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Energy Prices

Chapter 05


Uniform Singapore Energy Price (USEP)

Overall, the USEP trended downwards between 2013 to 2016, reaching an all-time low in 2016 due to the increase in generating capacity and decline in fuel prices. There was a notable spike in USEP in July 2015 due to multiple planned and unplanned maintenance of generation facilities and overlapping transmission constraints. From 2017 to 2019, the USEP trended upwards in correspondence to recovering fuel prices and a tightening of supply conditions relative to demand.

The decrease in USEP prices in 2020 might be attributable to lower fuel prices and electricity demand. In particular, the decrease in electricity demand was mainly due to the impact of COVID-19 measures on the economy. Thereafter, USEP increased in the first half of 2021 due to tighter demand-supply conditions, reaching levels comparable to the pre-COVID-19 period as COVID-19 measures were progressively lifted.

*The Uniform Singapore Energy Price (USEP) is the half-hourly energy price in the Singapore Wholesale Electricity Market. Energy withdrawal from the national grid is settled at the USEP.

Monthly Average USEP

*Data for 2021 is as at Jun-21.

Electricity and Town Gas Tariffs

The regulated Electricity tariffs generally trended downwards from 2018 to Q2 2021. Overall, the regulated Electricity tariffs decreased by 5.3% from an average of 22.9 cents per kWh in 2018 to an average of 21.7 cents per kWh in 2021 (as at Q2 2021).

The same downward trend was observed for the General Town Gas tariffs. Overall, the General Town Gas tariff decreased by 6.1% from an average of 18.8 cents per kWh to an average of 17.7cents per kWh during the same period.

Note:
1. Electricity and Town Gas tariffs are regulated by the EMA. The tariffs are updated quarterly to reflect changes in the cost of generating/producing and delivering electricity/gas to consumers.
2. There are three categories of Town Gas tariffs. They are (i) General Tariff, (ii) Bulk Tariff A, and (iii) Bulk Tariff B. The Town Gas tariffs are categorised according to the consumption of Town Gas per month. The General Tariff applies to consumers who consume less than 1,000 kWh of Town Gas per month. The Bulk Tariff A and Bulk Tariff B apply to consumers who consume a minimum consumption of 1,000 kWh and 50,000 kWh of Town Gas per month respectively.

Electricity and Town Gas Tariffs

*Data for 2021 is as at Jun-21.




Annual Electricity Tariffs by Components (Low Tension Tariffs)

Energy cost constituted the largest component (71.9% or 15.6 cents per kWh) of electricity tariff in 2021 (as at Q2 2021). It was calculated using the average of daily Natural Gas prices (indexed to Oil prices) in the first two-and-a-half months in the preceding quarter.

Note: The four main components of Electricity tariffs in Singapore are (i) Energy Costs (paid to the generation companies), (ii) Grid Charges (paid to SP PowerAssets), (iii) Market Support Services Fees (paid to SP Services), and (iv) Market Administration and Power System Operation Fees (paid to the Energy Market Company and the Power System Operator respectively).

Annual Electricity Tariffs by Components (Low Tension Tariffs)

*Data for 2021 is as at Jun-21.