Singapore Electricity surprise
I've recommended SP group wholesale electricity price, and I've had the lowest bills ~200SGD pcm until July 2021. I immediately complained and I received a response 10 days later:
During 26 - 29 July, there was a partial curtailment of natural gas supply piped from Indonesia. While there was sufficient generation capacity and gas supply to meet electricity demand, the Wholesale Electricity Price takes into account various factors, which include supply of natural gas from external sources, capacity of the power generation companies and electricity demand. Hence, the spike resulted in a rise in the WEP.
Despite the aforementioned spike, Singapore's WEP is still up!
It would appear there is no sane way to track the WEP, best you can do is monitor it, but you will not really know why prices are high or if they will go down.
WEP is always risky. I’m on it and I was burnt too. You can try to monitor but there is nothing you can do except maybe use less electricity. If you don’t like suprises get a retailer plan.— Sau Sheong (@sausheong) September 19, 2021
I feel consumers are getting pushed to a retail plan. Retailers buy at WEP, so I am a little puzzled how they can absorb the cost.