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Summary form only given, as follows. The National Electricity Market of Singapore (NEMS) commenced trading on 1 January 2003.The NEMS participants and service providers consist of five active Generators, five active Retailers, one Market Operator, one Market Support Services Licensee, one Transmission Licensee and one Power System Operator. The Regulator is the Energy Market Authority of the Ministry of Trade and Industry. The paper will critically examine the performance of NEMS after almost three years of operation. In what way has the Singapore economy benefited? Is there fair and open competition in the market? Is there robust enforcement of market governance? Is power system security and reliability ensured? Is there a robust business recovery system in place to meet emergency? In what way have the consumers benefited from the liberalisation of the Electricity Market? What are the challenges ahead as the market evolves to require the consumers, the NEMS participants and service providers to play their respective roles for a fairer and more competitive market to achieve higher efficiency in the electricity industry?