Electricity Tariffs To Fall From Oct 2022 After 6 Straight Increases
Amid planning for your year-end holidays, budgeting might be a concern, especially in the current inflationary climate. Thankfully, electricity tariffs will be slightly cheaper till the end of the year, which will hopefully ease your worries.
After six consecutive hikes, households will be seeing a slight fall in their monthly utility bills from October 2022.
Though not very significant, every saving counts when times are tough.
Electricity tariffs fall by 1.4% from Oct to Dec 2022
According to Channel NewsAsia (CNA), electricity tariffs will be lower from October to December this year, as compared to the previous quarter.
Source: Meowlody on Flickr
Citing an SP Group press release, CNA reports that the dip will be by an average of 1.4% or S$0.42/kWh.
The change is apparently due to comparably lower energy costs.
More specifically, the tariff for households will fall from 30.17 to 29.74 cents per kWh excluding GST.
This means that 4-room HDB flat households will see their monthly electricity bills drop by around S$1.55 before GST.
Decrease comes after 6 consecutive tariff hikes
Lianhe Zaobao notes that this decrease comes after six consecutive quarters of increases.
To reduce the financial pressure on homeowners, albeit slightly, after the previous price trend is thus helpful.
However, residents must note that the changes will only affect customers who still subscribe to regulated tariff packages from renewable sources.
Those who signed up for fixed-rate packages with electricity retailers won’t have to worry.
Since SP reviews electricity tariffs every quarter, we can look forward to any new developments after the current one ends in January.
Till then, let’s hope that we can still manage our household expenses without having to rely too much on payouts.
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Featured image adapted from kenneth chin on Flickr.
