BUSINESS SUPPORT

Temporary Electricity Contracting Support Scheme for Large Business Consumers for October 2022

Introduction

  • The Energy Market Authority (“EMA”) has received feedback that some business consumers, who were previously contracted with independent retailers, are experiencing difficulties in securing fixed price contracts during this period due to unprecedented volatility in the global energy market as well as in the Singapore Wholesale Electricity Market.
  • EMA has worked with PacificLight Energy Pte Ltd to offer one-month fixed price retail contracts to large business consumers who have difficulty in securing a retail contract for October 2022. While the fixed electricity price under the one-month retail contract reflects the prevailing high fuel prices, it will provide consumers with greater price certainty compared to the Wholesale Electricity Price (“WEP”).
  • Large business consumers, with an Average Monthly Consumption of at least 4 MWh, are eligible to sign up for one-month fixed price retail contract for the month of October 2022.
  • Towards the end of your contract, you can choose to re-contract with PacificLight Energy Pte Ltd (subject to their available capacity), switch to another retailer or switch back to buy electricity at the WEP.

    Following are the key terms of the Contract:
    Electricity Retailer PacificLight Energy Pte Ltd
    Type of Price Plan Fixed Price Plan
    Contract Duration 1 Oct 2022 (or later) to 31 Oct 2022
    Maximum Fixed Electricity Price (cents/kWh)
    Rate shown is before applying GST
    38.232
    Are the following third-party charges applicable and payable by the consumer in addition to the Fixed Electricity Price?
    - Monthly Energy Uplift charges Yes
    - Hourly Energy Uplift charges No
    - Allocated Regulation Price Yes
    - Energy Market Company fees Yes
    - Power System Operator fees Yes
    - Transmission Charges (Peak) Yes
    - Transmission Charges (Offpeak) Yes
    - Contracted Capacity Charges* Yes
    - Uncontracted Capacity Charges* Yes
    - Reactive Power Charges* Yes
    - Meter Reading & Data Management Charges Yes
    - Market Development & System Charges Yes
    - Vesting Contract Debit/Credits No
    - Carbon Tax Yes
    Additional Fees and Charges
    - Security Deposits Yes, 1 month cash deposit payable 2 working days before the contract start date.

    Deposit amount is computed based on 1 month estimated invoice amount using the contracted rate, third-party charges applicable and Declared Quantity stipulated in the Agreement.
    - Early Termination Charges Yes, the amount payable is based on the following formula:
    Maximum Fixed Electricity Price X Declared Quantity per day X days between the date of early termination and 31 October 2022
    - Late Payment Charge 1% of outstanding charges
    - Further details on contract terms All other terms and conditions shall follow PacificLight’s terms and conditions provided in our Offer to you upon receiving your email request.

    * Not applicable for consumers taking supply at low-tension (i.e. below 6.6 kV) level.

  • If you are interested to find out more about our October contracts, please contact us via email to [email protected] with Subject header: Urgent October 2022 TRECS. Please send us your latest electricity bill.
  • Please note that the deadline to sign-up for our October Contract is 26 September 2022, 10am. We seek your understanding that there will be no deadline extension.
EMA’s Consumer Advisory

Please note that the fixed electricity price under the one-month retail contracts offered by the participating retailers for the Temporary Electricity Contracting Support scheme show the maximum fixed electricity price for the contract month. Consumers should engage participating retailers to negotiate pricing and non-pricing terms. Retailers usually request consumers to provide more information such as their historical electricity consumption profile to adjust the electricity price and other terms.

The participating retailers’ offers under the scheme are subject to availability and will be contracted on a first-come-first-served basis. It is not compulsory for consumers to sign-up for monthly fixed price contracts. Consumers can continue to engage retailers on alternative pricing arrangements that best suit your needs.

FREQUENTLY ASKED QUESTIONS

Large electricity consumers with an average monthly consumption of at least 4MWh and, have/had retail contracts expiring in September 2022 which have or have not been renewed; or are buying at Wholesale Electricity Price from SP Group; or had their contracts terminated by independent retailers.

Starting from 16 September 2022, eligible consumers can sign up with their preferred retailer who will work directly with SP Group to make the transfer. Please visit https://go.gov.sg/electricity-contracting-options or scan the QR code above to learn more about TRECS, including links to the participating retailers’ fixed price plans.

It is not mandatory for them to take part in TRECS. They can continue to engage retailers on alternative pricing arrangements that best suit their needs.

The retailers participating in TRECS are listed in https://go.gov.sg/electricity-contracting-options. Alternatively, you may scan the QR code above.

The start date of the price plan is subject to mutual agreement between the consumer and contracted retailer. Contracts signed as part of TRECS for the month of October will expire on 31 October 2022.

EMA has worked with the participating retailers to offer one-month fixed price plans for October 2022. Eligible consumers can also contact their preferred retailer to negotiate longer term contracts with monthly updated fixed prices if they wish to do so.

Retailers must ensure that the generation companies they contract with have sufficient gas and generation capacity to offer contracts to consumers. This means there is a limit to the retail capacities available for them to offer contracts to consumers. Hence, the offers are subject to availability and consumers will be contracted on a first-come-first-served basis.

Consumers that did not manage to secure contracts under TRECS can consider approaching those retailers that are offering other retail contracts with significant fixed price component. Please visit https://go.gov.sg/electricity-contracting-options or scan the QR code above to find out more information.

Contracts are subject to availability and will be contracted on a first-come-first-served basis.

Last Updated: 16 September 2022