iSwitch Energy, one of Singapore's largest independent electricity retailers, said on its website that it will be ceasing electricity retail operations on Nov. 11, due to "current electricity market conditions". The company declined to comment further.
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. Company sources told Reuters that Diamond Electric, Best Electricity Supply and Ohm Energy had stopped accepting new customers, with Diamond Electric in the process of handing over existing term contracts to another utility provider. The three firms did not respond to an emailed request for comment.
"Add the failure of the once well-designed market-making scheme and things become untenable for many."