18 Mar '11, 10pm

Factors do help help cushion tariffs against oil price hikes

WE refer to Mr David Boey's letter "Do the signs truly point to contained power tariffs?" (March 10) in which he queried the effectiveness of factors listed by Mr S Iswaran, Senior Minister of State for Trade and Industry, in Parliament to help mitigate the impact of rising oil prices on electricity tariffs. Mr Boey is correct that an appreciating Singapore dollar cushions the impact of rising oil prices. And this is not a trivial effect. Since the start of last year, the Singapore dollar has appreciated by around 6 per cent against the US dollar. Without this, the electricity tariff in 1Q this year would have been 4 per cent higher. Mr Boey has opined that the efficiency of Singapore's power generation plants has little impact on tariffs. On the contrary, competition introduced in the electricity market since 2001 has motivated generation companies to switch from oil-fire...

Full article: http://www.todayonline.com/Voices/EDC110319-0000375/Facto...

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