Retailers in the electricity market are dropping like flies, one by one.
iSwitch Energy’s announcement last week that it was bowing out of the electricity market seems to have sparked a mass exit, as Ohm Energy followed suit a couple of days later.
Then, on Monday (18 Oct), Union Power announced it was dropping 850 customers due to increased energy prices.
Now, believe it or not, yet another retailer is throwing in the towel.
Best Electricity Closes Down; 3rd Electricity Retailer to Close Down in Almost a Week
Best Electricity became the third electricity retailer to close up shop in a week after it announced yesterday (19 Oct) that it is exiting the Singapore market.
As for the why, the electricity retailer provided similar reasons to those given by its competitors.
“Since our entry into the Singapore retail electricity market in 2015, we have strived to provide comprehensive electricity price plans to ensure savings for our commercial and residential customers,” it said on its website.
“However, unexpected volatile conditions in the energy market have made it extremely difficult for us to continue to do so.”
Just like Ohm Energy and iSwitch Energy, customers of Best Electricity will be transferred to SP Group. Best Electricity said it will cease operations on Thursday (21 Oct).
“We assure our customers that there will be no disruption to their electricity supply. We are working closely with the Energy Market Authority (EMA) and the SP Group to ensure a smooth transfer of our customers to SP Group. Our customers will receive a notification from the SP Group upon the transfer,” it said.
The company added that it will be presenting customers with an ex-gratia payment as a token of appreciation for their support. The payment will be included in their final bill.
Customers from Ohm Energy will have their accounts transferred to SP Group today (20 Oct), while the transfer for iSwitch customers will take place on 12 Nov this year.
Both retailers assured customers that there’ll be no disruption to their electricity supply.
Pre-emptive Measures to Safeguard Energy Supplies
In response to soaring market prices, the Energy Market Authority (EMA) said it will implement pre-emptive measures to safeguard energy supplies.
These include setting up standby fuel facilities for power generation companies to draw upon if needed.
“During this period, we urge consumers to conserve energy where possible. EMA will continue to monitor developments in the global and domestic energy sector closely and will introduce further measures if necessary.”
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Featured Image: Best Electricity
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