During the 4th quarter of 2021, Singapore’s electricity tariffs rose by 3.2%.
This followed a 3.8% increase in the 3rd quarter of the year.
So for the coming 1st quarter of 2022, you’d probably have guessed it – electricity tariffs will rise yet again, this time by 5.6%.
For families living in 4-room HDB flats, their average monthly bill will go up by $4.70.
In a press release on Thursday (30 Dec), SP Group said the higher prices will take effect from 1 Jan-31 Mar next year.
They’ll rise an average of 5.6%, or 1.33 cents per kWh, compared with 4Q 2021.
This translates for households to an increase from 24.11 to 25.44 cents per kWh during the period, before taking into account the 7% Goods & Services Tax (GST).
This extends a steady quarterly rise in electricity tariffs from the 1st 3 months of this year.
As for the reason behind the increase, SP Group gave a familiar reason: Higher fuel costs.
The significant spike in global energy market prices is owing to a confluence of factors over the last few months that have sent prices in many markets up, including:
About 95% of Singapore’s electricity is generated using imported natural gas at prices indexed to oil prices, the company added.
SP Group reviews the electricity tariffs every quarter based on guidelines set by the Energy Market Authority (EMA), which regulates the industry.
Hence, they’ve released the following projected tariff changes for different households with EMA’s approval:
For example, a household in a 4-room flat can expect a $4.70 average increase in their monthly bill, while those living in a bungalow will have an increase of $29.08.
For more info and a breakdown what the components of the electricity tariff are, check out SP Group.
Now that we’ve been informed in advance, do be mindful of your electricity consumption if you don’t want a big shock at the end of the month.
At least now with 50% of staff being able to return to offices from 1 Jan, perhaps it’s for the best so we can cut down on our home electricity usage.
Hopefully, the 2nd quarter of 2022 will see a long-awaited decrease in electricity tariffs.
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Featured image adapted from Mike Enerio at Unsplash.
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