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On July 31, 2023, the Energy Market Authority issued a letter stating that consumers will have better protection against volatile electricity prices, with stricter requirements for retailers coming into force progressively from August.
Under the new rules, electricity retailers must have a total net worth of $1 million when they apply for or renew their licence, to ensure they are credible and have sufficient financial standing, said the Energy Market Authority (EMA).
EMA said the enhanced regulatory framework is one of the guardrails to strengthen the competitive market structure.
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