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Stricter rules for energy retailers

Stricter rules for energy retailers among new moves to tackle energy crunch, address gaps in Singapore power sector :MTI- today online, 25 October 2022.

I quote, ‘MTI said some gaps have been identified in Singapore’s energy market structure amidst a volatile global market and they include the risk of gas supply, price shocks, the sudden exit of energy suppliers who are insufficiently prepared’.

I welcome MTI’s announcement and I think more could be done especially in the areas of addressing consumer complains and seeking redress for unfair business practices.

Like many, I changed my electricity retailer. I switched my electricity retailer to iSwitch because they offered cheaper rates, however, one fine day, iSwitch among many other electricity retailers announced that they were folding up due to changes in the market conditions.

I was told that my account would be returned back to Singapore Power (SP) with the assurance that my electricity supply would not be disrupted and that’s it.

There was no arrears in my account with them. There was no further explanation, offer of compensation of any sorts or apologies from them either and my relationship with them ended.

My account was sebsequently returned back to SP but at the new and more expensive SP’s tariffs and not the previous rates that I have signed with iSwitch.

I could imagine that if I prematurely terminate my telco services, such decision must attract punitive penalties. I then approached CASE for help. CASE was totally, totally hopeless. I repeat, CASE was totally hopeless. It was impotent and a total waste of my time. They failed to help me one single inch. I believe that I am not alone in this.

It is timely that the Energy Market Authority set higher standards and more stringent requirements for their electricity retailers before giving giving out their electricity retailer licences too eagerly and too loosely.

As for CASE, I strongly feel that given my experiences with them about iSwitch fold up, if they truly aspire to continue being an useful and relevant consumer protection organisation, then they must have bigger teeths and not merely acting and reacting nonchalantly to public’s complains, otherwise, they deserve to be shamed publicly.

Think.

 

Simon Lim

 

 

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READER COMMENTS BELOW

11 Responses to “Stricter rules for energy retailers”

  • xoxo:

    *ENERGY RETAILER$*?
    Whats the REAL VALUE-ADD here?
    Quite a waste of time.
    To me,its SIMPLE,no rocket science evaluation needed.

    Pls ENLIGHTEN all we humble commoners how the *retailer* can SELL CHEAPER than THEIR *SUPPLIER*???
    Either the retailer lose money doing business or All This Time,sgs have been CHEATED BY A PROFITEER?

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  • Spineless Sinkie Syndrome:

    Aiyoyo Simon Lin, you 1st time experience with Sinkiepore’s “Pay And Pay” bureaucracy meh?! LOL.

    Please lah… all your complain letters, write-ups, even court cases and what-nots won’t change anything one bit lor, as long as SSS Sinkies still luv their PAPies gangsters.

    You know that, and everyone knows that you know that too. So why bother? LOL.
    Whether its MTI / CASE / SP / ERP/ COE / HDB / GST/ CPF / bla-blah-blah… you really think ANYTHING will change for the better under the “LEEgime”? LOL.

    Solve the ROOT problem 1st & foremost – i.e.) the SSS Sinkie conundrum. LOL.

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  • Certainly agreed:

    Spineless Sinkie Syndrome:
    Aiyoyo Simon Lin, you 1st time experience with Sinkiepore’s “Pay And Pay” bureaucracy meh?! LOL.

    Please lah… all your complain letters, write-ups, even court cases and what-nots won’t change anything one bit lor, as long as SSS Sinkies still luv their PAPies gangsters.

    You know that, and everyone knows that you know that too. So why bother? LOL.
    Whether its MTI / CASE / SP / ERP/ COE / HDB / GST/ CPF / bla-blah-blah… you really think ANYTHING will change for the better under the “LEEgime”? LOL.

    Solve the ROOT problem 1st & foremost – i.e.) the SSS Sinkie conundrum. LOL.

    Yep! After experiences with HDB and all useless letters to all, I tend to agree with you!

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  • P Against People:

    If a retailer succeeds, it proves that the supplier has been bloody inefficient in their administration work, or they have been profiteering. Either way, the government is bad.

    I predict no “non-golden-horse” retailer will ever succeed.

    xoxo:
    *ENERGY RETAILER$*?
    Whats the REAL VALUE-ADD here?
    Quite a waste of time.
    To me,its SIMPLE,no rocket science evaluation needed.

    Pls ENLIGHTEN all we humble commoners how the *retailer* can SELL CHEAPER than THEIR *SUPPLIER*???
    Either the retailer lose money doing business or All This Time,sgs have been CHEATED BY A PROFITEER?

    GD Star Rating
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  • idontbelieveinccpbs:

    Retailers are actually resellers of SP, the rates are no longer attractive, they are going sky too.

    SP instead of directly billing us has chosen these retailers to continue to squeeze and milk us indirectly.

    This is a massive greed party, their policies do not benefit citizens but themselves.

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  • only stupid people vote pap:

    people who vote pap are very stupid.

    electricity supplying middlemen who buy from SP and then resell to you can be cheaper than you buying directly from SP means one of two things.

    First, SP is selling to the middlemen at a cheaper rate than it is selling you. So, why not threaten pap with this message. If SP does not sell to you at the same rate SP is selling to the middlemen, then, you stop being stupid and start voting OPPO.

    Second, any electricity supplying middlemen who do not have electricity generating capability selling you NOW at a cheaper rate somehow will reap back all the losses incurred down the timeline. Over the period of the contract, sure as sunrise you will pay more with them than with SP.

    in other words, people who vote pap are very stupid. just because pap comes out with the scheme it does not mean we have to participate if it makes no sense at all.

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  • Sunak:

    Good for the party. A lot of redundant bgs n mgs can be posted there!

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  • Billy ma:

    PAP uses the excuse that privatisation is better.
    Look at the case of the national stadium.
    Don’t surprise that smrt be cut into bite pieces once all the lines are up.

    PAP ministers get higher & bigger salaries & at the same time they’re pushing away more & more responsibilities.
    Remember the time when the trains kept failing?
    PAP initially tried to act blur & a by stander.
    It’s only later when they realised that the people are blaming PAP for all the troubles, only then PAP started to get involved.

    Of course, we know now that it was at that time when the electric scooters were introduced with zero regulation.
    The results we all know.

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  • Kaiju:

    Simple maths tell us this energy ‘free market’ is just a scam.

    X1 produces $100 worth of energy but can only make max $60, $40 always goes to waste.

    When X1 sells $40 worth of energy in bulk at $30 to Y1 and Y2, X1 traditional $60 may drop to $40, but it free up another $20 for selling to Y3 at $13.

    The ‘sales’ is always with special clauses to ‘protect’ the provider with variable adjustments in a sudden raise of energy price. (But may not include drop in energy price)

    Thus, in above maths X1 grows profit from $60 to
    ■ $40 (dropped new profit from $60) plus
    ■ $30 (bulk sales to Y1 and Y2) plus
    ■ $13 (2nd bulk sales to Y3)
    Equal = $40 + $30 + $13 = $83 an increase of 38% instantly.

    Lets says Y1 bought $25 bulk at $20
    and Y2 bought $15 bulk at $10, and then
    Y1 resold all its $25 worth of bulk to ‘new’ customer at $23, it still makes $3,
    Y2 resold all its $15 worth of bulk to ‘new’ customer at $12, it still makes $2.
    Y3 resold its $20 worth of bulk to ‘new’ customer at $17, it makes $4

    When the energy market shoot suddenly up, the special clauses kicks in, Y2 likely to go burst first, followed by Y1 and Y3. Exit clauses kicks in and bye-bye, return their ‘new’ customers back to their original provider.

    Who is the greater winner?

    So, Simon, don’t complain, at least you enjoyed at short ‘honeymoon’ period. People already gone bankrupt, are you going after their blood?

    Whereas for X1, the CEO get his performance bonus and retired as new citizen in some first world country driving Tesla.

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  • PAP mandate strong:

    https://www.ogj.com/general-interest/economics-markets/article/14284824/waha-natural-gas-prices-fall-to-225mmbtu

    No need monies ( as my director feedback not sure he joking or not ) just remove the excess natural gas from there with your own transport. If ship overseas , your own shipping and storage arrangements.

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  • Low Income Families:

    Whatever happens in the near future, the LIF (LOW Income Families) will suffer the most.
    The lower middle income ones will soon join the rank.

    The millibillies escape unscathed coz they have amassed and are still amassing wealth with the notion: You Die Your Funeral, NOMB! None of My Business!

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