Senoko, Pulau Seraya and Tuas power stations were constructed in the 1970s, 1980s and 1990s respectively.
During the early years, the PAP government used mostly CPF monies to finance infrastructure construction and setting up GLCs.
These 3 power stations belonged to stat board PUB.
In 1995, PUB was corporatized and these assets were transferred – at an undisclosed price – to Singapore Power, a Temasek subsidiary company.
More than a decade later, the 3 power stations were sold to foreign companies. Singapore Power was no longer producing electricity and became a re seller.
The recent opening up of the electricity market on 1 April 2018 saw electricity retailers offering rates of up to 30% below Singapore Power regulated tariffs.
As the only buyer of electricity before April 2018, it is likely that Singapore Power was able to purchase electricity at wholesale prices, below rates currently offered to residential consumers.
Since Singapore Power high electricity tariffs are regulated by EMA – both organisations helmed by PAP cronies – Singapore Power must have generated billions in guaranteed profits since 2008.
Were Singaporeans not ripped off by PAP?
(Another instance of PAP making guaranteed profits is the purchase of desalinated water at 45 cents per cubic meter from Hyflux and charging consumers more than 600% higher.)