s 19A Purposes of Future Energy Fund
19A.—(1) The moneys in the Future Energy Fund may be withdrawn by the Authority only for the following purposes:(a) for the Authority to carry on, or to provide or enable the provision of financial support in connection with or as a consequence of the carrying on of, any low-carbon energy project or energy supply security project; (b) for the Authority to carry on any associated design, investigative and engineering studies, survey or research preparatory to the undertaking of any project in paragraph (a); (c) to pay any of the following which is incurred or payable (as the case may be) for the purposes of any project in paragraph (a):(i) the costs incurred by the Collector of Land Revenue in the acquisition of any land under the Land Acquisition Act 1966; (ii) the compensation payable for the acquisition of any land under the Land Acquisition Act 1966; (d) to pay insurance premiums on —(i) capital equipment or other investments; and (ii) land (including structures and installations), constructed, improved, extended, replaced, acquired or leased using moneys from the Future Energy Fund; (e) to pay all amounts relating to the sale, disposal or write-off of any investments paid for with moneys from the Future Energy Fund; (f) to invest in accordance with section 15; (g) to pay any expenses properly attributable to the setting up of the Future Energy Fund and the administration, management and investment of moneys in that Fund. (2) Where a low-carbon energy project or an energy supply security project was commenced before the appointed date, the moneys in the Future Energy Fund may be withdrawn by the Authority for a purpose mentioned in subsection (1) in relation to the project only if, before the appointed date —(a) any infrastructure or property constructed, improved, extended, replaced, acquired or leased under the project; or (b) any transmission or distribution system improved or enhanced under the project, is not in a position to be used to provide goods or services to any person. (3) No investment paid for with moneys from the Future Energy Fund may be written-off by the Authority without the prior approval of the Minister. (4) The moneys in the Future Energy Fund must not be withdrawn —(a) for the purposes of land reclamation by or on behalf of the Government; (b) to pay for any fuel used for the generation of any electricity; or (c) to pay for any recurrent costs of any low-carbon energy project or energy supply security project. (5) The moneys in the Future Energy Fund may be used, or used to provide or enable the provision of financial support, for a purpose mentioned in subsection (1), in an amount which, based on a reasonable estimation by the Authority, will not contravene subsection (4). (6) In this section —“appointed date” means the date of commencement of section 6(1) of the Energy Transition Measures and Other Amendments Act 2024; “energy supply security project” means a project to ensure the security and reliability of any supply of energy utilities in Singapore, necessitated by any low-carbon energy project, including —(a) the improvement or enhancement of any transmission or distribution system in Singapore; and (b) the construction, improvement, extension, replacement, acquisition or leasing of any infrastructure or property (including the acquisition of any intellectual property), to provide power back-up in the event of any interruption in the import, generation, transmission or distribution of any electricity under the low-carbon energy project, including —(i) energy storage systems; (ii) fast-response generators (including diesel generators and gas engines) for generating electricity; (iii) systems activating localised generators to reduce consumers’ electricity demand from any transmission system; and (iv) combined-cycle gas turbines; “greenhouse gas” has the meaning given by section 2(1) of the Carbon Pricing Act 2018; “low-carbon electricity” means any electricity that is generated (whether in Singapore or elsewhere) using —(a) energy from any renewable energy source; or (b) any low-carbon fuel by which the emission of any greenhouse gas may be reduced or minimised when the fuel is used for the generation of electricity; “low-carbon energy project” means a project (whether or not in Singapore) consisting of the construction, improvement, extension, replacement, acquisition or leasing of any infrastructure or property (including the acquisition of any intellectual property), to enable the carrying on of any of the following:(a) the generation of low-carbon electricity (including the import, production, transportation and storage of any fuel used to generate such electricity) for supply to any person or premises in Singapore, or to persons or premises both in Singapore and outside Singapore, and the disposal, processing, storage or transportation of any waste produced in connection with the generation of low-carbon electricity; (b) the use of any energy storage system for the purposes of the supply of any electricity to any person or premises in Singapore, or to persons or premises both in Singapore and outside Singapore; (c) the disposal, processing, storage or transportation of emissions produced in connection with electricity that is not low-carbon electricity, generated for supply to any person or premises in Singapore, or to persons or premises both in Singapore and outside Singapore; (d) the import into Singapore of any electricity generated outside Singapore, and the transmission and distribution of the electricity for supply to any person or premises in Singapore, or to persons or premises both in Singapore and outside Singapore; “recurrent costs”, in relation to a low-carbon energy project or an energy supply security project, means any costs of a recurring nature incurred or that would be incurred in the ongoing operations of the subject matter of the project in the provision of goods or services. (7) The Minister may by order in the Gazette prescribe —(a) what is or is not a low-carbon fuel for the purposes of paragraph (b) of the definition of “low-carbon electricity” in subsection (6), generally or for one or more periods of time; and (b) what is or is not a cost of a recurring nature for the purposes of the definition of “recurrent costs” in subsection (6), generally or for one or more low-carbon energy projects or energy supply security projects.[Act 27 of 2024 wef 08/11/2024]