And natural gas price is actually at an all time low! Why chao kuan and greedy until like this?
<TABLE border=0 cellSpacing=0 cellPadding=0 width=452><TBODY><TR><TD vAlign=top width=452 colSpan=2>Published June 27, 2009
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>Household electricity tariffs to rise by 7%
By RONNIE LIM
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HOUSEHOLDS and businesses here will have to pay about 7 per cent more for electricity in the coming July-September quarter, as higher fuel oil prices spark tariff increases.
The household tariff will rise 6.93 per cent or 1.25 cents per kilowatt/hour (kWh) to 19.28 cents per kWh, SP Services said yesterday. The average tariff increase across all customer categories is 7.15 per cent, it added.
The increase is 'largely due to higher fuel oil prices', the Singapore Power (SP) subsidiary said. 'The average fuel oil price over the past three months has increased to $76.24 per barrel, significantly higher than the $60.47 per barrel fuel oil price used to set the tariff previously.'
SP also said the Q3 tariff rise has been mitigated by a reduction in the market support services fee to 0.22 of a cent per kWh, from 0.28 of a cent, due to productivity improvements and cost reductions by SP Services.
Under the recently revised tariff formula, the Q3 tariff was calculated on the average fuel oil price from April to June.
Fuel oil prices have been rising with crude oil prices which recently hit a seven-month high of US$70-plus a barrel, sparked by signs of a global economic recovery.
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</TD></TR></TBODY></TABLE>An analyst with the Energy Studies Institute had warned of higher Q3 electricity tariffs, saying spot fuel oil prices had risen from an average of US$39 a barrel in Q1 to US$45-plus by April and US$50-plus by end-May.
The higher tariffs also follow an uptick in electricity demand that began to emerge in March and April.
'Demand has definitely been coming up over the past three months, although April and May are the seasonal high periods due to higher temperatures,' Energy Market Company CEO Dave Carlson said earlier this month.
This month's heatwave suggests June electricity demand also remained high.
Reflecting so-called 'green shoots', a Barclays report yesterday said Singapore's economy will probably grow at the fastest pace in almost six years in Q2, helped by a recovery in China and other Asian markets.
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<TABLE border=0 cellSpacing=0 cellPadding=0 width=452><TBODY><TR><TD vAlign=top width=452 colSpan=2>Published June 27, 2009
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>Household electricity tariffs to rise by 7%
By RONNIE LIM
<TABLE class=storyLinks border=0 cellSpacing=4 cellPadding=1 width=136 align=right><TBODY><TR class=font10><TD width=20 align=right>
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The household tariff will rise 6.93 per cent or 1.25 cents per kilowatt/hour (kWh) to 19.28 cents per kWh, SP Services said yesterday. The average tariff increase across all customer categories is 7.15 per cent, it added.
The increase is 'largely due to higher fuel oil prices', the Singapore Power (SP) subsidiary said. 'The average fuel oil price over the past three months has increased to $76.24 per barrel, significantly higher than the $60.47 per barrel fuel oil price used to set the tariff previously.'
SP also said the Q3 tariff rise has been mitigated by a reduction in the market support services fee to 0.22 of a cent per kWh, from 0.28 of a cent, due to productivity improvements and cost reductions by SP Services.
Under the recently revised tariff formula, the Q3 tariff was calculated on the average fuel oil price from April to June.
Fuel oil prices have been rising with crude oil prices which recently hit a seven-month high of US$70-plus a barrel, sparked by signs of a global economic recovery.
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The higher tariffs also follow an uptick in electricity demand that began to emerge in March and April.
'Demand has definitely been coming up over the past three months, although April and May are the seasonal high periods due to higher temperatures,' Energy Market Company CEO Dave Carlson said earlier this month.
This month's heatwave suggests June electricity demand also remained high.
Reflecting so-called 'green shoots', a Barclays report yesterday said Singapore's economy will probably grow at the fastest pace in almost six years in Q2, helped by a recovery in China and other Asian markets.
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