Wholesale Electricity Price

Consumers can choose to buy electricity from the wholesale electricity market. In doing so, they will be paying for electricity at prices that vary every half-hour, depending on the demand and supply situation in the market. This is known as the Wholesale Electricity Price (WEP).

The WEP would typically rise due to reasons such as an increase in electricity demand and/or an outage of power generating units.

Consumers are advised to consider the WEP plan carefully given that the electricity rate that they pay is uncertain and volatile. In the recent months of 2023, wholesale electricity prices have remained elevated and volatile. Consumers who are buying electricity at wholesale prices could pay significantly more for their electricity, compared to those buying electricity via a retail contract with an electricity retailer or at the regulated tariff from SP Group (if applicable).

For greater price certainty, businesses are advised to sign up for an electricity retail contract. You can enquire directly with any electricity retailer to find a price plan that best suits your business needs.

Small businesses with monthly average consumption below 4,000 kWh, may also consider buying electricity at the regulated tariff from SP Group. The regulated tariff is linked to long-term fuel prices and is adjusted quarterly. View the latest regulated tariff rates.

Here are more details on how one can switch from WEP to the regulated tariff (if eligible) or a retailer.

For consumers who prefer to buy electricity from SP Group at the WEP, please read through SP Group’s Fact Sheet and Consumer Advisory which summarises the key contractual terms before doing so.