Singapore solar investments save US$97m in fuel costs amid Hormuz crisis
SINGAPORE’S investments in solar energy saved an estimated US$97 million (about RM310 million) in fossil-fuel import costs over five months in early 2026, helping shield the city-state from higher energy prices triggered by the Strait of Hormuz crisi...
Singapore's solar energy investments averted an estimated US$97 million in fossil fuel import costs over a five-month period in early 2026, according to a report by the Centre for Research on Energy and Clean Air (CREA). The majority of these savings stemmed from avoiding natural gas imports, with about US$40 million in additional costs that the city-state would have incurred due to premium gas prices linked to the Strait of Hormuz crisis.
CREA analyst Isaac Levi noted that these savings underscore the economic advantages of Singapore's solar power expansion, though the figures were modelled estimates based on wholesale prices. The overall cost of Singapore's reliance on imported fossil fuels was estimated at US$8.1 billion during the six months following the US-Iran war, ranking the country 13th among 171 territories analyzed.
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Also reported by 2 other outlets
- QatarEnergy says Hormuz crisis may delay LNG expansion projects brecorder.com
- The $500m bet on record tanker rates created by the Hormuz crisis arabianbusiness.com
