The opening up of electricity to competition has highlighted the humongous profits in the past?

I refer to the article “Sizzling competition, ‘encouraging’ sign-ups as electricity market opens up in Jurong” (Channel NewsAsia, Apr 26).

It states that “With his new 12-month plan charging 16.95 cents per kilowatt hour (kWh), almost 5 cents lower than SP Group’s current electricity tariffs“.

Does this mean that the price difference is 23.5 per cent (16.95 divided by 22.15 cents)?

So, can you imagine the humongous profits that have been made in the past?

With the estimated annual profits of about $1.6 billion from providing electricity in Singapore – are we looking at tens of billions of profits in the past decades?

In this connection, what is arguably noteworthy may be that the loads of commentary in the media I understand, have never mentioned the obvious – humongous profits in the past?

Is it any wonder that our Press Freedom Ranking for 2018 (released a few days ago) is still at 151st?

 

Leong Sze Hian

 

 

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4 Responses to “The opening up of electricity to competition has highlighted the humongous profits in the past?”

  • Samuel S:

    So under PAP rule for more than 50years, we have been overcharging by the same government on the pretext that we have to pay more so that we will not waste electricity! I wonder how many other things we have been overcharging.

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  • Competition?:

    I guess SP will have to lower their rates ???
    Certain types of competition is good for those not wanting the hassle of switching providers. If SP doesnt lower their rates i will switch when the time comes..

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  • LIONS:

    Umm,i rather THEY allow WALMART TO COMPETE with NTUC FATprice?!!!
    There is simply overwhelming profiteering from NTUC.

    Maybe a WALMART can help bring down the prices?

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  • SP - Please Explain!:

    You got the monopoly previously!

    Did you overcharge Singaporeans?

    If yes, how can SP be so heartless!

    You owe Singaporeans an explanation..

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