Confusion reigns as Singapore's electricity spot prices spike

Market players are confounded by what could have caused it; consumers may have to brace themselves for relatively higher rates in new contracts

Anita Gabriel

Published Thu, Jul 29, 2021 · 05:50 AM

SP Group

Singapore

SOMETHING peculiar is going down in Singapore's power market. Electricity spot prices have shot through the roof in the last two days, confounding market players. If the trend keeps up, business margins of hard-hit electricity retailers could wither, and consumers could get "bill shocks".

Singapore-based energy broker James Whistler, the global energy head of Simpson Spence Young, told The Business Times: "Spot prices have been extreme."