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Electricity retailer Ohm Energy exits Singapore amid ‘volatile’ energy market

Electricity retailer Ohm Energy exits Singapore amid ‘volatile’ energy market

People walk along Marina Bay promenade at night in Singapore on May 15, 2021. (Photo: Roslan Rahman / AFP)

SINGAPORE: Ohm Energy has become the latest electricity retailer to cease operations in Singapore, citing the volatile electricity market.

“Over the past few months, we have seen a volatile electricity market that has made the pricing of our plans at lower than Regulated Tariff unsustainable,” said Ohm Energy in an email to customers on Friday (Oct 15). 

Customers’ electricity accounts will be transferred to SP Group from Oct 20.

“We are currently working with EMA and SP Group to ensure a smooth transfer of all our existing customers to SP Group. We would like to assure you there will be no disruption to your electricity supply,” the company said. 

“Once your account has been transferred to SP Group, you will then have the option to stay with SP Group Services or approach another electricity retailer.”

Its announcement comes a day after electricity retailer iSwitch said it will soon cease operations due to "current electricity market conditions". Customers will have their accounts transferred to SP Group from Nov 12.

Under Singapore’s Open Electricity Market, 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. 

There are 12 Open Electricity Market retailers listed on SP Services’ website, including iSwitch and Ohm Energy. 

According to a Reuters report on Thursday, SilverCloud Energy, which supplies power to commercial, industrial and residential buildings, said it will also exit the market soon.

Citing company sources, Reuters also said Diamond Electric and Best Electricity Supply have stopped accepting new customers.

CNA has contacted the companies for comment. 

Source: CNA/gs(gr)

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