The best way to purchase power as a business customer in Singapore is to procure it at a plan derived from wholesale electricity prices (WEP). Primarily because of the unique characteristics of the National Electricity Market of Singapore (NEMS). Also, the WEP is essentially the cost price of electricity for all retailers, and procuring electricity on this cost plus basis is the cheapest and most transparent option possible to the consumer.
The National Electricity Market of Singapore (NEMS) has some unique characteristics, that presents the everyday electricity consumer advantageous opportunities. Compared to many other liberalised markets in developed urbanised cities, the Singapore market is presently relative stable. Here is why.
Although our nation is getting richer, those belonging to lower-income groups are feeling the pinch, with the ever-increasing cost of living, with rising utility bills, cost of food, transport fees and even taxes, just to name a few. According to SMU professor John Donaldson, approximately 10 to 14% of the local population are facing difficulties making ends meet. Also, while there are no official statistics in Singapore, according to international definitions, it can be suggested that approximately 1 out of 5 Singaporeans are living in relative poverty (with a median gross income of less than SGD 1500 per month).