Has SP Power been overcharging consumers some 21% more all these while?

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The Energy Market Authority (EMA) announced the launch of the Open Electricity Market earlier this year. Starting in April, all residential households and businesses starting with postal codes 60-64 have the option to opt out of SP Services and choose their preferred electricity retailer.

The Open Electricity Market will be rolled out progressively to other geographical zones too. Tuas Power is one of the participating electricity retailers for the Open Electricity Market.

From today onwards (12 Nov), Tuas Power is embarking on roadshows at the various venues at Jurong Point, HomeTeamNS Bukit Batok, Bukit Panjang Hawker Centre and Market, Kampung Admiralty, etc to promote its services.

Surprisingly, it is able to offer a much lower electricity tariff of 21% off the regulated tariff from SP Power.

So, the question one needs to ask is, if Tuas Power is so confident to offer a much lower price than SP Power, has SP Power been overcharging users 21% more all these while?

Tuas Power is now owned by the Chinese. It was acquired by SinoSing Power, a wholly owned subsidiary of energy conglomerate China Huaneng Group (CHNG), from Temasek Holdings for S$4.235 billion in 2008. After a company restructuring, it was transferred to Huaneng Power International, Inc. The China Huaneng Group is one of the five largest power producers in China, currently listed in the Hong Kong stock exchange.

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