Singapore power provider Best Electricity announces exit from market
19/10/2021 12:40
SINGAPORE, Oct 19 (Reuters) - Singapore energy provider Best
Electricity Supply said on its website on Tuesday that it was
exiting the retail electricity market, making it the fourth firm
to do so in a week.
The firm said in a note to customers that "unexpected
volatile conditions in the energy market have made it extremely
difficult" for the firm, which entered Singapore's retail
electricity market in 2015.
It plans to exit the market effective Thursday and added
that it is working with the Energy Market Authority and
state-owned SP Group to hand over customers.
"While not a requirement on our part, we will present our
customers with an ex-gratia payment, which will be included in
their final bill with us, as a token of our appreciation of
their support," Best Electricity said.
Three other energy providers announced plans last week to
quit the Singapore electricity market following a surge in
global wholesale gas prices due to production and transit
problems. urn:newsml:reuters.com:*:nL1N2RD0HS
Earlier this week, one other firm announced plans to
restructure its business, while a company source in another
company said it has stopped taking in new customers.
urn:newsml:reuters.com:*:nL1N2RE1XO urn:newsml:reuters.com:*:nL1N2RF00C
(Reporting by Jessica Jaganathan, Editing by Louise Heavens)
((Jessica.Jaganathan@thomsonreuters.com; +65 6870 3822; Reuters
Messaging: jessica.jaganathan.thomsonreuters.com@reuters.net;
Twitter: https://twitter.com/j3ssi3))