The electricity tariffs will increase by an average of 2.1% or 0.48 cent per kWh for the period from 1 October to 31 December 2018 compared to the previous quarter, mainly due to the higher cost of natural gas for electricity generation compared to the previous quarter.
In a press release on Saturday (30 September), SP Group stated that for households, the electricity tariff will increase from 23.65 to 24.13 cents per kWh for 1 October to 31 December 2018. While, the average monthly electricity bill for families living in four-room HDB flats will increase by $1.76.
SP Group stated that it reviews the electricity tariffs quarterly based on guidelines set by the Energy Market Authority (EMA), the electricity industry regulator.
On 21 September, Energy Market Authority (EMA) had announced that the Open Electricity Market (OEM) will be extended to all consumers across Singapore by zones starting from 1 November 2018.
The authority noted that OEM gives consumers more choice and flexibility when buying electricity, while being provided with the same electricity supply through the national power grid.
Consumers can buy electricity from any of the 12 authorised retailers, which are Best Electricity Pte Ltd, Environmental Solutions (Asia) Pte Ltd, Geneco (by Seraya), ISwitch Pte Ltd, Keppel Electric Pte Ltd, Ohm Energy Pte Ltd, PacificLight Energy Pte Ltd, Sembcorp Power Pte Ltd, Senoko Energy Pte Ltd, SingNet Pte Ltd, Tuas Power Supply Pte Ltd, and Union Power Pte Ltd.