Electricity Tariffs To Increase By 4.1% From Jan To Mar 2024
Electricity tariffs will go up by 4.1% from 1 Jan to 31 Mar 2024, SP Group announced.
This will translate to an increase of 1.19 cents per kWh for households, before GST.
During the same period, gas tariffs will also see an increase of 3.26%, or 0.73 cents per kWh, before GST.
This marks the third consecutive quarter of increases in electricity tariffs.
SP Group cites higher energy costs for increase in electricity tariffs
The changes were announced in a statement by utilities provider SP Group today (29 Dec).
It attributed the latest increase to higher energy costs compared to the previous quarter.
With the new rate, households will have to pay 29.89 cents per kWh instead of 28.70 cents.
SP Group also estimated that the average monthly electricity bill for families living in four-room HDB flats will go up by S$4.39, before GST.
Source: SP Group
Meanwhile, those living in larger homes like terraces, semi-detached houses, and bungalows will see an average increase of up to S$28.07 in their monthly bill.
This is the third consecutive quarter in which electricity tariffs have increased, starting from July this year.
Source: SP Group
Prior to that, the electricity tariff had seen four consecutive quarters of decreases, bottoming out at 27.43 cents per kWh for the period of April to June 2023.
Households to pay 23.15 cents per kWh for gas from Jan to Mar 2024
City Energy also announced the new gas tariffs in a statement of its own today.
The general tariff has now been revised to 23.15 cents per kWh, up from the current rate of 22.42 cents.
Source: City Energy
As for bulk tariffs, the rate has risen to 22.01 cents from 21.28 cents per kWh for category A, which covers those with a minimum consumption of 1,000 kWh of gas per month.
Category B covers those who consume a minimum of 50,000 kWh of gas per month, and its tariff will increase to 21.45 cents from 20.72 kWh from 1 Jan 2024 onwards.
All aforementioned rates are not inclusive of 9% GST.
Government to hand out U-Save rebates in Jan 2024 to offset utility costs
To offset the added utility costs, the government will be handing out U-Save rebates to Singaporean households residing in HDB flats.
The handouts will be disbursed starting January 2024, as part of the permanent GST Voucher (GSTV) scheme and the Assurance Package.
The combination of these initiatives aims to cover the increased GST rate as well as support the living costs of lower to middle-income households.
In early Dec, it was reported that some Singaporeans had already begun receiving their Assurance Package cash payouts, ahead of the original stipulated date of 5 Dec.
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Featured image courtesy of Mike Enerio on Unsplash.
