The daily average Uniform Singapore Energy Price (USEP) ranged between $113.95/MWh and $638.04/MWh in March, and between $134.51/MWh and $631.25/MWh in April. The monthly average USEP rose 70.3 percent to a nine-month high at $235.06/MWh in March, and further increased 22.8 percent to $288.71/MWh in April.

In March, demand increased 3.0 percent to 6,431MW while supply fell marginally by 1MW to 7,248MW as compared to the previous month. This caused the supply cushion to decrease 2.7 percentage points to 11.3 percent. The contracted supply cushion resulted in the higher USEP and was also in line with the increase in fuel oil price by 5.4 percent in March. 

Notably, there were 133 periods when USEP rose above $500.00/MWh in March as compared to four such periods in February. Additionally, the Temporary Price Cap (TPC) was activated for the first and second time this year on 1 March (Period 36) and 27 March (Period 39) due to sustained high prices. Out of the two TPC activations, the activation on 27 March lasted a total of 52 periods, the longest activation year-to-date. 

In April, demand expanded by 3.2 percent to 6,638MW and supply increased 3.8 percent to 7,524MW as compared to March. As a result of the larger increase in supply in April, the supply cushion rose 0.5 percentage point to 11.8 percent. Nonetheless, April’s average USEP rose 22.8 percent because of  fuel oil price increasing 7.5 percent. In April, due to the sustained high prices, TPC was activated for six instances - on 1 April (Period 36), 2 April (Period 48), 4 April (Period 35), 8 April (Period 33), 22 April (Period 36), and 29 April (Period 40).