Electricity & gas prices for local homes are set to increase over the next 3 months - Singapore News

SINGAPORE: Gas and electricity prices are set to take another leap, adding to the financial burden faced by Singaporeans amidst the escalating cost of living, inflation, and the recent Goods and Service Tax hike.

In addition to the electricity price hike, residential gas bills will also witness an upward trajectory during the same period. From July to September, the price of residential gas per kilowatt-hour will surge by 0.23 cents. As a result, the gas price before tax will rise from the existing rate of 21.68 cents to 21.91 cents.

Singaporeans are now faced with the challenge of managing their expenses efficiently as essential utilities become more expensive. With gas and electricity being fundamental necessities, individuals and families will need to review their consumption patterns and make adjustments where possible to mitigate the impact of the increased costs.

Last month, the market witnessed an unprecedented spike, with prices reaching a whopping $3,594 per megawatt-hour during daily trading. This surge was triggered by the shutdown of a power plant at Jurong Island for a turbine upgrade, coinciding with unusually scorching weather conditions. In an attempt to rectify the situation, the EMA has engaged in consultations with industry stakeholders and utilities to explore effective strategies for mitigating the drastic price fluctuations. Additionally, the authority has expressed its intention to launch a request for project proposals in the latter half of this year and has said it is also open to the possibility of building additional generation capacity under governmental supervision.

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