Singapore government to sell power companies

Within the next two years, the Government will completely loosen its grip on three of Singapore's power companies, in line with a long-delayed liberalisation of the electricity market. Foreigners will be allowed to hold as much as 100% of the utilities assets - a prospect that has sparked uproars in other countries over national security fears.

Temasek Holdings said it would kick off the multi-billion-dollar sale of PowerSeraya, Senoko Power and Tuas Power from September, with completion targeted for the end of next year or early 2009. It was not the first airing of such divestment plans. The liberalisation process for the energy market started in 1995, with the Government saying in 2000 that it was lifting foreign ownership caps to sell the trio of power generation companies (gencos) which account for about 80%of electricity produced here. But weak market sentiment and disputes over gas supplies saw the divestment repeatedly postponed. Each genco is reportedly worth $2 billion to $3 billion.

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