The daily average Uniform Singapore Energy Price (USEP) ranged between $69.49/MWh and $137.09/MWh in January, and between $89.27/MWh and $240.06/MWh in February. The monthly average USEP tumbled 18.0 percent to a 31-month low at $107.71/MWh in January. After three consecutive months of decline, the monthly average USEP rebounded 28.1 percent to $137.99/MWh in February.

In January, demand increased 1.3 percent to 6,192MW while supply increased 3.4 percent to 7,281MW. This caused the supply cushion to increase 1.8 percentage points to 15.1 percent. The expanded supply cushion resulted in the lower USEP, despite a marginal increase in fuel oil price by 0.3 percent in January. Notably, there was no period with the USEP above $300.00/MWh in January 2024 as compared to 23 periods in December 2023. 

In February, demand expanded by 0.9 percent to 6,246MW while supply fell slightly by 0.4 percent to 7,249MW. The decline in supply and increase in demand in February caused the supply cushion to fall 1.1 percentage points to 14.0 percent. In addition, the 1.6 percent increase in fuel oil price also contributed to the increase in USEP in February. 

From 21 February, the solar generation forecasts are made available to the market on our website. According to the forecasts from 21 to 29 February, the solar generation averaged 300MW during the day, from Periods 15 to 38.