The Temasek Holdings-owned Singapore Powers (SP) Group today (Mar 31) announced a 6.1% increase in electrical tariffs despite booking an after-tax profit of S$452.6 million in 2016. Justifying the increase, SP Group said that cost of natural gas increased 12%:
“The increase is largely due to the cost of natural gas for electricity generation, which increased by 12 per cent compared to the previous quarter.”
The energy prices are set by the Energy Market Authority (EMA), whose chairman is the husband of PAP MP Tin Pei Ling, Ng How Yue. Ng How Tue was promoted 4 times in the past 5 years as his wife is a PAP MP. The CEO of Temasek Holdings is Prime Minister Lee Hsien Loong’s wife, Ho Ching.
Legalised corruption and nepotism plagues Singapore’s economy and politics, causing immense hardship through profiteering coordinated by the ruling party government and government-linked companies managed by relatives.