{
  "id": 8773099,
  "title": "Solar investments saved Singapore $123.8m in higher fossil fuel import costs: Report",
  "url": "https://urgent.news/2026/09/20/solar-investments-saved-singapore-123-8m-in-higher-fossil-fuel-import",
  "topic": "business",
  "section": "Business",
  "published": "2026-09-20T21:00:00.000Z",
  "source": {
    "name": "Straits Times",
    "slug": "straits-times",
    "url": "https://www.straitstimes.com/singapore/environment/solar-investments-saved-singapore-123-8m-in-higher-fossil-fuel-import-costs-report"
  },
  "original_language": "en",
  "account": "Investments in solar power saved Singapore an estimated US$97 million in fossil fuel imports over a five-month period in early 2026, according to a recent report. The savings were primarily due to avoided natural gas imports resulting from the crisis in the Strait of Hormuz, according to the report by the Centre for Research on Energy and Clean Air (CREA). CREA analyst Isaac Levi explained that the savings demonstrated the benefits of Singapore's solar expansion program. Despite these savings, Singapore still incurred US$8.1 billion in additional fossil fuel import costs during the six months following the US-Iran war, placing the country 13th among 171 territories for extra fossil fuel import costs. The report, co-authored by CREA's Luke Wickenden and Lauri Myllyvirta, aimed to examine the financial impact of fossil fuel importers. The savings were attributed to Singapore's reduced need for fossil fuel imports for power generation due to the country's solar drive since 2020. Solar energy currently makes up only about 2% of Singapore's electricity needs, but it could potentially make up 4% by 2030 if the country achieves its current target of generating 3 gigawatt-peak (GWp) of solar energy. The report stated that South-east Asia as a region incurred US$13.9 billion in net costs due to the crisis, ranking fourth among 11 regions in terms of total net costs incurred.",
  "summary": "Nearly all the savings came from avoided gas imports, the Centre for Research on Energy and Clean Air report found.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}