Overview of USEP and Supply Cushion (Jan to Jun 2026) 

In the first quarter of the year (Q1 2026), demand fell by 1.1 percent quarter-on-quarter (QoQ) to 6,488MW. Similarly, total supply fell by 1.0 percent QoQ to 8,029MW. The quarterly average Uniform Singapore Energy Price (USEP) for Q1 2026 increased by 22.8 percent to $137.46/MWh. The higher USEP was in line with the increase in fuel oil price by 32.2 percent. The daily average USEP for Q1 2026 ranged between $82.60/MWh and $262.31/MWh.

The demand for the second quarter of the year (Q2 2026) grew by 4.9 percent QoQ to 6,804MW. Meanwhile, total supply tightened, falling by 1.1 percent QoQ to 7,943MW. Fuel oil price climbed 32.3 percent QoQ in Q2 2026, reflecting the heightened geopolitical tensions since March. Combined with the stronger demand and tighter supply conditions, the USEP increased 40.8 percent QoQ to $193.59/MWh. Similarly, the daily average USEP levels also increased, ranging between $153.07/MWh and $295.31/MWh.