.jpg)
2 hours ago
2
Article content
(Bloomberg) — Singapore is set to see higher electricity prices in the months ahead as the US-Israeli war against Iran tightens global energy supplies, authorities warned.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
Fuel prices are “expected to remain elevated in the foreseeable future” given the extensive disruption to oil and natural gas production and shipping in the Middle East, Singapore’s Energy Market Authority said in a statement on Tuesday.
Article content
Article content
The city-state, which depends on imported natural gas to generate the vast majority of its electricity, bought more than 40% of its liquefied natural gas from Qatar last year, according to ship-tracking data compiled by Bloomberg. Qatar is home to the world’s largest LNG plant, which was forced to shut down after being damaged in Iranian attacks earlier this month.
Article content
Article content
Singapore’s electricity rates are determined based on the average fuel costs in the preceding quarter, so prices in April through June will only be partially affected by the war, which broke out at the end of February, the EMA said. The following quarters could see “further and potentially sharper increases in the electricity and town gas tariffs,” it said.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
“We cannot predict how long the conflict in the Middle East will last. Household and business consumers must therefore be prepared for higher and more volatile energy costs,” the EMA said, calling on consumers to use more energy-efficient appliances and conserve energy.
Article content
The supply shock stemming from the conflict has highlighted the vulnerability of nations that rely heavily on energy imports. Most of Qatar’s LNG goes to Asian buyers, and many other importers are scrambling for alternatives across the region. Taiwan spent over $600 million more to secure spot cargoes as of June, while countries such as Japan and South Korea are weighing heavier reliance on coal.
Article content
Advertisement 1
English (US)