SilverCloud Energy to exit Singapore's retail electricity market amid soaring gas prices

FILE PHOTO: Artificial tree-like structures called Supertrees are seen before lights were switched off to commemorate Earth Hour, at Gardens By the Bay, in Singapore, March 27, 2021. REUTERS/Dawn Chua/

SINGAPORE (Reuters) - SilverCloud Energy Pte Ltd will soon be exiting Singapore’s retail electricity market amid soaring gas prices, a company representative told Reuters in an emailed response.

“At the moment we are busy with informing our customers to switch to other electricity retailers or transfer back to SP Group with the regulated tariff rate in order to minimize their cost,” said the company representative.

The company’s exit marks the latest casualty among independent electricity retailers in Singapore amid rocketing wholesale energy prices.

iSwitch Energy, one of Singapore’s largest independent electricity retailers announced this week it was exiting the market and according to company sources at least three others have stopped accepting new clients.

Reporting by Roslan Khasawneh