The daily average Uniform Singapore Energy Price (USEP) ranged between $121.79/MWh and $509.73/MWh in November, and between $104.55/MWh and $207.64/MWh in December. The monthly average USEP dropped 19.7 percent to $177.73/MWh in November. This came after two consecutive months of rise in the monthly USEP. In December, the USEP extended its decline by an additional 26.1 percent to $133.42/MWh.

In November, demand decreased by 1.8 percent to 6,312MW and supply fell by 1.7 percent to 7,062MW. The supply cushion remained unchanged at 10.6 percent as the demand and supply dropped in tandem. However, November saw a decrease in the USEP which was mainly attributed to a 6.1 percent decrease in the fuel oil price.

In December, demand decreased further by 3.2 percent to 6,112MW and supply declined slightly by 0.3 percent to 7,040MW. The decrement in demand was consistent with the cooler weather and higher precipitation observed throughout the whole month. As a result, the supply cushion expanded by 2.6 percentage points to 13.2 percent. The slight improvement in supply cushion, coupled with a 4.4 percent decrease in the fuel oil price, resulted in the lowest monthly average USEP for the year.