Tan See Leng on regulation of electricity retailers
The Energy Market Authority will review licensing and regulatory requirements for electricity retailers to better protect consumers’ interests. This could include standard compensation to be paid by retailers that exit the market. No compensation is currently required under the law, said Second Minister for Trade and Industry Tan See Leng in Parliament on Thursday (Mar 3). He said six retailers quit the market late last year amid the fallout from a global energy crunch. Three of them have committed to providing ex-gratia payments or settlements to consumers. Dr Tan was responding to an MP’s questions.
The Energy Market Authority will review licensing and regulatory requirements for electricity retailers to better protect consumers’ interests. This could include standard compensation to be paid by retailers that exit the market. No compensation is currently required under the law, said Second Minister for Trade and Industry Tan See Leng in Parliament on Thursday (Mar 3). He said six retailers quit the market late last year amid the fallout from a global energy crunch. Three of them have committed to providing ex-gratia payments or settlements to consumers. Dr Tan was responding to an MP’s questions.
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