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What are the measures put in place to ensure that potential electricity retailers are financially sound and suitable to be issued a licence?
EMA will progressively roll out the Enhanced Regulatory Regime for Electricity Retailers from Aug 2023 onwards. The regime includes implementing guardrails to strengthen the existing competitive market structure, such as enhancing the regulatory requirements on electricity retailers to strengthen consumer protection and ensure that they are sufficiently resilient against market volatility.
The following enhancements will be implemented for retailers to comply with:
Have a Tangible Net Worth of at least S$1 million at the time of licence application or renewal, to ensure that they are credible and have sufficient financial standing.
Seek EMA’s approval to appoint key appointment holders, to ensure that the individuals leading and managing the companies are fit and proper.