Notice (as of 17 January 2022, 0800hrs)

All initial capacities made available under TRECS for February have been taken up. Retailers have to ensure that they are able to cover the contracted volumes even if there was some disruption in order to offer contracts. This means that there was a finite number of contract that they could offer.

EMA is checking with generation companies and retailers if they can offer more capacity. For such additional volumes, generation companies may require consumers to pay wholesale prices if the generation set is incapable of operating. Please leave your contact details at this link if you wish to be informed if additional capacity is available.


The Energy Market Authority (EMA) has introduced the Temporary Electricity Contracting Support Scheme ("TRECS") to assist large electricity consumers in reducing their exposure to volatile wholesale electricity prices through fixed price contracts offered by participating electricity retailers. EMA has also set up a standby fuel facility which gentailers (i.e. the retail arm of power generation companies) can tap on to generate electricity, hence reducing the risk that PNG disruptions might present to the gencos.

As there continues to be consumer demand for such fixed price plans during this period of unprecedented market volatility, TRECS will be extended for the month of February 2022. While the fixed price under these plans reflect the prevailing high fuel prices for power generation, consumers will be able to reduce their exposure to the volatile wholesale electricity prices (available at Energy Market Company website) through this option. It is not mandatory for large consumers to participate in this scheme. They should continue to engage retailers on alternative pricing arrangements that best suit their needs.

Participating Retailers to Offer Fixed Price Plans from 12 January 2022 for supply in February 2022

Large consumers can sign up with any of the participating retailers from 12 January 2022:
1. Geneco (by Seraya Energy Pte Ltd)
2. PacificLight Energy Pte Ltd 

You may view the briefing deck here. The deadline to sign up is 3pm on 24 January 2022. Please note that there will be no extension to the deadline. 

Things to take note:

  • The electricity rate of 39.896 cents/kWh (before GST) under the February 2022 price plans offered by the retailers shows the maximum fixed price for the month.
  • Consumers should engage participating retailers to negotiate pricing and non-pricing terms.
  • Participating retailers' offers are subject to availability and will be contracted on a first-come-first-served basis.

What Consumers Need to Know About TRECS

Before signing up for the briefing, here are several FAQs which may answer questions that you have.

1. How soon will my contract take effect after signing up with my preferred retailer?

The start date of the price plan is subject to negotiation between the consumer and contracted retailer. Contracts will expire on 28 February 2022.

2. Can I extend my contract beyond 28 February 2022 under the scheme?

The electricity rate offered in the price plans show the maximum fixed price offered for the contract month, which is reflective of the long-run marginal cost of generating electricity in using EMA's standby fuel facility. You are encouraged to approach your preferred retailer to negotiate for better offers. This could include renewing your contracts on a monthly basis until end-March 2022 with updated monthly fixed prices if you prefer such plans.

You may also wish to take note that the maximum price offered does not include third-party charges such as transmission charges by SP Group and market charges by the Energy Market Company.

3. Can I participate in the scheme if I need a contract only in March 2022?

EMA will consider extending TRECS for March 2022 if there is demand for it. As the rates for the contract month can only be determined closer to the start of the month, participating retailers will publish their monthly fixed prices for March around two weeks before the respective month.

You can visit the participating retailers' websites to find out more about the fixed price plans offered for the contract month. You can approach your preferred retailer to negotiate for longer-term contracts.

For enquiries on TRECS

 

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