Households will pay more for electricity in the new year
Households will pay more for electricity in the new year, with tariffs rising by an average of 6.3 per cent.
Power will cost 21.56 cents a kilowatt hour (kwh) in the first quarter of next year, up from 20.30 cents in the last three months of this year.
The increase is due to the higher cost of natural gas for electricity generation, which rose 14 per cent compared with the previous quarter, SP Group said in a statement yesterday.
The tariff is largely determined by energy costs, which are incurred by power generation and fuel. These costs make up 73.5 per cent of the new tariff.
Network costs, a market support services fee and a market administration and power system operation fee are also components of the tariff. - THE STRAITS TIMES