energy Market Authority and the Singapore Department of Statistics (Eugene, May 14, 2009). 4 The graph shows ever-increasing level of consumption, culminating to 2.6 times from 1990 to 2007 but consumption per capita went up at a slower pace of 1.8 times, showing no movement between 2005 to 2007 (Eugene, May 14, 2009). 4 In the matter of energy consumption and energy intensity, stats of the two organizations -- the Energy Information Administration (EIA) and the International Energy Agency (IEA) are different while comparing Singapore’s energy intensity with America