SINGAPORE, Dec 29 — Electricity tariffs for households are set to increase by 4.1 per cent for the first quarter of 2024, utilities provider SP Group said in a press statement today (December 29).
The hike of 1.19 cents per kilowatt-hour (kwh) in the January to March quarter will see tariffs rise from 28.70 cents per kWh to 29.89 cents per kWh.
After accounting for the 9 per cent GST that will kick in from Jan 1, the tariff will be 32.58 cents per kWh.
SP Group said that the increase is due to higher energy costs compared with the previous quarter.
Concurrently, gas tariffs are also set to increase by 3.3 per cent for the same period, City Gas said in a separate statement.
Households will pay 0.73 cents per kWh more, from 22.42 cents per kWh to 23.15 cents per kWh. With GST, the tariff will be 25.23 cents per kWh.
This marks the third consecutive quarterly increase in electricity and gas tariffs.
Electricity tariffs increased by an average of 3.7 per cent in the last quarter of 2023 and by some 1.2 per cent in the third quarter.
Gas tariffs rose by 2.3 per cent in the October to December quarter after rising 1.1 per cent the previous quarter.
This was preceded by three consecutive quarterly decreases in electricity and gas tariffs due to lower energy costs.
Both SP Group and City Energy said that they review tariffs every quarter based on guidelines set by the electricity and gas industry regulator, Energy Market Authority.
In September, the Ministry of Finance had announced that an additional S$20 per quarter of U-Save rebates will be provided to 950,000 households for two years from January 2024 to December 2025 to cushion the impact of the increase in GST and utility bills. — TODAY
