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Singapore’s Exposure to Energy Crisis Seen in Wild Price Spike

  • Wholesale electricity prices jumped to highest in a decade
  • Volatility presents more strain to beleaguered power retailers

A spike in Singapore’s wholesale electricity price to the highest level in a decade highlights the nation’s vulnerability to the global energy crisis, putting further strain on beleaguered power retailers.

The cost of one megawatt-hour soared to S$4,499.93 ($3,207) for about 30 minutes on Monday night, more than 13 times the daily average. That’s just below the price cap of S$4,500, which was last reached in 2012, according to Energy Market Co., the market operator.