USEP & Electricity Prices in Singapore 2026

[Updated July 2026]

Key Takeaways:
‍USEP and SP Group's regulated tariff are both climbing sharply in 2026, reversing 2025's low, stable prices, as the Middle East conflict pushed global gas prices into Singapore's electricity costs. SP Group's tariff jumped 17% for Q3 2026, and ECIS export credits have climbed right alongside it every kWh your solar system generates is now worth more.

From July to September 2026, SP Group's regulated tariff rose 17%, the steepest quarterly jump in years. If you're a solar homeowner exporting electricity to the grid, whether under ECIS or SCT, the same forces are moving your export rate too.

This reverses the trend from 2025, when USEP sat low and stable and solar homeowners had good reason to expect shrinking export earnings. Here's what changed, what it means for your export income, and what to do about it.

Quick Refresher: What Is USEP?

USEP, the Uniform Singapore Energy Price, is the half-hourly wholesale electricity price in Singapore's Wholesale Electricity Market. It moves with:

• Real-time supply and demand
• Fuel prices, mainly natural gas
• Power plant capacity and outages
• Market rules and regulation

If you're on ECIS with an OEM retailer, your export credit tracks USEP directly. If you buy from SP Group at the regulated tariff, you're on SCT instead, and your export credit tracks the quarterly tariff.

Why USEP Reversed Course in 2026

Singapore generates most of its electricity from imported natural gas, and gas prices move with global oil markets. When the Middle East conflict began on 28 February 2026, USEP naturally followed the rise of gas prices.

Source: Energy Market Authority / Energy Market Company, data as of July 2026

USEP has risen almost every month since the conflict began, with only a small dip in May. June 2026's $205.6/MWh is the highest monthly average so far this year, and nearly double January's $118.6/MWh, before the conflict started.

That fuel cost pass-through takes longer to hit SP Group's regulated tariff, since the tariff is set using gas prices from the first two and a half months of the previous quarter. This lag is why the tariff increases arrived in stages, even as USEP itself was already climbing month to month. (For the full mechanics of the lag and what's driving the tariff itself, see our coverage of the Q3 2026 tariff hike)

EMA has warned that if the conflict continues, further increases are possible in Q4. If it eases, gas prices, and tariffs, could fall.

Tariff and Export Rate Trends: Q1–Q3 2026

Under SCT, your export credit is the regulated tariff minus network and grid charges of about 6.55 cents/kWh. Here's how that's moved:

Estimated using SP Group's published SCT formula (tariff minus network charges). Actual credited rate may vary slightly. Sources: SP Group tariff revisions, Jan–Jul 2026

For a 10 kWp landed home system exporting around 300 kWh a month, that's the difference between roughly S$60/month in Q1 and about S$76/month now, without changing a single panel.

What This Means If You're on ECIS

If you sell excess solar under ECIS through an OEM retailer, your export credit is tied to the live USEP, and that number has climbed steadily since March. June 2026's average of 20.56 cents/kWh (dividing the $205.6/MWh average by 10 to compare directly against cents/kWh) sits just below the Q2 2026 SCT rate (~20.72 cents/kWh) and below the new Q3 SCT rate (~25.36 cents/kWh), so on average, ECIS is currently earning close to, but slightly under, what SCT pays. That gap can flip in ECIS's favour during high-demand periods, since USEP is a half-hourly rate and the monthly average hides real swings within the month.

In practice:

• When USEP rises, your export earnings rise with it, and 2026's monthly trend has been mostly upward
• When USEP falls, your earnings drop, and the swings happen every half hour, not once a quarter

Through 2025, that volatility worked against homeowners because USEP was low. In 2026, with USEP climbing on the back of sustained fuel cost pressure, the same volatility has worked mostly in your favour, though it can just as easily reverse if the conflict de-escalates and gas prices retreat.

What About SCT and the Regulated Tariff?

If you're on SP Group's regulated tariff, SCT gives you a predictable, quarterly-revised export rate instead of one that changes every 30 minutes. With tariffs climbing, SCT's export credit is climbing too, just on a lag and without the intraday swings.

SP Group's Q3 2026 rates:

• Regulated tariff: 31.91 cents/kWh (before GST), 34.78 cents/kWh (with GST)
• SCT export rate: approximately 25.36 cents/kWh

ECIS vs SCT: Which Fits a Rising-Price Market?

Neither scheme is universally better. It depends on how much volatility you can stomach:

ECIS suits you if: you're comfortable with rates that move every half hour, and you believe fuel costs (and USEP) will keep climbing. Upside is uncapped, but so is the downside if the conflict resolves faster than expected.

SCT suits you if: you want predictable, bill-ready export credits and don't want to track wholesale prices. You still benefit from rising tariffs, just with a one-quarter lag instead of real-time exposure.

If your OEM contract is up for renewal, this is a reasonable point to compare open electricity market plans against switching to SP Group, or staying on ECIS if you're willing to ride the volatility.

Higher Electricity Prices Mean Higher Solar Returns

Singapore's electricity market has flipped from the low, stable prices of 2025 to a period of real volatility, and that volatility now cuts in solar owners' favour. Whether you're on ECIS chasing USEP upside or on SCT collecting a steadier quarterly credit, your solar system is worth more today than it was six months ago.

If you're not yet generating your own power, every quarter you wait is a quarter spent paying full price for electricity you could be exporting credits for instead.

Check out our free solar calculator to calculate your potential roof savings, or chat with our solar advisors for a no-obligation assessment.

Not a Solar Homeowner Yet?

A rising-price market is exactly when solar pays off fastest. Every kWh you generate offsets electricity you'd otherwise buy at 34.78 cents/kWh, and export credits on any scheme are now higher than they were at the start of the year.

GetSolar's Rent-to-Own plans let you go solar with zero upfront cost, backed by a written performance guarantee on 90% of projected production. For a deeper look at what a home solar system costs in Singapore today, see our complete 2026 cost guide.

FAQ

Is USEP still low in 2026?
No. USEP fell to multi-year lows through 2025 but has climbed sharply since the Middle East conflict began in late February 2026. It reached $205.6/MWh in June 2026, EMA's latest confirmed figure, up from $118.6/MWh in January.

Should I switch from ECIS to SCT now that USEP is rising?
Not necessarily. As of June 2026, USEP and the SCT rate are close, with SCT slightly ahead. Switch only if you'd prefer predictable, quarterly-revised earnings over real-time market exposure, not because one scheme is currently paying dramatically more.

Will electricity prices keep rising?
EMA has said further increases are possible if the conflict continues, though prices could fall in Q4 2026 if it eases.

How often does the SCT export rate change?
Quarterly, in line with SP Group's regulated tariff revisions.