OHM Energy has become the second player to call it quits this week on Singapore's electricity retail business, as elevated energy prices force businesses to close.

"It is our deepest regret to inform you that Ohm is exiting the retail electricity market with effect from Oct 15... It is with sadness that we exit ... and part ways with you," said the retailer in a note to customers on Friday.

Ohm Energy's move to throw in the towel comes two days after iSwitch Energy, Singapore's largest independent retailer, said it will cease its retail operations on Nov 11.