Singapore households will pay 3.3 per cent less for their electricity bill from October to December - thanks to falling oil prices.
SP Services on Thursday said the average electricity tariffs will be reduced by 0.79 cent per kWh to 23.34 cents per kWh in the next quarter, in line with the lower fuel price price which has fallen to $95.41 per barrel over the last three months.
With the lower tariffs, families in four-room Housing Board flats flats will pay about $3 less a month, on average.
The breakdown of the electricity tariff into its four components is as follows:
- Energy Cost paid to the power generation companies: Reduced by 0.79
cents per kWh to 18.14 cents per kWh. This component, which includes fuel
and non-fuel components, is adjusted quarterly to reflect change in the cost of
- Network Cost paid to SP PowerAssets: Unchanged at 4.92 cents/kWh. This
fee is reviewed every year and has been reduced by 10% since Oct 2008.
- Market Support Services Fee paid to SP Services: Unchanged at 0.22 cents
per kWh. This fee is reviewed every year and has been reduced by 21%
since July 2009.
- Market Administration and Power System Operation Fee paid to the
Energy Market Company and the Power System Operator: Unchanged at
0.06 cents per kWh. This fee is reviewed every year to recover the costs of
operating the electricity wholesale market and power system.
SP Services reviews the electricity tariffs quarterly based on guidelines set by the Energy Market Authority (EMA) and the latest tariffs.
These new tariffs have been approved by the Energy Market Authority, the electricity industry regulator.
source: SP Services