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Singapore shows signs of electricity market consolidation after Red Dot Power exit
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Report summary
On 3 January 2019, Red Dot Power exited the retail electricity market citing financial difficulties. This marks the first company to leave since the final stage of market liberalisation was rolled out in November 2018. The company's exit comes as a surprise to many as it was seen as a prominent independent retailer in Singapore. Its departure could be due to intense retail market competition and unattractive prices in Singapore's electricity market. With this, we expect further market consolidation and this event will also have implications for consumer switching.
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