In January, demand declined for the fourth consecutive month, decreasing by 2.5 percent to 6,204MW. The lower demand was due to the persistent monsoon conditions and Chinese New Year public holidays in January. However, supply remained relatively unchanged at 7,406MW which led to an expansion in supply cushion by 2.2 percentage points to 16.3 percent.

The monthly average Uniform Singapore Energy Price (USEP) dropped by 20.2 percent to $101.46/MWh in January and the daily USEP ranged between $87.04/MWh and $131.69/MWh. 

In February, demand rebounded by 1.6 percent to 6,302MW ending the four months downtrend streak. Supply also increased 1.1 percent to 7,487MW. The supply cushion shrank by 0.4 percentage point to 15.9 percent.   

The monthly average USEP grew by 7.3 percent to $108.88/MWh in February as there were four periods of USEP clearing above $500.00/MWh, compared to none in January. The daily USEP ranged between $85.98/MWh and $269.77/MWh.