Singapore to roll out stricter requirements for electricity retailers to better protect consumers

The new requirements were announced by Energy Market Authority in a paper on Monday, after a public consultation. - ST PHOTO: CHONG JUN LIANG

SINGAPORE: Consumers will have better protection against volatile electricity prices, with stricter requirements for retailers coming into force progressively from August.

Under the new rules, electricity retailers must have minimum paid up capital of at least $1 million when they apply for or renew their licence, to ensure that they are credible and have sufficient financial standing, said the Energy Market Authority (EMA). Retailers will also need the EMA’s approval in appointing key positions, such as its chief executive.