Electricity tariffs to fall 8% in Q1 2015

Singapore

THE fall in the price of oil has filtered through to benefits for consumers in the form of lower electricity tariffs, which will fall by 8 per cent in the first quarter of 2015. Tariffs for households will be lowered to 23.29 cents per kWh for the Jan 1 to March 31 period next year - the lowest they have been since the first quarter of 2010, when rates were 22.87 cents per kWh, said SP Services on Tuesday. The rate for the current quarter is 25.28 cents.

Costs of natural gas, which make up half the tariff, have fallen by 16.4 per cent from the previous quarter, translating to a proportional reduction of 8 per cent in electricity tariffs. Natural gas is used to produce 95 per cent of all Singapore's electricity; the prices of this gas, piped from Malaysia and Indonesia, are…