Singapore's power gencos fall under scrutiny amid spike in spot electricity prices
STAGGERING swings in Singapore's spot electricity prices in July, which riled market players and drove up fixed-price plans for households, are under scrutiny by the industry's watchdog, along with possible anti-competitive practices. This latest development is happening even as electricity prices hit another multi-year high last week.
Veronica Rodriguez, senior vice-president of the industry's Market Assessment Unit (MAU) told The Business Times that a report on late July's "outlier" prices has been submitted to the Energy Market Authority (EMA) to assist the regulator, which prohibits sector-specific anti-competitive pacts and "abuse of a dominant position" in Singapore's wholesale or retail electricity market.
"When there is an unusual price event, the MAU prepares a report on the market conditions surrounding the price event," Ms Rodriguez said in response to BT queries.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Saudi Arabia hikes oil selling prices for all grades to Asia
BHP’s biggest rivals sit on the sidelines of Anglo M&A drama
ExxonMobil to take 18 to 24 months to hit full stride with Pioneer purchase
Oil settles down on US jobs data, steepest weekly loss in three months
Glencore Group nears deal for Shell’s Singapore oil refinery
Opec+ may need to tackle oil capacity conundrum next month