In March, demand rose for the second consecutive month, increasing by 1.8 percent to 6,414MW. Similarly, supply grew 2.3 percent to 7,658MW, resulting in an expansion in supply cushion by 0.4 percentage point to 16.3 percent.

In line with the expanded supply cushion, the monthly average Uniform Singapore Energy Price (USEP) dropped by 1.6 percent to $107.18/MWh in March. The lower USEP in March was also in line with the decrease in fuel oil price by 5.8 percent. The daily USEP ranged between $95.06/MWh and $128.55/MWh. 

In April, demand increased by 1.0 percent to 6,477MW. Notably, April recorded the highest monthly average forecasted solar generation since its incorporation in the Market Clearing Engine (MCE) on 21 February 2024, increasing by 13.9 percent to 384MW. At the same time, supply also increased 1.0 percent to 7,736MW. The supply cushion remains unchanged at 16.3 percent. 

The monthly average USEP rebounded by 8.0 percent to $115.75/MWh in April as there were five periods of USEP clearing above $500.00/MWh, compared to none in March. The daily USEP ranged between $86.91/MWh and $181.12/MWh.