Best Electricity latest to bite the dust in Singapore's hard-hit electricity market
ANOTHER one bites the dust in Singapore's electricity market.
Best Electricity has become the third electricity retailer for the residential segment in Singapore to call it quits in a week.
"It is with sadness and deep regret that Best Electricity has had to come to the painful decision to exit the retail electricity market with effect from Oct 21, after six years of operations," it said in a note to customers.
"The volatile energy market has left us with no other choice," it added. The Business Times understands that Best Electricity holds some 20,000 accounts.
This follows two back-to-back exits last week by iSwitch Energy, the largest independent retailer and days later, Ohm Energy. Both cited market conditions and volatile electricity prices for their decisions, which sent shockwaves across Singapore's electricity market.
At least two retailers serving commercial or industrial consumers businesses, SilverCloud Energy and ValuEnergy, have also bowed out. Rising electricity spot prices and an inability to hedge adequately as volumes dry up in the Singapore Exchange's futures market proved too much to bear for many retailers.
READ MORE:
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- Why are electricity providers in Singapore exiting the scene?
- Lights dim for 3 more power retailers amid record wholesale prices
- Singapore's largest independent electricity retailer iSwitch powers down
- Electricity retailers in Singapore hike rates amid surge in spot prices
- EMA cites high demand, gas supply curbs for sharp spikes in Singapore's spot electricity prices
