SINGAPORE - To counter the increased volatility in wholesale electricity prices due to the current global energy crunch, electricity retailers here will offer more long-term fixed-price contracts for business consumers at competitive rates.
This is to help business consumers who have faced difficulties in securing fixed-price electricity contracts, said the Energy Market Authority (EMA) in a statement on Thursday (March 10).
Electricity retailers Sembcorp Power and Keppel Electric are offering such plans to consumers with an average monthly consumption of 4 MWh to 50 MWh.
This is about 10 to 131 times the average monthly power consumption of a four-room Housing Board flat. Large electricity users in Singapore include shopping malls and manufacturing facilities.
These new price plans come with a longer contract duration, ranging from six months to three years, with the electricity rate for the two-year and three-year contracts priced at 25 cents per kWh.
This is lower than the electricity rate under the Temporary Electricity Contracting Support Scheme (Trecs) of 39.9 cents per kWh for March.
To protect businesses from the recent volatility in wholesale electricity prices, the EMA launched the scheme in December. Under it, commercial users can pay for electricity at a capped rate.
The contracting window for these contracts is now open.
"We encourage eligible consumers without a retail plan to consider these contracts for greater price certainty," said EMA in its statement.
Contracting details for Trecs and other retail contract options for April will be made available on the EMA website next week.
Consumers facing difficulty securing an electricity contract may contact EMA at firstname.lastname@example.org for assistance.