Lights dim for 3 more power retailers amid record wholesale prices

AT least 3 more electricity retailers in Singapore may turn off the lights and exit operations as staggering spikes in spot electricity prices and an inability to hedge adequately sent their businesses reeling.

The Business Times (BT) understands that Ohm Energy and Best Electricity - relatively smaller independent retailers with collectively less than 50,000 household accounts - are considering to cease or sell their electricity retail operations in Singapore. Diamond Electric is also believed to be contemplating an outright exit.

This follows hot on the heels of BT's earlier report that iSwitch Energy has decided to call it a day on its retail operations effective next month, citing "current market conditions".