USEP Price Singapore (November 2026): Latest Rates and Trends

Key Takeaways:
Singapore's USEP averaged $332.49/MWh (33.25 cents/kWh) in August 2026, the latest month published by the Energy Market Company and up 221% on August 2025. At that rate, a 6 kWp landed home exporting 200 kWh a month under ECIS would earn about $66.50, against about $44 under SP Group's SCT at Q4 2026 rates. Over the past 12 months, USEP averaged $167.84/MWh, so the August figure is a spike, not the norm.

The Uniform Singapore Energy Price (USEP) averaged $332.49/MWh in August 2026, according to the Energy Market Company's August 2026 trading report. That is 33.25 cents/kWh, more than three times December 2025's $95.09/MWh and the highest monthly average in the last 12 months.

If you own a landed home with solar and buy electricity from an Open Electricity Market retailer, this is the number your export payments follow. Below you'll find the latest figure, a trailing 12-month table, what pushed USEP up, and a worked example of what it pays your solar exports.

What Is the Latest USEP Price in Singapore?

The latest monthly USEP average is $332.49/MWh for August 2026, up 36% on July's $245.16/MWh. The Energy Market Company (EMC) puts the Q3 2026 average so far at $288.83/MWh, against $193.59/MWh in Q2.

Prices stayed high into September. The Straits Times reported that weekly USEP hit $486.21/MWh in the week of 13 to 19 September, the highest weekly level of 2026. We'll add the September and October monthly averages to the table below as soon as they're confirmed.

USEP Price Trend: The Last 12 Months

Here are the monthly averages from September 2025 to August 2026. To convert to cents/kWh, divide the $/MWh figure by 10.

Source: Energy Market Company, Public Monthly Trading Reports for December 2025 and August 2026. Official monthly averages are also published by the Energy Market Authority.

The 12-month average works out to $167.84/MWh, or about 16.8 cents/kWh. USEP sat close to $100/MWh through late 2025, then climbed in 7 of the 8 months from January to August 2026.

Why Has USEP Risen So Sharply in 2026?

USEP rose because the fuel that generates almost all of Singapore's electricity got more expensive. Imported natural gas produces about 95% of the country's power, and its price moved sharply after the Middle East conflict began in late February 2026.

EMC's market update for January to June 2026 links Q2's 40.8% jump in USEP to a 32.3% rise in fuel oil prices, combined with stronger demand and tighter supply. August added record pressure on both sides: average forecasted demand reached 6,977 MW, the highest monthly figure of 2026 in EMC's data.

Does USEP Affect My SP Bill?

Not directly, if you buy from SP Group at the regulated tariff. SP Group sets the tariff each quarter from natural gas prices over the first two and a half months of the previous quarter, so it moves on a lag and never tracks USEP half-hour by half-hour.

For 1 October to 31 December 2026, the SP Group tariff is 28.59 cents/kWh before GST, or 31.16 cents/kWh with GST. That is 10.4% lower than Q3, even though USEP was climbing over the same period. Our SP Group tariff tracker explains each quarterly reset.

How USEP reaches your bill depends on how you buy electricity:

• SP Group regulated tariff: USEP doesn't change your import rate. It only matters if you switch to a retailer.
• Retailer fixed-price plan: your rate is locked for the contract term, though renewal prices reflect market conditions.
• Wholesale-price plan: your import rate follows USEP every half hour. Fewer than 0.1% of Singapore households buy this way.

For a line-by-line breakdown of where each charge sits, see our guide to reading your electricity bill.

How Does USEP Affect Solar Export Payments?

USEP sets your solar export rate only if you're on the Enhanced Central Intermediary Scheme (ECIS), which applies when you buy electricity from an Open Electricity Market retailer. ECIS pays the half-hourly USEP for every kWh you export.

If you buy from SP Group, you're on the Simplified Credit Treatment (SCT) instead. SCT pays the regulated tariff minus grid charges, which in Q4 2026 lines up with SP Group's energy cost component of 22.18 cents/kWh. We compare both schemes in our solar sell-back guide, and the mechanics are covered in our explainer on solar net metering in Singapore.

Worked Example: A 6 kWp System Exporting 200 kWh a Month

Take a 6 kWp system on a terrace house that exports 200 kWh of surplus solar each month. Here's what that export earns at different rates:

GetSolar calculations: 200 kWh × export rate. SCT estimated from SP Group's Q4 2026 energy cost component, before GST. ECIS rows use monthly average USEP; actual ECIS credits follow the half-hourly price at the moment you export.

At August's USEP, ECIS pays about $22 a month more than SCT on the same 200 kWh. At December 2025's level, it paid about $25 less. That $47 swing in 8 months is the trade-off ECIS asks you to accept.

Two caveats apply. Most solar exports happen around midday, when half-hourly USEP can sit below the monthly average, so treat the ECIS rows as an upper-end guide. And every kWh you use at home is worth 31.16 cents/kWh with GST at the Q4 tariff, more than SCT pays for an export, which is why self-consumption drives solar payback more than export rates do.

Should You Switch Between SCT and ECIS?

Not on the strength of one month. Your scheme follows your electricity supplier, so switching means changing retailer, and most retailer plans run 12 to 24 months.

Over the past 12 months, USEP averaged about 16.8 cents/kWh, still below the roughly 22 cents/kWh SCT pays in Q4 2026. If you're weighing a move, our guide to switching electricity retailers sets out when it pays and when it doesn't.

Frequently Asked Questions

What is USEP?

USEP, the Uniform Singapore Energy Price, is the wholesale price of electricity in Singapore's National Electricity Market. EMC calculates it for every half-hour period, and it averaged $332.49/MWh in August 2026.

How often does USEP change?

Every 30 minutes, which means the price changes 48 times a day. EMC and the Energy Market Authority publish monthly averages, and this page updates each month with the latest figure.

Does USEP affect my SP bill?

Not if you're on SP Group's regulated tariff. That tariff is revised quarterly using natural gas prices, and it is 28.59 cents/kWh before GST for October to December 2026. USEP only affects your import rate if you're on a wholesale-price plan.

How does USEP affect solar export payments?

If you buy from an Open Electricity Market retailer, your exports are paid at USEP under ECIS. At August 2026's average of 33.25 cents/kWh, 200 kWh of exports would earn about $66.50. If you buy from SP Group, you're paid under SCT, which follows the quarterly tariff instead.

Where can I check the official USEP figures?

The Energy Market Authority publishes official monthly averages, and EMC's NEMS prices page shows the live half-hourly price.

If you'd rather not pay upfront, GetSolar's Rent-to-Own plan lets you go solar at $0 upfront, backed by a written performance guarantee on 90% of projected production.

For a deeper look at what a home system costs and saves, see our 2026 home solar cost guide.

USEP Swings Every Half Hour. Your Roof Doesn't.

USEP tripled between December 2025 and August 2026, and it can fall just as fast if gas prices ease. Whether you export under ECIS or SCT, the kWh you generate and use yourself are the part of your bill no wholesale price can touch.

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