October 05, 2008
Gerald Giam said:
SP Services has announced that it has raised electricity tariffs 21.89% from 1 Oct to 31 Dec 2008. The Online Citizen's Leong Sze Hian has pointed out that SP Services' parent company, Singapore Power Ltd, made a profit of $1.086 billion in 2007. I checked out their website and indeed this is true.
They made over $1 billion in PROFITS and they are increasing tariffs by 22%! And all this when oil prices are actually decreasing.
Recommended by at82: "No wonder they can earn $1 billion profit..."