Energy crisis hits Singapore as power provider goes bust

A record-breaking spike in electricity prices is short-circuiting Singapore’s efforts to liberalise its power sector, in the latest sign that the global crisis is delivering a blow to both energy suppliers and their customers. Electricity supplier iswitch Energy will cease power retail operations on Nov. 11 due to “current electricity market conditions,” the company said on its website Wednesday. Existing customers will be transitioned to SP Group, Singapore’s state-owned power provider. The surge in wholesale electricity prices is erasing profits for many independent retailers.