Singapore’s third electricity supplier quits

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Rrepeat the story published on Saturday without changing the text

SINGAPORE, October 16 (Reuters)Electricity supplier Ohm Energy said on its website that it left the Singapore retail electricity market on Friday, making it the third company to do so in the past few days.

He said he resigned because the pricing of his plans, which is lower than the regulated tariff, had become unsustainable due to the volatility of the electricity market.

The company is in the process of transferring its customers to the public electricity supplier SP Group.

iSwitch Energy, one of Singapore’s largest independent electricity retailers, and SilverCloud Energy, which supplies power to commercial, industrial and residential buildings, have also announced their exit from the Singapore market.

Company sources told Reuters earlier this week that Diamond Electric and Best Electricity Supply have stopped accepting new customers as Diamond Electric is in the process of selling existing futures contracts to SP Group.

Global wholesale gas prices have risen in recent months as production and transit issues reduced supply just as demand took off amid a post-pandemic economic recovery, resulting in electricity prices rise in many countries and caused blackouts in some.

Open Electricity Market, a website that allows Singapore residents to choose an energy supplier, only shows 8 of 12 existing retailers with plans for consumers.

(Reporting by Jessica Jaganathan; Editing by Simon Cameron-Moore)

((Jessica.Jaganathan@thomsonreuters.com; +65 6870 3822; Reuters messaging: jessica.jaganathan.thomsonreuters.com@reuters.net; Twitter: https://twitter.com/j3ssi3))

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