The electricity market has never looked the same since it was liberalised in 2019.
When it was launched, the Open Electricity Market (OEM) offered households more choices when it came to energy suppliers. Before that, SP Group was the primary supplier of electricity to households in Singapore.
With so many choices available, consumers are naturally going to become more discerning, switching retailers whenever they believe they can get a better deal.
The price of electricity has risen in recent months, and it seems that customers aren’t the only ones affected.
Another Electricity Retailer in S’pore is Closing Down Due to ‘Current Electricity Conditions’
iSwitch Energy, Singapore’s largest independent electricity retailer, is closing up shop.
In a statement to customers, iSwitch Energy said it will be ceasing its electricity retail operations from 11 Oct due to the “current electricity market conditions.”
“Over the past 6 years, iSwitch Energy has had the privilege of serving the Singapore Electricity Market and collectively saving consumers over $150m on their energy bills against the SP Tariff,” it said.
“We have also helped maintain focus on sustainability and the green goals that we know are so important to all of you.”
According to the Business Times, iSwitch Energy is Singapore’s fourth-largest electricity retailer, and has garnered 13.1% of Singapore’s Open Electricity Market (OEM) share as of end-April this year.
Since the Open Electricity Market was offered, a few electricity retailers has been folding – even before COVID-19 hit.
So, What Will Happen to iSwitch Energy’s Customers?
In its statement, iSwitch Energy said households who have electricity accounts with them will have their accounts transferred to SP Group on 12 Nov this year.
“We are currently working with EMA (Energy Market Authority) and SP Group to ensure a smooth transfer of all our existing customers to SP Group. We also wish to assure you that your electricity supply will not be affected,” it said.
“Thank you for being a customer of iSwitch.”
Electricity Bills Likely To Stay High Due To Rising Costs
You’ve probably noticed that your electricity bill has been pretty steep lately. That’s because electricity prices have spiked several times since July.
The Business Times reported that some businesses have raised their prices as a result, to cushion the financial blow.
Back in July, a typical four-room HDB flat would pay between $83 and $93 for a 12-month plan. In September, that price shot up to between $91 and $102.
Why?
One word: rising fuel costs.
Reader: That’s like three words.
Rising fuel costs have forced electricity suppliers to hike up their prices. With all the lockdowns imposed last year, the demand for gas plunged. It has since not only recovered but increased to multi-year highs.
Some companies with older power generation plants have also had to deal with higher maintenance costs.
Unfortunately, the cost is often passed to the customer, so we end up paying more.
Great.
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Image: iSwitch
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