Singaporeans have been seeing an increase in electricity prices as energy producers struggle with rising commodity prices like fuel and coal inflicted by the war in Ukraine.
Singapore Power Group (SP Group) the national-owned utility company has upped its tariffs a couple of times and is now offering electricity for 32.28 cents with GST. In the open electricity market, the comparison shows other retailers have also raised their prices with the cheapest price now at 31.30 cents per kWh for a contract period of 24 months. (Singapore has a different price model than Malaysia where the market dictates prices and customers lock-in for 6 month to 1 year period)
Some retailers offer bundles with other products and prices could range from anywhere between 31.60 to 48.15 cents per kWh, whereas once the open market was extremely competitive now it has tapered with prices all hovering around the same range.
Locally, the market was hit by an unplanned supply cut in piped natural gas from Indonesia due to domestic demand, as a result, the Uniform Singapore Energy Price (USEP), or the half-hourly rate at which retailers purchase electricity in the wholesale market, spiked alongside huge volatility in the second half of last year and led to abrupt exits by five electricity retailers.