Showing posts with label oil prices. Show all posts
Showing posts with label oil prices. Show all posts
Thursday, October 16, 2014
Wednesday, October 15, 2014
Tuesday, October 14, 2014
Monday, April 11, 2011
Electricity price hike could have been higher
Electricity price hike could have been higher
Posted: 11 April 2011 1733 hrs
SINGAPORE: The 6.1 per cent electricity price hike for the next three months from April to June may have hit some pockets.
But Senior Minister of State for Trade and Industry S Iswaran said in Parliament on Monday tariffs would have been even higher, if not for the strong Singapore dollar.
Unrest in the Middle East and the nuclear crisis in Japan have caused oil prices to increase by about 14 per cent to S$113 per barrel in the first quarter of the year.
But any impact on electricity prices here has been cushioned by global currency movements.
"An appreciating Singapore dollar has helped to cushion the effects of rising fuel oil prices which are denominated in US dollars," Mr Iswaran said.
"Since the beginning of 2010, the Singapore dollar has appreciated by about eight per cent against the US dollar.
"Without this, the electricity tariff in the second quarter of this year would have been five per cent higher."
Mr Iswaran also said the move away from oil-fired steam plants by power generation companies since 2001 to more efficient gas-fired combined cycle gas turbines has also reduced the impact of price hikes in oil.
"Had we continued to use steam plants, the electricity tariff today would be about 15 per cent higher," he said.
Assuming that household electricity consumption does not change, the six per cent tariff increase means that those living in four-room flats would have to pay on average, S$4.85 more each month.
But Mr Iswaran said there is targeted assistance for those who have trouble paying their bills.
This year alone, the government will give out S$250 million in utilities rebates, starting from this month.
Those in four-room flats will receive S$320 -- enough to offset their bill for the next three-and-a-half months.
Those living in three-room flats will get S$340 in rebates to cover five months' worth of electricity consumption.
Overall, the amount given to families in three-room flats is five-and-a-half times more than the actual increase in their bills in the past year.
Since 2007, about S$800 million worth of electricity rebates have been given to some 800,000 households.
Mr Iswaran added that there are programmes to help businesses become more efficient in energy use.
These include schemes to raise awareness on energy management and available energy efficient technologies, provide support for companies which are trying to adopt such technologies, train energy management professionals, and encourage sharing of best practices in energy efficiency among companies.
These are administered by the Energy Efficiency Programme Office (E2PO), a multi-agency committee led by the National Environment Agency and the Energy Market Authority.
-CNA/wk
- wong chee tat :)
Posted: 11 April 2011 1733 hrs
SINGAPORE: The 6.1 per cent electricity price hike for the next three months from April to June may have hit some pockets.
But Senior Minister of State for Trade and Industry S Iswaran said in Parliament on Monday tariffs would have been even higher, if not for the strong Singapore dollar.
Unrest in the Middle East and the nuclear crisis in Japan have caused oil prices to increase by about 14 per cent to S$113 per barrel in the first quarter of the year.
But any impact on electricity prices here has been cushioned by global currency movements.
"An appreciating Singapore dollar has helped to cushion the effects of rising fuel oil prices which are denominated in US dollars," Mr Iswaran said.
"Since the beginning of 2010, the Singapore dollar has appreciated by about eight per cent against the US dollar.
"Without this, the electricity tariff in the second quarter of this year would have been five per cent higher."
Mr Iswaran also said the move away from oil-fired steam plants by power generation companies since 2001 to more efficient gas-fired combined cycle gas turbines has also reduced the impact of price hikes in oil.
"Had we continued to use steam plants, the electricity tariff today would be about 15 per cent higher," he said.
Assuming that household electricity consumption does not change, the six per cent tariff increase means that those living in four-room flats would have to pay on average, S$4.85 more each month.
But Mr Iswaran said there is targeted assistance for those who have trouble paying their bills.
This year alone, the government will give out S$250 million in utilities rebates, starting from this month.
Those in four-room flats will receive S$320 -- enough to offset their bill for the next three-and-a-half months.
Those living in three-room flats will get S$340 in rebates to cover five months' worth of electricity consumption.
Overall, the amount given to families in three-room flats is five-and-a-half times more than the actual increase in their bills in the past year.
Since 2007, about S$800 million worth of electricity rebates have been given to some 800,000 households.
Mr Iswaran added that there are programmes to help businesses become more efficient in energy use.
These include schemes to raise awareness on energy management and available energy efficient technologies, provide support for companies which are trying to adopt such technologies, train energy management professionals, and encourage sharing of best practices in energy efficiency among companies.
These are administered by the Energy Efficiency Programme Office (E2PO), a multi-agency committee led by the National Environment Agency and the Energy Market Authority.
-CNA/wk
- wong chee tat :)
Tuesday, October 12, 2010
Asia now price setter for oil: experts
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SINGAPORE : Asia has become the price setter for oil, on the back of increased demand from China.
Experts said this is changing the way players in the region handle the trading of oil. However, they noted that it will take some time for Asia to establish a strong pricing market.
Oil prices may have settled around the US$70 to US$80 a barrel mark, but they have been on a roller-coaster ride - up sharply in 2008 before going on a downward spiral and then picking up again.
According to some experts, demand from Asia, especially China, has been driving oil prices to where they are now.
Last year, China surpassed Japan as the world's second largest oil consumer, and industry watchers said it wants a say in pricing.
Jason Feer, senior vice president & general manager, Asia Pacific, Argus Media, said: "Traditionally in Asia, the major importing countries for energy commodities and other commodities have been price takers so the price that Asian importers are paying for oil is typically set by other people, traders, or perhaps, futures exchanges in other regions.
"The Chinese are no longer content to be passive price takers and so they are much more active in the commodities markets and the spot markets than the traditional economic powers in the region - like the Japanese, Koreans, the Indians.
"(They) have also become more assertive about participating in markets, about having an influence on what the price is, and that's a real shift."
But while some said Asia is a determining factor in the increase in oil prices, they added that it remains underdeveloped when it comes to pricing markets, in comparison to those in the West such as NYMEX. They said that is because Asian buyers traditionally have not hedged their price risks.
And in some cases, pricing environments are dominated by price controls or subsidies.
But on the other hand, others argued that speculation, rather than demand, has been driving prices.
Valery Golovushkin, president & CEO, Socar Trading, said: "I don't think there is any connection in the rising oil prices and Chinese demand. I don't think there is any connection to the fundamentals, to the supply and demand. Oil prices in the last couple of years are driven by speculation."
Demand for oil in China has grown by about 8 to 10 per cent annually, compared with the global increase of around 1.5 per cent.
- CNA/al
- wong chee tat :)
Friday, March 6, 2009
Electricity tariff for next quarter to be reduced by 21%
Electricity tariff for next quarter to be reduced by 21%
By Hasnita A Majid, Channel NewsAsia
The electricity tariff is coming down for the second straight quarter.
For the period of April 1 to June 30, it will be reduced by 21.37 per cent or 4.9 cents to 18.03 cents per kWh. This is the lowest rate in four years, since April 2005.
The tariff is currently at 22.93 cents per kWh for January to March 2009.
SP Services said the reduction is largely due to lower fuel oil prices.
The electricity tariff is reviewed quarterly and adjusted in line with the changes in the cost of electricity.
- CNA/so
- wong chee tat :)
By Hasnita A Majid, Channel NewsAsia
The electricity tariff is coming down for the second straight quarter.
For the period of April 1 to June 30, it will be reduced by 21.37 per cent or 4.9 cents to 18.03 cents per kWh. This is the lowest rate in four years, since April 2005.
The tariff is currently at 22.93 cents per kWh for January to March 2009.
SP Services said the reduction is largely due to lower fuel oil prices.
The electricity tariff is reviewed quarterly and adjusted in line with the changes in the cost of electricity.
- CNA/so
- wong chee tat :)
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