“Periodic price spikes can occur when there are tight supply conditions,” said Henry Gan, senior vice president of EMC. He didn’t specify the exact cause of Monday’s incident, but said, “What is important is that the prices normalize after the supply returns to normal, which is usually the case.”
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 $4,499.93 for about 30 minutes on Monday night, more than 13 times the daily average. That’s just below the price cap of $4,500, which was last reached in 2012, according to Energy Market Co., the market operator.
