SP Group revealed on Monday (30 Dec) that electricity tariffs are set to rise 3.5 per cent in the first quarter of 2020.
Between 1 Jan to 31 March 2020, electricity tariffs will rise by 0.81 cents per kilowatt hour (kwh), going from 23.43 cents per kwh in the current quarter to 24.24 cents per kwh (excluding GST) for those who opt for SP Group to provide electricity.
Before GST, the average monthly electricity bill for those living in four-room HDB flats will go up by S$2.76 from next month.
The impending hike will cause the electricity tariffs to hit the highest rate in over five years. This is the highest electricity tariffs have been since the last quarter of 2014, when tariffs rose by 25.28 cents before GST.
SP Group attributed the increase primarily to the higher energy cost compared with the previous quarter. It added that electricity industry regulator Energy Market Authority (EMA), which reviews the quarterly electricity tariffs, has approved the new tariffs.