Electricity tariffs set to rise 3.5% in first quarter of 2020, highest hike since 2014

For the first quarter of 2020, between 1 January and 31 March, the electricity tariffs will rise by an average of 3.5% or 0.81 cent per kWh compared with the previous quarter, said SP Group on Monday (30 December).
The statement stated that the electricity tariff for households before GST will increase from 23.43 to 24.42 cents per kWh.
It will be the highest rate since the period from October to December 2014, when it was at a rate of 25.28 cents before GST.
“The average monthly electricity bill for families living in four-room HDB flats will increase by $2.76, before GST.”

SP Group also mentioned that the rise of electricity tariff is due to the higher energy cost compared with the previous quarter.
For the period from 1 October to 31 December 2019, the electricity tariff has dropped by an average of 3.3% or 0.79 cents per kWh compared to the previous quarter due to the lower cost of natural gas for electricity generation.
SP Group, a wholly owned company under Temasek Holdings, added that the reviews of electricity tariffs quarterly based on guidelines set by the Energy Market Authority (EMA), the electricity industry regulator.