Consumers have better protection against volatile electricity prices, with stricter requirements for retailers coming into force on Monday. Under the new rules, electricity retailers must have minimum paid up capital of at least $1 million when they apply for or renew their...
The new requirements were announced by EMA in a paper on Monday, after a public consultation.
The existing retailers – Geneco, Keppel Electric, PacificLight Energy, Sembcorp Power, Senoko Energy, Sunseap Energy, Tuas Power Supply, Diamond Electric, Union Power and Flo Energy will also have to hedge at least 80 per cent of their retail contract position - up from 50 per cent previously - and provide a performance bond for the remaining unhedged quantity, to increase resilience against market volatility.
With the growth of energy intensive sectors like food and transport, as well as advanced manufacturing, power needs will go up by 2028, EMA said. The facility will have a capacity of at least 600 megawatts - enough to power about 864,000 four-room flats in a year - and will be ready by end-2027.
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