Local electricity retailers raise tariffs, with increases of over 11%

The Middle East conflict has pushed up global gas prices, prompting local electricity retailers to raise tariffs by up to 11.3%. Data from the Open Electricity Market on Friday showed residential prices across six retailers at 28.8–29.18 cents per kWh, up 1.2%–11.3% from pre-conflict levels. NTU’s Asst Prof Chua Yeow Hwee said: “Even if higher procurement costs have not yet been fully reflected in the pricing formula, retailers may raise prices in advance if they expect future costs to increase, market volatility to intensify, or electricity hedging costs to rise.” He added that if energy market pressures persist, electricity prices are likely to increase further.

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