New 2.1% hike in electricity tariffs between Oct-Dec raises total tariffs in 2018 by 18.9%

4781
YT screencapture

SP Group announced yesterday that electricity tariffs in the last quarter of 2018, that is from Oct 1 to Dec 31, will be raised by an average of 2.1 per cent or 0.48 cent per kWh.

Citing the higher cost of natural gas for generating electricity as the main reason for hiking electricity tariffs, SP Group said in a media release that it expects tariffs for households to rise from 23.65 to 24.13 cents per kWh and for the average monthly electricity bill for families living in four-room HDB flats to go up by S$1.76.

This latest electricity tariffs hike joins a 6.3 per cent average tariffs increase in Jan 2018, that was followed by an additional 2.8 per cent average tariffs increase in Apr 2018 and a further 6.9 per cent tariffs increase in July 2018.

This means that average electricity tariffs have risen by a total of 18.9 per cent since the end of 2017.

News of the electricity tariffs hikes over the past year come as Singaporeans were slapped with a hefty 30 per cent water price hike that was rolled out over the past two years.

Singaporeans contending with the ever-rising cost of living also expect the Goods and Services Tax (GST) to rise by 2 per cent in the next few years, following the Government’s confirmation that a GST hike will be rolled out in the coming years.

Meanwhile, SP Group – which is wholly owned by sovereign wealth fund Temasek Holdings – made a net profit of $948.8 million after tax in the last financial year, ending 31 Mar 2017:

Electricity tariffs have risen by hefty 16.8 per cent in the first 7 months of 2018 alone