SINGAPORE: The Energy Market Authority will enhance regulatory requirements on electricity retailers to protect consumers amid market volatility, after several players called it quits late last year.
Authorities had also directed gencos to procure sufficient fuel to generate electricity based on their available generation capacity. These measures will be in place until the end of March 2023. "All consumers can still enter into retail contracts, while consumers who qualify for the regulated tariffs can still continue to do so," he said.Lights out for some electricity retailers in Singapore: Why and what it means for consumersSingapore has a liberalised power sector where private generation companies procure fuel, generate electricity and sell to consumers, MTI said, noting that this competitive market structure has its limitations.
"Without the assurance of back-to-back electricity contracts, gencos are also reluctant to enter into longer-term gas contracts which typically offer greater guarantee of delivery and lower prices," MTI noted.