Singapore
Singapore to see electricity tariffs rise by 3.7% in the upcoming quarter
Singapore’s SP Group announces a 3.7% electricity tariff hike for October-December, citing higher energy costs. This comes alongside a significant water price rise and a new S$1.1 billion government support package.”
SINGAPORE: The SP Group announced on Friday an impending rise in electricity tariffs by 3.7 per cent for the months of October through December. This adjustment is expected to introduce an added cost of 0.98 cents per kWh, exclusive of the Goods and Services Tax (GST).
The SP Group, which Temasek wholly owns, stated that the proposed change is primarily in response to what they identified as higher energy costs from the previous quarter.
As a result, households can anticipate the electricity tariff, before GST, transitioning from 27.74 cents to 28.70 cents per kWh.
This means families in Housing Board’s four-room flats might see their average monthly electricity bill increase by S$3.57 (equivalent to US$2.60) before GST.
SP Group detailed that the electricity tariff encompasses various components: energy costs relayed to generation companies, network costs, and market support service fees allocated to SP Group. Additionally, market administration and power system operation fees are due to energy market companies and power system operators.
It’s worth noting that, according to SP Group’s statement, the energy cost component—adjusted quarterly—serves as a reflection of fuel and power generation costs.
Specifically, fuel costs are tied to the pricing of imported natural gas, which, through commercial contracts, aligns with oil prices.
The power generation cost mainly considers operational overheads of power stations, encompassing aspects like manpower, maintenance, and the stations’ capital costs.
Before this tariff adjustment news, PUB, the national water agency, recently announced an impending 18% rise in water prices over the subsequent two years, attributing it to escalated production and supply costs since 2017.
Simultaneously, in light of increasing living costs, the Singapore government has unveiled a fresh S$1.1 billion (US$800 million) cost-of-living support package.
Announced by Deputy Prime Minister Lawrence Wong, this initiative aims to bolster the financial well-being of Singaporean households, with a focus on the lower to middle-income brackets.
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The Pappy ‘s controlled establishments are using the various government outfits to run SG like a huge profitable corporation through monopolistic wholly own entities the like of SLA,in collaboration with HDB, Government owned privatized hospital groups, Government Linked Companies ,LTA,MOM etc💰💰💰 generating enormous revenue through taxation, levies and subsidized charges without any care for the ensuing increase in the cost of living that is ultimately borne by Singapore 🇸🇬 citizens. The Singapore economy ,with exports and manufacturing output consecutively falling the last 11months ,and inflation hovering above 4%,would likely be confronted with stagflation in the not too distant future.Under such… Read more »
Bring it on ! coffee started $1.50…..net year maybe more……
Well done pineapple and cotton lovers…..
Countries battling inflation would want to see the rate go lower for their citizens while your gov want to inflate it more!
No problem if you are paid millions a yr!
Just like…THEM!😆😆😆😆😆😆
As many economist pointed out Singapore indirect tax is one of the highest in the world despite having low income taxes.
So is TH saying it is running SP at a break even point?
When crude oil plunge, electricity charges fall, but only a little.
When crude coil climb, electricity charges goes up almost in tandem.
No wonder we have such high electricity prices in SG & how much is SP Group making annually?
Was it recently in 1 year or so there were abt 4 electric hikes? Very good. Little bit at a time. People won’t see the big jump spread out. I love Singapore.
I am Extremely Grateful to PAP gov. They raise the electric tariff but by bit. Over a short 2 to 3 years, I don’t even feel all the total risen amount all added up. No wonder get 86% vote against Opposition. Singaporeans are wisdom personified. 👏👏👏
Look like we have to install solar panels onto our window panels.
Buy a mini generator to place at home too.
For water, no choice but to design my own water filtration system to recycle used dirty water for other purposes like cleaning floors, flushing toilet bowls and etc. 🤭😁
Please don’t blame the government. Oil prices went up and so gas prices also went up. It’s due to global pricing situation.
I hope COE go to 150k now only 144k. Gov so good give cash and rebates here and there.
NICE……..
So what can Taman Jurong Pineapple King can do about it? Nothing !!!! tsk tsk tsk
Keep voting pappies. more to come.
Very expensive government we have. Every time open mouth is about $$$$$ up and up.
Maybe we should look into reducing ministerial salaries to help with the rising costs. And ministers taking public transport to save the environment too. But please citizens, remember all these increases before the next GE and weigh the options. The only way out of this mess is VTO.
I’ve said many many moons ago, that the muppets and morons amongst us, will only react and realise, … when “things or situations” affect and impact them and their immediate family, … … directly and personally.
That “moment” is almost certainly, … gaining ground and fast approaching.
A bit more suffering and pain, … to personally endure first though !!!
” The SP Group, which Temasek wholly owns, stated that the proposed change is primarily in response to what they identified as higher energy costs from the previous quarter. “
Why our essential services like electricity is owned by Temasek? Any idea?
Every gov can do the same:
1. Give cash, 1-time, say $100.
2. Then raise tax that guarantees quickly get back $100x population number.
I rationalise as follows:
1. Gov all are funded using money taken from the peasants or people.
2. Any $ given to you can be gotten back with tax raised
This is , scientifically speaking, called Perpetual Motion.
Conclusion … only public companies can increase prices?
With both exports and manufacturing productions falling consecutively over the last 11 months SG might have gone into period of economic stagnation.Recent announcements of impending price increases of all necessities will further help push up the already high cost of living.Instead of addressing the stagflation predicament which SG would most likely be confronting in the not too distant future,these idiots are just choosing the easy way out by jacking up prices of all necessities to generate revenue to justify their million dollars annual salaries.So sad 😢😭 to see such bad things are happening in our beloved country.