The daily average Uniform Singapore Energy Price (USEP) ranged between $89.26/MWh and $328.39/MWh in July, and between $83.40/MWh and $150.10/MWh in August. The monthly average USEP fell 32.6 percent to $123.23/MWh in July, continuing the downward trend for the third consecutive month. In August, the monthly average USEP extended its decline by an additional 14.2 percent to $105.74/MWh, the lowest monthly average USEP for this year thus far. The last occurrence when the monthly average USEP was below this level was in June 2021 at $100.61/MWh. 

In July, demand climbed 1.6 percent to 6,621MW, the third highest monthly level since market started. Meanwhile, supply increased 2.3 percent to 7,606MW. The supply cushion expanded 0.6 percentage point to 13.0 percent, leading to a lower USEP in July despite a 3.0 percent increase in fuel oil price. 

In August, demand dropped by 0.8 percent to 6,570MW, the fifth highest demand level since market started. Concurrently, supply improved 0.3 percent to 7,629MW. As a result, the supply cushion rose 0.9 percentage point to 13.9 percent. The increase in supply cushion and the 10.2 percent decline in fuel oil price was in line with the drop in the USEP in August.