Speaking at a regional forum, he said it's imperative that infrastructural connectivity be speeded up through projects such as the Asean Power Grid and the Trans-Asean Gas Pipeline.

There's also a need to promote a greater harmonisation of market regulation and standards across the region, which are prerequisites for energy market connectivity.

Mr. Iswaran, who's also the Second Minster for Trade and Industry, said joint research and development in areas such as renewable energy and energy efficiency will also help to unlock more energy options for the region.

He said as a first step, each ASEAN country should study how greater regional energy connectivity can be fostered within their respective energy markets.

Singapore, he said, is seriously considering electricity imports as an addition to its energy mix.

It's currently reviewing the regulatory framework and studying various trading models that could facilitate electricity imports in the medium term.