Singapore power provider Best Electricity announces exit from market

·1-min read
A woman in a wedding gown and a tourist (2nd R) pose for photos with the skyline of the financial district of Singapore at Marina Bay August 22, 2014. REUTERS/Edgar Su (SINGAPORE - Tags: SOCIETY CITYSCAPE TPX IMAGES OF THE DAY)

SINGAPORE, Oct 19 (Reuters) - Singapore energy provider Best Electricity Supply said on its website on Tuesday that it was exiting the retail electricity market, making it the fourth firm to do so in a week. 

  The firm said in a note to customers that "unexpected volatile conditions in the energy market have made it extremely difficult" for the firm, which entered Singapore's retail electricity market in 2015. 

  It plans to exit the market effective Thursday and added that it is working with the Energy Market Authority and state-owned SP Group to hand over customers. 

  "While not a requirement on our part, we will present our customers with an ex-gratia payment, which will be included in their final bill with us, as a token of our appreciation of their support," Best Electricity said. 

  Three other energy providers announced plans last week to quit the Singapore electricity market following a surge in global wholesale gas prices due to production and transit problems. 

  Earlier this week, one other firm announced plans to restructure its business, while a company source in another company said it has stopped taking in new customers. (Reporting by Jessica Jaganathan, Editing by Louise Heavens) 

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting