Singaporeans To Pay Less For Electricity From 1 January 2019
After enduring a year of rising electricity bills, consumers will see some respite come tomorrow.
Utility provider SP Group has announced that consumers will see a decrease in their electricity bill compared to the previous quarter in a recent press statement.
“For the period from 1 January to 31 March 2019, electricity tariffs (before 7% GST) will decrease by an average of 1.2% or 0.28 cent per kWh compared to the previous quarter. This is mainly due to the lower cost of natural gas for electricity generation compared to the previous quarter.
“For households, the electricity tariff (before 7% GST) will decrease from 24.13 to 23.85 cents per kWh for 1 Jan to 31 March 2019. The average monthly electricity bill for families living in four-room HDB flats will decrease by $1.00 (before 7% GST).”
SB Group had also provided an estimation of the average monthly electricity bill that consumers can expect to pay based on the type of home they occupy.
In a separate press release, City Gas, a trustee of City Gas Trust, had also announced on Sunday that gas tariffs are set to decrease by 0.81 per cent for the same period, Channel News Asia reports.
Since November, the nationwide roll-out of the government’s Open Electricity Market has allowed Singaporeans to choose their electricity suppliers for the first time.
Previously, all consumers had to buy electricity from SP Group at a regulated tariff but the open market initiative will allow consumers to choose their electricity suppliers.
According to a Channel News Asia report, this option is currently available to households and business accounts that have postal codes that begin with 58 to 78 which covers the districts in Choa Chu Kang, Yishun, Sembawang and Upper Bukit Timah.
Households and small businesses will have the option of buying electricity from 12 different retailers after the full roll-out of the initiative, which is targeted for completion by May 2019.