SINGAPORE: Best Electricity announced on Tuesday (Oct 19) that it is exiting the Singapore market, becoming the third company to do so in a week.
“Unexpected volatile conditions” in the energy market have made it “extremely difficult” to continue operations, said Best Electricity on its website.
It plans to exit the market effective Thursday. Customers will have their accounts transferred to SP Group.
“Our customers will receive an official notification from us within the next few days,” Best Electricity added. “We assure our customers that there will be no disruption to their electricity supply.”
Both companies were among Singapore 12 retailers under the Open Energy Market, under which consumers have the choice of buying electricity from SP Group at the regulated tariff, or from electricity retailers at a price plan that suits their needs.
Another retailer Union Power said on Monday that it is dropping 850 mainly commercial accounts amid high energy prices.
Amid the global energy crunch, Singapore’s Energy Market Authority (EMA) announced earlier on Tuesday that it is taking pre-emptive steps to safeguard the country’s supplies.
These include setting up standby fuel facilities for power generation companies to draw upon to generate electricity if needed.
Calling the steps “extraordinary but necessary”, EMA said it will continue to monitor developments and introduce further measures if needed.