Higher electricity prices for Singapore businesses as retailers raise rates, tariff climbs amid Iran war
Beyond costs, firms are increasingly facing procurement and risk management issues, observers say
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[SINGAPORE] Businesses starting or renewing their electricity contracts are facing cost pressures, with electricity retailers’ prices and tariffs rising amid supply constraints due to the war in the Middle East.
Based on data from the Open Electricity Market (OEM), as at Apr 1, just under a quarter of businesses use retail price plans – which have become more expensive, in response to supply constraints.
Flo Energy primarily serves commercial and industrial customers – who are typically on bespoke contracts structured around operational requirements – and small and medium-sized businesses (SMEs), said its CEO Matthijs Guichelaa.
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