For some, the two-year delay in implementing stricter regulations has resulted in a loss of confidence in the market's stability and raised doubts about how effective the proposed measures can be.
SINGAPORE: The Energy Market Authority has finally taken action to address the staggering surge in power prices, but critics have argued that the move comes two years too late.
The prolonged period of inaction has raised concerns among industry players and consumers alike. Two years ago, the sudden and severe price hikes resulted in the bankruptcy of numerous independent retailers, highlighting the urgent need for regulatory intervention. The prolonged price volatility has also discouraged utilities from investing in additional generation capacity, exacerbating the persistent shortage of power supply, according to the EMA.
Meanwhile, the cost of LNG has plummeted by a substantial 86 per cent since March 2022, further highlighting the need for swift regulatory action. In an attempt to rectify the situation, the EMA has engaged in consultations with industry stakeholders and utilities to explore effective strategies for mitigating the drastic price fluctuations. Additionally, the authority has expressed its intention to launch a request for project proposals in the latter half of this year and has said it is also open to the possibility of building additional generation capacity under governmental supervision.
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