Longer-term fixed price electricity contracts available for businesses amid global energy crunch: EMA

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SINGAPORE: Longer-term fixed price electricity contracts at the moment are available for enterprise customers amid elevated price volatility, the Energy Market Authority (EMA) mentioned on Thursday (Mar 10).

“Amid the increased price volatility in the wholesale electricity market due to the current global energy crunch, some business consumers have faced difficulties in securing fixed price electricity contracts,” EMA mentioned in a media launch.

“The Energy Market Authority has therefore worked with electricity retailers to offer more long-term fixed price contracts for business consumers at competitive rates.”

Sembcorp Power and Keppel Electric have responded by providing long-term fixed price plans to customers with a mean month-to-month consumption from 4MWh to 50MWh.

“These price plans come with a longer contract duration ranging from six months to three years, with the electricity rate for the two- and three-year contracts priced at 25 cents/kWh,” EMA mentioned.

“This is lower than the electricity rate for the Temporary Electricity Contracting Support Scheme (TRECS) of 39.9 cents/kWh for March 2022.”

The contracting window for the brand new contracts is now open, and EMA inspired eligible customers with out retail plans to “consider these contracts for greater price certainty”.

The new contracts had been talked about in Parliament final week by Second Minister for Trade and Industry Tan See Leng in the course of the ministry’s Committee of Supply debate.

During the controversy, Dr Tan addressed the disaster in Ukraine and mentioned that the Government would “spare no effort” to make sure that Singapore’s energy provide stays safe and dependable.

“I understand the cost pressures faced by households and businesses. We will constantly continue to monitor market developments and we will not hesitate to introduce further measures, if necessary, to support vulnerable consumers,” he mentioned.

EMA additionally introduced on Thursday that contracting particulars for TRECS and different retail contract choices for April 2022 can be launched subsequent week.

Introduced in December final 12 months amid “unprecedented volatility” within the electricity market, TRECS permits technology corporations to attract on EMA’s standby gasoline facility to generate electricity – thus decreasing the danger that disruptions would possibly current to them.

Large businesses are in a position to get one-month fixed price electricity plans underneath the scheme, which was prolonged final month from March to May 2022.

Longer-term fixed price electricity contracts available for businesses amid global energy crunch: EMA

Source : channelnewsasia.com

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