Singapore’s electricity prices fall 2.3% in the third quarter

Due to lower energy costs, household electricity prices from July to September will decrease by 2.3 per cent to 27.47 cents per kilowatt-hour (kWh). This is the fourth consecutive quarter of falling electricity prices since Q3 2023. NTU’s assistant professor of economicsChua Yeow Hwee said Singapore's electricity production is heavily dependent on imported natural gas, so it faces a high risk of global energy price fluctuations. Electricity prices are likely to rise again due to geopolitical risks. However, Asst Prof Chua believes that this will help accelerate Singapore’s energy diversification strategy, which will reduce the risk of long-term exposure to fossil fuel price fluctuations.

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