Singapore, 30 December 2022 – For the period from 1 January to 31 March 2023, electricity tariff (before GST) will decrease by an average of 2.7% or 0.79 cent per kWh compared with the previous quarter. This is due to lower energy costs compared with the previous quarter.

For households, the electricity tariff (before GST) will decrease from 29.74 to 28.95 cents per kWh for the period 1 January to 31 March 2023. The average monthly electricity bill for families living in HDB four-room flats will decrease by $2.63 (before GST).

*before GST

SP Group reviews the electricity tariffs every quarter based on guidelines set by the electricity industry regulator, Energy Market Authority (EMA).

Please refer to Appendix 1 for the components of the electricity tariff, Appendix 2 for the tariffs approved by EMA, and Appendix 3 for the average monthly electricity bills for households.

Issued by:
SP Group
2 Kallang Sector
Singapore 349277
www.spgroup.com.sg

APPENDIX 1

BREAKDOWN OF ELECTRICITY TARIFF

1. The electricity tariff consists of the following four components:

1. Energy costs (paid to the generation companies): This component is adjusted quarterly to reflect changes in the cost of fuel and power generation. The fuel cost is the cost of imported natural gas, which is tied to oil prices by commercial contracts. The cost of power generation covers mainly the costs of operating the power stations, such as the manpower and maintenance costs, as well as the capital cost of the stations.
2. Network costs (paid to SP Group): This is to recover the cost of transporting electricity through the power grid.
3. Market Support Services Fee (paid to SP Group): This is to recover the costs of billing and meter reading, data management, retail market systems as well as market development initiatives.
4. Market Administration and Power System Operation Fee (paid to Energy Market Company and Power System Operator): This fee is reviewed annually to recover the costs of operating the electricity wholesale market and power system.