The panels are intended to help regulate the country's new wholesale electricity market, the Energy Market Company (EMC), which is due to open in the next few months.
The two new panels are the Market Surveillance and Compliance Panel (MSCP) and the Dispute Compensation and Resolution Panel (DCRP).
The main aim of the MSCP is to ensure that industry players do not breach market rules. The panel will have the power to carry out investigations, as well as award financial penalties and suspend companies that are not complying with regulation.
The DCRP is for civil litigation and will effectively mean that companies in the market that have a dispute can go to the panel rather than the High Court.
The two panels will come into effect when the market opens at the end of this year or the beginning of next.
Taking top spot on the MSCP is Joseph Grimberg, a consultant with Drew & Napier, Freshfields Bruckhaus Deringer's joint venture partner. The panel also includes TPB Menon, a consultant with Wee Swee Teow & Co.
Meanwhile, George Lim, a partner at Wee Tay & Lim, will be the dispute resolution counsellor. He will appoint other members of the DCRP as and when necessary.