A Hyflux chief executive officer Olivia Lum said its Tuaspring desalination and power plant could not escape the impact of depressed electricity prices in Singapore. As a result, 2017 marked the first full year of losses in its operating history. Although improvements in wholesale electricity prices reduced losses in the last few months, this was insufficient.
She said recent plans to divest the Tuaspring project here and the Tianjin Dagang plant in China have taken longer than thought, and this has added stress to the business. Hyflux's market capitalisation has fallen from $2.1 billion in 2010 to $165 million.