According to GlobalPetrolPrices.com, the cost of electricity in Singapore is 0.180 US dollars per kWh for consumers and 0.153 US dollars per kWh for companies. This price covers all costs associated with energy use, including generation, transmission, and distribution.
For contrast, the global average cost of power during that time was 0.133 USD for consumers and 0.125 USD for enterprises. The figure only displays two of the many data points that were calculated at different levels of electricity consumption for both homes and businesses.
The reported number for households is based on average annual household electricity use. The data point that is visible uses a yearly usage of 1,000,000 kWh for enterprises.
Since July 2021, electricity costs in Singapore have increased along with global energy prices, in part as a result of the reopening of economies, which has caused a boom in demand from both Asia and Europe as well as a supply problem from production nations.
Closer to home, Singapore Power's regulated tariff rate for households increased by 8.8% or 2.06 cents per kWh during the same time period. However, the price increase was far greater for customers who had to re-contract with an OEM merchant in the previous few months.
For instance, the rates provided by OEM merchants for a 1-year fixed price plan increased from a range of 17 to 19 cents to 27 cents as of July 2021. For consumers, that equates to an increase of about 50%.
Natural gas is used to create 95% of the power in Singapore. Under long-term contracts with commercially negotiated pricing that are tied to oil prices, the power generation companies in Singapore import these piped natural gases from Indonesia and Malaysia.
Fuel cost and non-fuel cost are the two main components of the regulated electricity tariff rates (established by Singapore Power). Network costs, fees for market support services, the operating cost of the power system, and market administration fees are some of the non-fuel expenditures in addition to the cost of energy.
Source: GlobalPetrolPrices.com, dollarsandsense.sg
