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.