EMA to end temporary electricity contracting support scheme

It will take effect on 1 May 2023.

Starting 1 May 2023, the Energy Market Authority (EMA) will discontinue the Temporary Electricity Contracting Support Scheme (TRECS) for large consumers due to the more stable global energy prices.

“Global energy prices have been less volatile in recent months, and the emergency measures have stabilised our electricity markets. More longer-term retail contracts are now available to large consumers,” it said in a statement. “EMA will therefore discontinue TRECS from 1 May 2023.”

EMA introduced the scheme in December 2021 to help large consumers with an average monthly consumption of at least, 4,000 kilowatt-hours to secure retail contracts.

READ MORE: SG, Indonesia deepen renewable energy collaboration

Under the scheme, the authority worked with generation companies and electricity retailers to offer monthly fixed-price plans or plans with significant price components for large consumers.

“Consumers who are on TRECS or Wholesale Electricity Prices (WEP) are strongly encouraged to consider entering into retail contracts for greater price certainty. This is to safeguard yourselves and/or your organisations against potential high and volatile WEP that could occur,” EMA said.