Power retailer iSwitch shuts down Singapore operations

This will take effect on 11 November 2021.

Electricity retailer iSwitch will be exiting the Singapore Electricity Market on 11 November, citing current electricity conditions.

“Over the past six years, iSwitch Energy has had the privilege of serving the Singapore Electricity Market and collectively saving consumers over $150m on their energy bills against the SP Tariff,” iSwitch said in a letter, addressed to their customers.

“We have also helped maintain focus on sustainability and the green goals that we know are so important to all of you.”

The company noted customers’ electricity account will be under iSwitch Energy until 11 November, which will then be transferred to SP Group on 12 November.

Moreover, iSwitch is in talks with the Energy Market Authority and SP Group to ensure a smooth transfer of all existing customers to SP Group, assuring electricity supply will not be affected.

This comes amidst fluctuating wholesale electricity price leading to higher steeper price increases.

In a separate post, iSwitch explained that prices will likely increase further citing the increase in demand price of natural gas, drop in power supply cushion and the projected increase in electricity demand.

As a licensed electricity retailer in Singapore, iSwitch served over 6,000 commercial accounts and acquired 100,000 residential customers. iSwitch is also the first to offer 100% carbon neutral electricity to both commercial and residential customers.