SINGAPORE: Electricity retailers in Singapore may have to meet new requirements ensuring they have sufficient financial standing, under changes proposed by the Energy Market Authority .
Independent retailers, which do not generate their own electricity but buy electricity from the wholesale market, were especially affected by these volatile market conditions. The recent market upheaval also highlighted the issue that consumers are not sufficiently protected when retailers exit the market or if retailers prematurely terminate contracts.
Having an additional capitalisation requirement will ensure that electricity retailers are “credible and have sufficient financial standing”, according to the consultation paper.The authority is also proposing that retailers seek its approval before the appointment of key roles, such as chief executive officer, managing director and any person with “substantial direct or indirect influence” over the company’s key decisions.
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