SINGAPORE: The electricity tariff for households will increase by about 9.3 per cent from the previous quarter for the October to December period, said SP Group on Wednesday (Sep 30).
Excluding Goods and Services Tax (GST), the tariff will increase from 19.6 cents to 21.43 cents per kWh, or by 1.83 cents, for the quarter ending Dec 31. Including GST, the fourth quarter rate is 22.93 cents per kWh.
This means that the average monthly electricity bill for families living in four-room flats will increase by S$7.01, before GST, said SP Group.
Despite the increase, the revised tariff and that of the preceding quarter are the lowest in the last three years, the company said.
"The increase this quarter is due to higher energy costs, which forms a major component of the electricity tariff and is paid to power generation companies.
"The remaining components of the tariff, consisting of network costs and market support services fees to SP Group and Market Administration and Power System Operation Fee to Energy Market Company and Power System Operator, remain unchanged," added SP Group.
The electricity tariffs are reviewed quarterly based on guidelines set by the Energy Market Authority (EMA), the electricity industry regulator. The revised tariffs have been approved by the authority.
The revised rate will apply only to consumers who are buying electricity from SP Group at the regulated tariff, said EMA in a separate statement.
As of end-June, about 47 per cent of Singapore's 1.4 million household consumers have switched to a retailer in the Open Electricity Market, with the remaining 53 per cent continuing to buy electricity from SP Group, said an EMA spokesperson.