Singapore’s electricity retail market has seen a spate of exits lately.
Following iSwitch’s announcement that it will be ceasing operations on November 11, as well as Ohm Energy also abruptly exiting the market on October 15, Best Electricity has also called it quits.
On its website, Best Electricity said that it will make its exit on October 21.
“Since our entry into the Singapore retail electricity market in 2015, we have strived to provide comprehensive electricity price plans to ensure savings for our commercial and residential customers. However, unexpected volatile conditions in the energy market have made it extremely difficult for us to do so,” said the company.
Customers will receive an official notification about its departure “within the next few days”, and their accounts will be transferred to SP Group. They will receive another notification once the transfer is complete.
Best Electricity added that it’s working closely with the Energy Market Authority (EMA) and SP Group to ensure a smooth transfer, so that customers will not experience any disruption to their electricity supply.
It will also be offering customers an “ex-gratia payment”, which will be reflected in their final bill. This is not a requirement on their end, but this gesture is simply a token of appreciation of their customers’ support thus far.
Another electricity retail provider, Diamond Electric, is also in danger of shutting down as it has stopped accepting new customers.
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Featured Image Credit: Kaodim / Best Electricity