In May, demand increased for the fourth consecutive month by 3.8 percent to 6,723MW. Notably, this recorded the second highest demand level since market inception. At the same time, supply also increased marginally by 0.2 percent to 7,752MW. The supply cushion contracted by 3.0 percentage points to 13.3 percent. 

On the back of a tightened supply cushion, the monthly average Uniform Singapore Energy Price (USEP) surged by 43.7 percent to $166.35/MWh in May, with daily USEP ranging between $93.85/MWh and $567.83/MWh. 

In June, demand rose further by 0.9 percent to 6,783MW, the highest since the market began. The supply also improved by 1.2 percent to 7,845MW, contributing to a slight expansion in the supply cushion by 0.3 percentage point to 13.6 percent. 

The monthly average USEP fell 21.3 percent to $130.90/MWh in June as there were only 15 periods of USEP clearing above $500.00/MWh, compared to 36 periods in May. The daily USEP ranged between $91.46/MWh and $256.72/MWh in June.