Singapore's wholesale electricity market prices, which are determined every half-hour depending on demand and supply conditions, have been hit by higher price volatility for sustained periods over the past two weeks, the Energy Market Authority said.
"Electricity retailers who have under-hedged their positions may be exposed to the price volatility in the wholesale electricity market," EMA said. At least three electricity providers have announced plans to exit Singapore, while two others have stopped accepting new customers.Global wholesale gas prices have surged in recent months as production and transit problems have lowered supply just as demand took off in a post-pandemic economic recovery, which has pushed up power prices in many countries and caused blackouts in some.
It will also allow retailers to suspend their operations by transferring their customers to state-owned SP Group.
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