Fixed Price Contracts for Business Consumers in Jan 2022

Fixed Price Contracts for Business Consumers in Jan 2022

Find out more about the Temporary Electricity Contracting Support Scheme.

>>Update: We have reached our sales capacity limit. Please visit EMA's website for alternatives. Stay in touch with us at sales@senokoenergy.com!<<

Information and details on TRECS remain available below.

Temporary Electricity Contracting Support Scheme (TRECS) for Large Business Consumers (with at least 4MWh monthly) for January 2022

Introduction

1. The Energy Market Authority (“EMA”) has received feedback that some large business consumers looking to secure fixed price contracts in recent months have experienced difficulties in doing so during this period due to unprecedented volatility in the global energy market as well as in the Singapore Wholesale Electricity Market. 

2. EMA has worked with Senoko Energy Supply Pte Ltd to offer one-month fixed price retail contracts to large business consumers who have difficulty in securing a retail contract for January 2022. While the fixed electricity price under the one-month retail contract reflects the prevailing high fuel prices, it will provide consumers with greater price certainty compared to the Wholesale Electricity Price (“WEP”). 

3. All large business consumers, with an Average Monthly Consumption of at least 4 MWh, are eligible to sign up for our one-month fixed price retail contract for the month of January 2022. You should have been notified via your existing/previous retailer or SP Group. 

4. Towards the end of your contract, you can choose to re-contract with Senoko Energy Supply Pte Ltd, switch to another retailer or switch to buy electricity at the WEP. 

5. Key terms of the Contract:

 Electricity Retailer  Senoko Energy Supply Pte Ltd
 Type of Price Plan Fixed Price Plan
 Contract Duration  1 Jan 2022 (or later) to 31 Jan 2022
Maximum Fixed Electricity Price (¢/kWh)
Rate shown is before applying GST
 39.7

Are the following third-party charges applicable and payable by the consumer in addition to the Fixed Electricity Price?

 Monthly Energy Uplift charges Yes                                                                                    
 Hourly Energy Uplift charges No
 Allocated Regulation Price Yes
 Energy Market Company fees Yes
 Power System Operator fees Yes
 Transmission Charges (Peak) Yes
 Transmission Charges (Offpeak) Yes
 Contracted Capacity Charges* Yes
 Uncontracted Capacity Charges* Yes
 Reactive Power Charges* Yes
 Meter Reading & Data Management Charges Yes
 Market Development & System Charges Yes
 Vesting Contract Debit/Credits  No

* Not applicable for consumers taking supply at low-tension (i.e. below 6.6 kV) level.

Additional Fees and Charges

 Security Deposits                                                                                                                                                                                                                                                                                                                    

Yes, 1 month cash security deposit payable 3 business days before contract start date.

 Early Termination Charges Yes, the amount payable is computed based on: Sum of administrative costs, hedge unwinding costs and opportunity cost x average monthly volume (MWh) x remainder of the Contract Period. 
 Late Payment Charge 1% per month
 Further details on contract terms All other terms and conditions shall follow Senoko Energy's terms and conditions provided in our offer to you upon receiving your email request.

 EMA’s Consumer Advisory

Please note that the fixed electricity price under the one-month retail contracts offered by the participating retailers for the Temporary Electricity Contracting Support scheme show the maximum fixed electricity price for the contract month. Consumers should engage participating retailers to negotiate pricing and non-pricing terms. Retailers usually request consumers to provide more information such as their historical electricity consumption profile to adjust the electricity price and other terms.

The participating retailers’ offers under the scheme are subject to availability and will be contracted on a first-come-first-served basis. It is not compulsory for consumers to sign-up for monthly fixed price contracts. Consumers can continue to engage retailers on alternative pricing arrangements that best suit your needs.

Frequently Asked Questions

Q1
Who is eligible for the TRECS?
Consumers eligible for the TRECS are large businesses with an average monthly consumption of at least 4MWh and 
a) had their contracts terminated by independent retailers; or
b) have retail contracts expiring in Dec 2021 and Jan 2022 which may not be renewed; or
c) are buying at Wholesale Electricity Prices from SP Group
 
Q2
Why are there only one-month price plans for Jan 2022?
EMA has worked with the participating retailers to offer one-month fixed price plans for January 2022. Eligible consumers can negotiate with their preferred retailer for longer term contracts. EMA will consider extending the TRECS for subsequent months if there is demand for it. 
Q3
How soon will my contract take effect?
The start date of the price plan is subject to negotiations between the consumer and contracted retailer. Contracts signed under the TRECS will expire on 31 January 2022.
Q4
What will happen to my contract when it expires on 31 January 2022? And what should I do if I wish to continue?
EMA has worked with the participating retailers to offer fixed price retail contracts for January 2022. EMA will consider extending  the TRECS for subsequent months if there is demand for it. 

For those large consumers who choose not to sign up with a retailer after their contracts expire on 31 January 2022, they will be switched to buy electricity at the Wholesale Electricity Price (WEP).
Q5
Must eligible consumers participate in the TRECS?
It is not compulsory for them to take part in the TRECS.
Q6
How long is the TRECS? Can eligible consumers still be part of the TRECS if their current retail contracts expire only in Feb/Mar 2022?
EMA has worked with the participating retailers to offer one-month fixed price retail contracts for January 2022. EMA will consider extending  the TRECS for subsequent months if there is demand for it. 
Q7
Where can I find more information about the TRECS?
Eligible consumers can visit https://go.gov.sg/trecs-large-business-consumers to learn more about the TRECS.