Regulated electricity tariffs hit record high, yet retail plans see price drops instead of increases

Regulated residential electricity tariffs rose by 17% this quarter, hitting a record high, yet prices for retail electricity plans did not follow suit. Most retailers maintained or lowered rates for 12-month fixed-price plans, while rates for 24-month fixed-price plans were reduced across the board. Competition among retailers is also a factor contributing to the low prices of bundled plans. NTU Asst Prof Chua Yeow Hwee noted that following the hike in regulated electricity tariffs, consumers have become more conscious of their electricity costs and consequently, retailers are seeking to attract new customers and retain existing ones by offering more competitive prices.

 

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- Facilitated by CCO.