The PowerSeraya Group, a wholly-owned subsidiary of YTL Power International Berhad, is in the business of producing, wholesaling, trading and retailing of energy, with a primary focus on electricity. With a licensed generating capacity of 3100MW, PowerSeraya is one of Singapore's largest electricity generators, supplying about 30% of the country's energy needs. Through its retail arm, Seraya Energy, it has been providing a wide range of innovative products and services to meet the diverse needs of its customers. As part of our vision to become an integrated energy company, the company entered into the fuel-trading and oil-bunkering business through our wholly-owned subsidiary PetroSeraya Pte Ltd in 2007, further complementing PowerSeraya's power-generating business and Seraya Energy's electricity retail business.
In our drive to become a leading integrated energy player, the company's strategy is to diversify into other commodities such as steam, cooling water, gas and oil trading as a means to broaden our revenue streams. This requires the integration of new infrastructure with existing power generating assets to achieve this strategy. The recent modifications to our existing natural-gas fired combined cycle power plants (Blocks 10/20) has enabled the company to produce steam (through the application of waste heat recovery principles) for our customers with sustainability in mind.
The PowerSeraya Group remains committed to maximising value to its shareholders and customers while maintaining high standards of operational excellence and delivery without compromising its commitment to the environment and the community.
Unlike many countries, Singapore is a tiny country with limited natural resources. It has no fossil fuel deposits and the potential for large-scale renewable energy adoption is constrained by its land scarcity as well as its geographical location. As such, the country is heavily dependent on oil and natural gas imports to power its economy.
Being the second largest power generating company in Singapore by licensed capacity, we supply close to 30% of the country's needs and play an important role in addressing the energy security concerns of Singapore over the long-term. Coupled with these challenges, the growing agenda of climate change does place increasing pressure on companies like PowerSeraya to do their part for the environment. It is on this backdrop of economic and environmental challenges that PowerSeraya recognises the need to achieve a balance between economic returns, its environmental footprint and its contributions to the society for long-term sustainable growth. Indeed, this same philosophy is similarly shared by S Iswaran, Senior Minister of State for the Ministry of Trade and Industry, Singapore, where he stated during the release of the Economic Strategies Committee recommendation that "Singapore needs to find a balance between economic competitiveness and environmental sustainability and, at the same time, ensure that its energy supply is secure."
Details about our sustainable philosophy in relation to the integrated energy strategy, is expressed in our Annual Report 2008/2009 (CEO's Message).
