Tuesday, 26 September 2023

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Electricity and gas tariffs to rise in Singapore for Q3 2023

SINGAPORE — Singapore residents will face an increase in electricity tariffs in the July-September quarter of 2023.

Grid operator SP Group announced on Friday that tariffs will increase by an average of 1.2 per cent from the previous quarter due to higher energy costs. This is the first tariff hike after three consecutive quarters of decline.

The pre-GST electricity tariff for households will rise from 27.43 cents to 27.74 cents per kilowatt-hour (kWh) starting this Saturday until 30 September.

SP Group, a wholly-owned subsidiary of the state-owned investment fund Temasek, revealed that the new tariff, taking into account the 8 per cent GST implemented since Jan 1, will be 29.96 cents, up from 29.62 cents during the April to June period.

This adjustment translates to an average monthly electricity bill increase of $1.14 before GST for families residing in Housing Board four-room flats.

Currently, the electricity bill for such households stands at $100.62 before GST, based on an average monthly consumption of 366.84 kWh. From July, the same usage will cost $101.76 before GST.

Energy costs, which have risen by 0.31 cents per kWh, have been pointed out as the cause for the tariff hike, while other costs remained steady.

These energy costs, paid to power generation companies, are revised every quarter to mirror shifts in fuel and power generation costs. They account for 75.7 per cent of the tariff, with the rest comprising the costs of electricity transportation through the power grid and operations.

Additionally, City Energy, a subsidiary of Keppel Corporation (in which Temasek is the biggest shareholder), announced an increase in the gas tariff for households before GST.

The gas tariff will rise by 0.23 cent per kWh, climbing from 21.68 cents per kWh to 21.91 cents per kWh from Saturday until Sept 30. The revised tariff after GST will be 23.66 cents per kWh. This increase is also attributed to higher fuel costs compared to the previous quarter.

Consumers in Singapore are thus advised to be aware of these changes and adjust their budgeting plans accordingly.

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