Global power cost surge wrecks electricity market

All-time high: Artificial tree-like structures at Singapore’s Gardens By the Bay. Electricity prices in the country have risen to record high levels this month. — Reuters

SINGAPORE: The global energy crunch which has sent natural gas prices to record highs and caused power shortages in many parts of the world is now spilling over to the island state of Singapore which is dependent on gas for power generation.

Three energy providers in Singapore are exiting the market, and according to company sources at least two others have stopped accepting new clients amid rocketing wholesale energy prices that retailers are unable to pass on to customers. Singapore’s energy regulator Energy Market Authority (EMA) said on Saturday it was working closely with retailers facing challenges from volatile electricity prices – which rose to record high levels this month – and said there will be no disruption to their customers’ electricity supply.