Singapore's electricity retailer UGS Energy is the latest to bow out
AS SPOT prices in Singapore's electricity market continue to be elevated, one more electricity provider for businesses, UGS Energy, threw in the towel on Thursday.
Its exit follows the recent exits of two others, SilverCloud Energy and Valueenergy, who were also retailers for commercial consumers in the city state.
In a note posted on its website, UGS said it had entered the Open Electricity Market (OEM) with the key objective of helping consumers enjoy the benefits from an open and competitive market. "However, recent market conditions have made it challenging for us to sustain our business. Thus, we regret to inform that we will be exiting the market with effect from Oct 27, 2021," it said.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
China could hinder BHP’s bid to become copper’s top producer
Oil settles higher on supply concerns in the Mid-East, economic woes subdue gains
Seatrium unit to fully redeem S$500 million worth of floating-rate bonds early
Anglo rejects BHP takeover bid as significantly undervalued
India rice prices at three-month low on shrinking demand
Gold prices set for weekly decline ahead of US inflation data