SP services, local energy company has announced that electricity tariffs will decrease by an average of 1.99 cents per kWh for the period from 1 Jan to 31 Mar 2015 or 8.0% as compared to the previous quarter.
The reduction in tariff is attributed to the lower cost of fuel (i.e. natural gas) for electricity generation, which fell by 16.4% compared to the previous quarter.
As fuel cost makes up about 50% of the tariff, this translates to a proportional reduction of 8.0% in the Q1
2015 electricity tariff.
The electricity tariff for households will decrease from 25.28 to 23.29 cents per kWh for 1 Jan to 31 Mar 2015.
The average monthly electricity bill for families living in four-room HDB flats will decrease by $7.93
The electricity tariffs are reviewed by SP Services on a quarterly basis based on guidelines set by the Energy Market Authority (EMA), the electricity industry regulator. The tariffs given have been approved by EMA.