For some, the two-year delay in implementing stricter regulations has resulted in a loss of confidence in the market's stability and raised doubts about how effective the proposed measures can be.
SINGAPORE: The Energy Market Authority has finally taken action to address the staggering surge in power prices, but critics have argued that the move comes two years too late.
The prolonged period of inaction has raised concerns among industry players and consumers alike. Two years ago, the sudden and severe price hikes resulted in the bankruptcy of numerous independent retailers, highlighting the urgent need for regulatory intervention. The prolonged price volatility has also discouraged utilities from investing in additional generation capacity, exacerbating the persistent shortage of power supply, according to the EMA.
Meanwhile, the cost of LNG has plummeted by a substantial 86 per cent since March 2022, further highlighting the need for swift regulatory action. In an attempt to rectify the situation, the EMA has engaged in consultations with industry stakeholders and utilities to explore effective strategies for mitigating the drastic price fluctuations. Additionally, the authority has expressed its intention to launch a request for project proposals in the latter half of this year and has said it is also open to the possibility of building additional generation capacity under governmental supervision.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Singapore most expensive city in the world for luxury living - Singapore NewsSINGAPORE: Yet again, Singapore has taken the top spot in a global ranking report, this time for luxury living. Singapore has emerged as the world’s most expensive city for luxury living this year, topping the Lifestyle Index of Swiss wealth manager Julius Baer Group Ltd for the first time after coming in fifth in 2022. …
Read more »
OPINION | Political dramas in Singapore could be a reality TV show - Singapore News'Closer in time is the Presidential election. For a position meant to be above party politics with no real political power, this election sure has generated a lot of political drama.' — Ghui, OPINION
Read more »
Letter to the Editor | What makes a good President for Singapore - Singapore News'It is especially critical at this juncture of global turbulence and economic uncertainty.' — Teo Kueh Liang, Letter to the Editor
Read more »
Poly student asks if a degree is ‘really necessary to survive in Singapore’ - Singapore News“If you want to be a salaried worker, then yes a degree would be helpful. If you are going to start your own business or do sales (some sales roles will require a degree), then a degree will not be necessary,” was the opinion of one netizen
Read more »
Guide to Health Insurance Plans in Singapore (2023) - Singapore NewsA large portion of healthcare costs is absorbed by way of government subsidies, while other mechanisms such as Medisave help ensure the general public’s ability to pay their share of healthcare costs. Despite this, there is a mind-boggling array of health insurance plans available on the market. Are they necessary, and how do such plans factor into your overall healthcare portfolio?
Read more »
Heatwave puts China’s renewable energy grid, climate commitments to the testThe country is on track to face its hottest June on record. Read more at straitstimes.com.
Read more »