SINGAPORE: Three exiting electrical energy retailers have dedicated to offer ex-gratia funds, or personal settlements, to ease their customers’ transition to a distinct power supplier, mentioned Second Minister for Commerce and Trade Tan See Leng in Parliament on Thursday (Mar 3).
The retailers are Finest Electrical energy, Ohm Power and UGS Power.
Dr Tan, who can also be the Manpower Minister, was responding to parliamentary questions from Mr Leon Perera (WP – Aljunied) on whether or not the Power Market Authority (EMA) has the accountability to make sure that electrical energy retailers uphold the Client Safety (Honest Buying and selling) Act after they exit the market.
Mr Perera additionally requested if EMA units a typical for compensation when an electrical energy retailer exits the market, and whether or not a clear technique to find out a good normal might be made recognized.
Dr Tan mentioned that EMA has applied some safeguards in retailer exits. Exiting retailers are required to refund all safety deposits collected from family customers after offsetting excellent costs.
Exiting retailers should additionally method different retailers to hunt their curiosity and settlement to simply accept the novation, or substitution, of the contracts on the identical phrases and situations, earlier than the buyer might be transferred to SP Group underneath the default provide association.
Customers are additionally free to modify to different retailers of their alternative, mentioned Dr Tan.
Between October and December 2021, six electrical energy retailers exited the market as power costs soared.
Stated Dr Tan: “EMA will assessment the present regulatory regime and can search to strengthen the licensing and regulatory necessities for electrical energy retailers to raised defend shopper pursuits.
“Customers who want to search recourse from their electrical energy retailers can method the Customers Affiliation of Singapore or CASE, the Singapore Mediation Centre or Small Claims Tribunal for recommendation and help.”