Singapore electricity prices are rumored to be getting more expensive due to several factors. Singapore which is an island nation located off the southern tip of the Malay Peninsula became one of the developed countries in Southeast Asia.
But because of some kind of things apparently, this country was threatened pitch black. This is certainly related to the energy crisis that occurred in the country. To find out more about the condition of electricity in Singapore and its price now you can see the following explanation.
Energy Crisis in Singapore
Various signs of the current energy crisis are happening in Singapore. This can also be indicated by the existence of electricity conditions in Singapore that are increasingly uncertain and not even as good as years ago.
Soaring global energy prices currently contribute to Singapore until the country dubbed the Lion Country is also uprooted. Global conditions also make Singapore have to experience a decline in terms of generating electricity. The energy crisis had hit the country until Singapore’s electricity condition was said to be declining.
Rising energy prices and the threatened condition of Singapore which is said to be pitch black certainly do not make the government just stay silent. Singapore which was previously said to be threatened with going dark because of the electricity crisis accompanied by the number of bankrupt district retailers certainly continued with various anticipatory actions.
One of them is to produce imported natural gas from neighboring countries. It is estimated that about 95% of the electricity flowing in Singapore is generated using imported natural gas precisely at prices that are then indexed to the price of oil.
Singapore Electricity Price as an Impact of Rising Global Energy Prices
The crisis experienced by Singapore which also affects Singapore electricity price is part of the impact of rising global energy prices. The increase in energy prices that are faced globally has certainly affected energy conditions in many countries. Singapore also feels directly the impact of the increase in energy prices faced globally.
Even the surge in energy prices faced globally is causing the shaking of electricity supply companies in Singapore. Of the 12 private electricity providers in Singapore are now decreasing and only eight private electricity providers remain. This makes many customers then switch to other retailers because of the closure of the previous electricity provider.
Private Electricity Retailers in Singapore
The electricity crisis was also reinforced by several actions taken by the largest independent electricity provider in the Lion Country, iSwitch Energy. Singapore’s largest company since November is understood to have left the market along with three other private companies. The halt in sales was due to a surge in global energy prices.
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Three other private companies that also began to stop leaving the market are Diamond Electric Best Electricity Supply and Ohm Energy. The three companies also handed over the long-term contracts they received to other electricity providers.
Singapore Electricity Price is The Most Expensive in Southeast Asia
Until now Singapore electricity price can be considered as the most expensive of all other countries in Southeast Asia. Other countries also have the most expensive electricity tariffs. But Singapore is also the country that has the highest basic electricity tariff.
From the Singapore electricity price, it can be said that the economic capabilities of the average Singaporean can be classified as quite high. But unfortunately, the global shock that occurred also had an impact on Singapore so the country also experienced an energy crisis. This is what makes Singapore finally import fuel to get electricity for the surrounding community.
Details of Singapore Electricity Price
SG Group, a provider of electricity services in Singapore, stated that basic electricity tariffs for households in the first quarter of this year increased by 5.6%. This is related to the increase in the price of fuel used to produce electricity for the people of Singapore.
In connection with this, Channel News Asia also stated that the use of electricity in households if combined with taxes then rate will reach 27.22 cents per kWh. The pre-tax calculation for electricity in households that were previously only charged 24.11 cents rose to 25.44 cents per kWh.
Overcoming the energy crisis that occurred in Singapore is indeed not easy. Various efforts are made so that electricity can still flow and can be enjoyed by all Singaporean people. One of them is by using fuel in the form of natural gas imported from neighboring countries.
Similarly, the condition of bankrupt electricity providers can at least be balanced with the presence of other retailers so that customers can still enjoy electricity from other retailers. With this solution, of course, electricity continues to flow in Singapore.
Singapore electricity prices that have been considered to increase are certainly done because of certain factors. Namely the exhaustion of natural gas that becomes electric fuel so Singapore needs natural gas assistance from other countries.
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On the other hand, Singapore’s economic condition can be said to be experiencing quite high economic growth. Therefore, Singapore is expected to still be able to meet its electricity needs even if it brings imported fuel.