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Electricity retailer iSwitch is closing down in Singapore on Nov. 11, 2021.

The cessation of services was made known to customers in a notice on Oct. 13.

Customers' electricity supply will not be affected, iSwitch said.

The electricity retailer cited the "current electricity market conditions" as the reason for pulling out.

Customers will have their accounts transferred to SP Group from Nov 12, but can also opt for another retailer.

iSwitch’s customers would be given the option to accept or reject the transfer, or choose to switch, said EMA.

Customers with iSwitch now need not pay early termination charges EMA added, and the company is required to refund any remaining security deposit and/ or credit balance owed to the customer upon contract termination, no later than one month from the settlement of the customer’s final invoice.

EMA said in response to media queries that iSwitch has around 90,000 household customers, or about 6 per cent of total household consumers in Singapore.

Closing down not unheard of

Previously, green electricity retailer ES Power transferred its business and residential customers to iSwitch in June 2019 as a result of stiff competition.

At the same time, Red Dot Power also pulled out.

But it appears consolidation in the energy market is still ongoing, despite the initial influx of new energy players that left consumers spoilt for choice.

Electricity to be more costly

Electricity tariff for households will increase by 3.1 per cent for the October to December period this year, compared with the previous quarter, it was announced in September 2021.

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