It’s not every day that we hear the closure of electricity companies in Singapore. Yet in the past week alone, 2 power providers, iSwitch and Ohm, have ceased operations.
On Tuesday (19 Oct), Best Electricity announced that they would also be exiting the market, becoming the 3rd energy company to do so in recent days.
Despite their closure, the company assured customers that there would be no disruption to their power supply. Customer accounts will also be transferred to SP Group.
In a statement posted on their website, Best Electricity said they’ve had to pull out due to “unexpected volatile conditions in the energy market”.
The unforeseen circumstances have made it extremely difficult for them to continue extending savings for commercial and residential customers.
Hence, they’ve decided to exit the retail electricity market from Thursday (21 Oct), marking the end of their 6-year operations since 2015.
Over the coming days, customers will receive an official notification of the move.
Best Electricity will include an ex gratia payment with their customers’ final bills as a token of appreciation. The company did not disclose the sum involved.
Moving forward, affected customers will have their accounts transferred to SP Group. There will also be no disruptions to their electricity supply.
Just last week, Singapore electricity retailers Ohm Energy and iSwitch also announced their intentions to exit the market.
This makes Best Electricity the 3rd energy company to pull the plug in the past week.
Though iSwitch did not detail their reasons for exiting, Ohm Energy also cited market volatility as one of the reasons for ceasing operations.
Likewise, affected customers will have their accounts transferred to SP Group.
It’s indeed troubling to see yet another power company pulling the plugs, again citing volatility in the market.
Nonetheless, we’re glad that the company is looking out for their customers and ensuring that their power supply will not be disrupted.
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Featured image adapted from Stefan on Flickr.
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