Abandoned by power retailers, SMEs zapped by electricity bill shock
SP Services's wholesale electricity price plan a costly option amid current high prices, while other retailers turn them away
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
Singapore
SMALL and medium-size businesses have been stung by hefty bill shocks since their power retailers closed shop last year amid staggering spikes in electricity spot prices and left them high and dry. Worse, these businesses have since been stuck with SP Services's wholesale electricity price (WEP) plan - a costly option amid current elevated prices - as other retailers turn them away, citing "finite" capacity.
David Ng, owner of an engineering firm he founded in the late 1970s, was aghast when he got his December electricity bill from SP for his factory located in an industrial area near Changi Airport. The power bill for the site that makes automation equipment from packaging to processing had quadrupled to S$8,000. iSwitch was previously his provider until the largest independent and fourth largest retailer in Singapore said last October that it was bowing out, citing tough market conditions.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
TRENDING NOW
Shelving S$5 billion office redevelopment plan proved ‘wise’ as geopolitical risks mount: OCBC chairman
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
Beijing’s calculated silence on the Iran war
Middle East-linked energy supply shocks put Asean Power Grid back in focus
