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USEP has stabilised downwards with the introduction of pre-emptive measures to enhance Singapore’s energy security and resilience since 1H 2022. The elevated USEP* in Q2 2023 was attributable to higher demand for electricity and maintenance of generation facilities.
*The Uniform Singapore Energy Price (USEP) is the half-hourly energy price in the Singapore Wholesale Electricity Market. Energy withdrawal from the national grid is settled at the USEP.
*Data for 2023 is as at Jun-2023.
Visit the Statistics section for more recent statistics on USEP.
The regulated Electricity tariffs trended upwards from 2020 to the beginning of 2H 2022 before trending downwards. Overall, the regulated Electricity tariffs decreased by 6.0% from an average of 30.0 cents per kWh in 2H 2022 to an average of 28.2 cents per kWh in 1H 2023.
A similar downward trend was observed for the General Town Gas tariffs. The General Town Gas tariff decreased by 5.0% from an average of 22.9 cents per kWh to an average of 21.8 cents per kWh during the same period.
Note:
*Data for 2023 is as at Jun-2023.
Energy cost constituted the largest component (76.7% or 21.6 cents per kWh) of electricity tariff in 2023 (as at Q2 2023). It was calculated using the average of daily Natural Gas prices (indexed to Oil prices) in the first two-and-a-half months in the preceding quarter.
Note: The four main components of Electricity tariffs in Singapore are
*Data for 2023 is as at Jun-2023.
Data in this annual publication is accurate as of Sep 2023.