Indonesia stalls electricity exports to Singapore over price: Bahlil

Key takeaways

• Energy Minister Bahlil Lahadalia said in Jakarta on Monday, Nov 2, 2026, that Indonesia will not export electricity to Singapore in the near term, citing domestic demand and an unagreed price (CNN Indonesia, published 15:07 WIB / 08:07 UTC).
• He said exports can still go ahead if Singapore accepts the pricing his ministry has calculated, and told sovereign fund Danantara not to be lobbied into a lower price.
• Bahlil stressed that the export permit sits with the Ministry of Energy and Mineral Resources (ESDM), not with Danantara, which President Prabowo Subianto appointed in July 2026 to implement the power trade.
• No start date was given and the cooperation was not cancelled. The target of at least 3.4 GW of low-carbon power to Singapore by 2035 remains on paper, but the price terms that would unlock it are still unresolved.

Indonesia's planned electricity exports to Singapore are on hold until the two sides agree on a price, Energy and Mineral Resources Minister Bahlil Lahadalia told reporters in Jakarta on Nov 2. He also said the export permit belongs to his ministry, not the sovereign wealth fund Danantara.

The remarks, reported by CNN Indonesia, Kompas and CNBC Indonesia, add a new layer of uncertainty to one of Southeast Asia's flagship cross-border energy projects. They follow a separate row in late October over Indonesian pipeline gas supplies to Singapore. For investors in Singapore utilities and the Indonesian developers lined up to build solar-plus-storage plants in the Riau Islands, the message is that the commercial terms, not the engineering, are now the main obstacle.

What Bahlil said about electricity exports to Singapore on Nov 2

Bahlil spoke at two places on Monday. At the opening of the Minerba Convex 2026 mining conference at JIExpo in central Jakarta, CNN Indonesia reported, he said Indonesia would not export power to Singapore in the near term because the country still needs the electricity itself. "Kita masih butuh listrik" ("We still need electricity"), he said, according to CNN Indonesia.

Later, at the Presidential Palace complex, he set out the price condition. CNBC Indonesia quoted him as saying, "Kalau harganya belum cocok, kita nggak bisa" ("If the price isn't right yet, we can't"). Kompas reported that he said exports could continue as long as the price follows the Indonesian government's pricing, and that the ministry had already calculated that price in its proposal.

Bahlil also warned Danantara directly. "Saya sudah kasih tahu Danantara, jangan kamu mau dilobi-lobi" ("I've told Danantara, don't let yourselves be lobbied"), he said, as quoted by CNN Indonesia. CNBC Indonesia reported that he did not want the fund to be lobbied into accepting a lower price.

On authority, the minister was blunt: the permit "ada di ESDM, bukan Danantara" ("is with ESDM, not Danantara"), according to CNN Indonesia. He framed the issue as one of sovereignty and reciprocity. Kompas reported him citing the interests of Indonesia's 280 million people. CNN Indonesia quoted him as saying a relationship should not be "cinta bertepuk sebelah tangan", a one-sided love.

Is the deal cancelled?

No. None of the reports describe a cancellation. CNBC Indonesia reported that Danantara or private firms could still partner with Singapore companies on a business-to-business basis, provided the terms are economically competitive for Indonesia. If the price does not suit, Bahlil said, the government would prioritise domestic needs. He gave no date for when exports might start, and no figure for the price Indonesia is seeking. Bullquill found no public response from Singapore's government to the Nov 2 remarks as of publication.

How the Indonesia-Singapore power deal was built

The export plan has passed through several stages. Singapore's Energy Market Authority (EMA) licenses importers. Indonesia's energy ministry controls the export side. Since July 2026, Danantara has been the Indonesian implementing body.

The 2024 EMA release named the five Conditional Licence holders. They are Pacific Medco Solar Energy (0.6 GW), formed by PacificLight Renewables, Medco Power Global and Gallant Venture; Adaro Solar International (0.4 GW); EDP Renewables APAC (0.4 GW); Vanda RE, formed by Gurin Energy and Gentari (0.3 GW); and Keppel Energy (0.3 GW). Singa Renewables, a TotalEnergies-RGE joint venture (1 GW), and Shell Eastern Trading with Vena Energy (0.4 GW) received Conditional Approvals. At the time, EMA said the licensed companies aimed to begin commercial operations from 2028.

Under EMA's process, a Conditional Licence does not authorise imports. A company must still obtain the relevant regulatory approvals and reach financial close before EMA can issue a full Electricity Importer Licence. On the Indonesian side, the approval Bahlil referred to on Monday is part of that chain.

What the July 2026 Danantara mandate set up

At the Leaders' Retreat in Jakarta on July 6, 2026, Prabowo said Indonesia "has assigned Danantara Investment Management Agency to implement the cross-border electricity trade cooperation," Antara reported. The same report said Coordinating Economic Affairs Minister Airlangga Hartarto expected implementation to begin within one to one and a half years. It added that Bahlil was still reviewing the project's technical aspects at the time.

TNGlobal reported that Danantara Investment Management signed MoUs with Keppel Electric and Sembcorp Utilities to explore offtake of the imported power in Singapore. A separate MoU with Singapore Energy Interconnections covers interconnector development. In a joint statement, Tan See Leng and Danantara chief Rosan Perkasa Roeslani targeted 3.4 GW or more of commercially viable projects by 2035. Rosan described the export capacity as "new, additional generation capacity – distinct from our domestic supply," according to TNGlobal.

That line matters for Monday's dispute. Bahlil argued that Indonesia still needs the electricity. Danantara's July framing was that the export plants would be built on top of domestic supply. The two positions are not necessarily contradictory, because the land, grid connections and renewable resources in the Riau Islands could also serve Indonesian demand. But the gap shows the ministry and the fund approach the project from different angles.

Why price is the sticking point

Bahlil has long pressed for reciprocal benefits from the deal. When the June 2025 MoUs were signed, Antara reported that he had objected to exporting power without getting something in return. The issue was settled at the time when Singapore agreed to help develop sustainable industrial zones in the Riau Islands. Antara also cited potential investment of US$30 billion to US$50 billion in solar generation and US$2.7 billion in solar panel and battery manufacturing, figures that remain estimates rather than committed capital.

Monday's comments move the debate from industrial benefits to the tariff itself. Neither government has published the proposed price or the counteroffer. Without those numbers, it is not possible to say how far apart the two sides are.

The timing also matters politically. Jakarta Globe reported on Oct 26 that Indonesia had cut pipeline gas exports to Singapore by about 31 BBTUD, which Bahlil said stayed within contract limits. Bullquill covered that dispute in detail in Indonesia cuts gas exports to Singapore by 31 BBTUD. Read together, the two episodes show Jakarta prioritising domestic energy supply and taking a harder line in bilateral energy talks.

What it means

• For Singapore's import goal: The seven Indonesia-based projects in EMA's September 2024 release total 3.4 GW, more than half of the roughly 6 GW Singapore aims to import by 2035. A prolonged price standoff would delay the largest single source in that pipeline.
• For developers and offtakers: Projects named in EMA's 2024 release, and offtakers Keppel and Sembcorp, cannot reach financial close without Indonesian export approval. Monday's comments add uncertainty to timelines, but no developer has announced a change of plans.
• For Danantara: The fund leads the commercial talks but does not hold the permit. Any deal it negotiates must still satisfy ESDM's price calculation.
• What to watch: Any statement from Singapore's Ministry of Energy, Trade and Industry or EMA, any disclosed price framework, and whether Danantara and Singapore offtakers announce revised terms.

For more on the people and institutions involved, see Bullquill's pages on Bahlil Lahadalia, Danantara and Singapore.

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This article is for information only and is not investment advice.