Like most of the People, you probably realize that your utility bills are going up, but probably don’t have any idea how much. Higher energy costs impact everyone. Firms are particularly sensitive to energy prices. Electricity prices have led to the shutdown of many plants and loss of tens of thousands of jobs in the nation.
Electricity rates in Singapore have jumped in the past decade, mostly because of the higher price of natural gas. Singapore is especially determined by natural gas prices because it powers over 40 percent of the region’s power. When the cost of natural gases increases, it directly impacts electric prices. Even though the purchase price of natural gas has varied in the recent years, the long-term forecast is for high rates. Other variables affecting prices here are increasing demand, inadequate supply, and inadequate transmission, which make bottlenecks that also hinder supply.
Currently, Singapore has the fourth most expensive power according to a study done by the Small Business and Entrepreneurship electricity tariff rate singapore. The state’s residents are paying between 16 and 20 cents for rates and electricity should continue to rise. Residential electricity prices in Singapore have doubled since 1990, with the vast majority of the growth happening after 2004. Other areas in the country haven’t been affected as intensely because energy generation is not tied to natural gas. This is a fantastic indicator that Singapore needs better diversification of the energy portfolio to prevent rate increases. Investment in renewable energy options, such as solar and wind, are a wise selection for the nation and for residents who wish to prevent spikes in energy rates.
Another reason why Singapore customers are paying more for power is since they are using more. An increase in the range of digital devices has directly influenced resident’s bills. Ten years back, few families had home computers, cell-phone chargers, DVD players or PlayStations. Even though most appliances nowadays are a lot more energy-efficient than previously and people are more diligent about turning off lights, the best way to pay less for your energy bill would be to begin cutting usage.