Singapore's Solar Investments Save $97 Million Amid Hormuz Crisis
Singapore's investments in solar energy helped save an estimated US$97 million in fossil-fuel import costs over five months in early 2026, according to a report by the Centre for Research on Energy and Clean Air (CREA).
The savings came from avoided natural gas imports, with about US$40 million of that total attributed to additional costs caused by the premium on gas triggered by the Hormuz disruption.
CREA analyst Isaac Levi noted that these savings demonstrate the economic benefits of Singapore's expansion of solar power. However, he also pointed out that the figures are modelled estimates based on wholesale prices.
The country generates over 95% of its electricity from imported natural gas, leaving it exposed to global fuel-price volatility. CREA estimated that Singapore incurred US$8.1 billion in additional gross fossil-fuel costs during the six months following the outbreak of the US-Iran war.