Following high profile losses in overseas stock market, Temasek Holdings’ monopoly company on Singapore electricity supply yesterday (Jun 29) announced a record 6.9% increase in electricity tariff for the third quarter of 2018. The total increase for this year amounts to 13.7% after two increases in the first and second quarter – .
At the beginning of the year, electricity tariffs were priced at 20.30 cents/kwh. This will increase to 23.65 cents/kwh by July, a 16.5% compounded increase.
The Temasek Holdings-wholly-owned electricity supply monopoly company, SP Group, has never once posted losses since it’s inception in 1995. In 2017, it posted a S$948 million profit and make nearly a billion dollar in the year before.
Approving SP Group’s move to inflate prices is the Energy Market Authority (EMA), Ng How Yue, whose Chairman is the husband of PAP MP Tin Pei Ling. Ng How Yue saw 4 promotions in 5 years since his appointment as the Private Principal Secretary of Prime Minister Lee Hsien Loong.
The CEO of Temasek Holdings is the wife of PM Lee Hsien Loong, Ho Ching. Temasek Holdings in recent years have been troubled by losses in overseas investments, only to be recouping a part back in the domestic market.
Apart from raising electricity tariffs by 13.7%, gas tariff was raised by 4.79% and water prices were raised by 30%. In layman terms, Singaporean households are paying an additional month in utility bills for 2018.
Both Ho Ching and Ng How Yue were appointed due to cronyism, under the influence of Singapore’s corrupted dictator Prime Minister Lee Hsien Loong. Under PM Lee Hsien Loong, Singapore sees inexperienced military generals like Chan Chun Sing becoming ministers and CEO of state-owned companies like SMRT. The result has only been disastrous with the national shipping line Neptune Orient Lines being sold off, and now the state media company Singapore Press Holdings’ on a rapid decline.