mr yap you are a cfo if even you cannot explain then i believe surely there must be some things not right with our monthly bills.

consumers pay your salary every month mr yap. please help us check carefully what is wrong and then explain to us again.

please do not say you do not how to explain. if you really do not how to explain, then there are many more people who like to draw your salary, take your seat and explain to us.

At least there aren’t more things which we don’t know if we can trust or not…

“If I’m the lorry driver (delivering) goods to your house, and you ask me how come the (price for) a bag of rice has doubled, I can’t explain to you.”

Okay, then quit your job and go become lorry driver so that you don’t have to explain to us but since you want to keep your high-paying job at SP, you jointly prepare a good answer and not expecting the issue to move on anytime.

“If I am the lorry driver delivering potatoes to your house, and you ask how come deliver potatoes when I ask for rice, I also dono how to explain to you” TKSS CEO, Anyhow Yap.

That calls for re-training……..

But mr.yap, u are not a lorry driver but a large company cfo. even though i have retired and as an ex cfo, i will be more than happy to do your job if u resign. as a cfo in the past, i have always explained though sometime the answers may not be perfect.

Hi there,

SP Services does not generate electricity; it transports power from the generation companies (gencos) to end—users, selling to households without any price mark—up.

In regards to the quote above and article, I would like to know if the (Gencos) have a NAME ? like a COMPANY NAME ? and was this COMPANY previously Singapore state owned and later sold to a PRIVATE COMPANY to be privatised?

If this is the case as we see it, does this mean we (Singaporeans) are at the mercy of these companies, if we have no alternatives (Because the govt does not look elsewhere for better deals) but to give in and be squeezed for higher prices for the consumer??

http://news.asiaone.com/News/the+Straits+Times/Story/A1Story20081008-92317.html

Interest in PowerSeraya is set to be strong as this will be bidders’ last chance to get their hands on one of the three largest gencos in Singapore. Together, the three account for over 80 PER CENT of Singapore’s electricity generating capacity.

http://www.greensingapore.com/ttd_bizenterprise/Singlenews.aspx?DirID=55&rec_code=248701

CFO Yap Chee Keong is a lorry driver?

Read your your Job Title again Chee Keong, it reads CHIEF FINANCIAL OFFICER.

Are You paid a lorry driver salary, Mr Yap?

Kindly be responsible and reasonable.

Happened to see the News Report on CNA of the PM having dialogues with young adults. Mr Yap You may be consoled that he was no better than You.

The PM kept his rhetoric started by his father the MM on leadership quality and renewal and to keep the economy humming etc. Nothing new other than the rhetorics? Repeat those statements over and over again make the statement very stale and the audience/listeners very tired.

patriot

Please don’t insult us lorry driver. We can tell you that because the goverment has increased all the price of GST, ERP, electical fees etc, that’s why the price for a bag of rice has increased. Speak for yourself, and not us lorry driver!

GENCOS got a COMPANY NAME? (#6),

Here are the list of GENCOS in Singapore:

1. Senoko Power Ltd (3300 MW)
2. PowerSeraya Ltd (3100 MW)
3. Tuas Power Ltd (2670 MW)
4. SembCorp Cogen Pte Ltd (785 MW)
5. Island Power Company Pte Ltd (800 MW)
6. Keppel Merlimau Cogen Pte Ltd (1400 MW)
7. National Environment Agency (251.2 MW)
8. Keppel Seghers Tuas Waste-to-Energy Plant Pte Ltd (24 MW)

Singpower CFO Yap,

U told only half truth.

Yes, you are indeed only delilvery man and also THE ONLY DELIVERY MAN.

Gencos will blame then blame it on the rain……

Sing Power chief financial officer Yap Chee Keong “If I’m the lorry driver (delivering) goods to your house, and you ask me how come the (price for) a bag of rice has doubled, I can’t explain to you.”

My goodness, if YCK is a lorry driver and can pass Class 3,4 and 5 driving license – both theory and practical –

and yet can’t even pass or even explain a simple bag of rice test!

It’s time to interview a healthy sample size of lorry drivers! They will tell you more than you can take!

YCK – You Can Know!

hmm, this is tai-chi playing at its best!

a typical reply of ” you ask me , I ask who”. this is a skill of how to siam when in a corner.

This is how group CEO for SP clarified its businness and role in electricty supply. The key message was this: Blaming SP Services for high tariffs is akin to shooting the messenger. We have nothing to hide.

Its Chief Financial Officer Yap Chee Keong added:
“If I am the lorry driver (delivering) goods to your house, and you ask me how come the (price for) a bag of rice has doubled, I can’t explain to you”.

SP went on to blame the market regulator, the Energy Market Authority (EMA) for the tariff increase.

However, further down in the same article, it was reported that SP’s profit from the regulated eletricty market was $423 million last year.

WOW! this kind of lorry driver I want to be.

Actaully for a company that has no competition but a middle man, do we need a “high power” CFO that can not explain simple thing. I also want the job, big pay and little resposibility.

bloody statement made only by running dogs, hope you can repeat the same statement when your parents are the lorry drivers instead.

please stop all the killing of the citizens in singapore, we are already working our arshes up to make ends meet to all those legal extortionists and even now you even want us to use candles at night?

Seems to me ,
all hikes have solid bombastic reasons.
Thus, lets all keep quiet for eternity.
Alternative party is gone case.

I don’t know much. But what I do know is that the price of oil has been falling. If the price of natural gas is pegged to the price of oil, its price should fall as well.

So clearly someone screwed up somewhere.

Did the gencos stock up too much of natural gas when its price was still high?

What happened? What went wrong? Does anybody know?

You can never get a straight answer from a liar, or he will give you 3 different answers to the same question you asked 3 times, a liar always forget what he said earlier. so these liars, their answers are not answers, just to let you know that they response, thats all, nothing else! you like it or not, its done deal.

So, whatever the excuse given for hike, will the tariff be lowered when the reason is no longer there? Will what gone up ever come down? what are the chances? hmmmm….

23) Sandra Bollock on November 2nd, 2008 2.05 pm
Will what gone up ever come down?

Yes, the only 30 cents surcharge by NTUC confort delgro but only effective 12/11/08, the rest wait long long, don’t forget they have to stockup more $$$ for the coming GST and ministers salaries so their $$$pumps are going to work harder for them now.

You can’t explain because there are things that we aren’t suppose to know right?
As always, they think singaporeans are so naive.
Whether you are lorry driver or not, i do not care.

I only know that the Gencos operate in the form of a Cartel.
Electricity price are fixed among them to increase companies profit.
Consumers are at the losing end.
This is sad because electricity is a commodity.
Even more sad when we keep hearing our neighbour Malaysia is constantly seeking the welfare of its citizen by lowering prices.
Why can’t the gov do the same? Is it because it’s not near election yet?

now i understand what is wrong.

a monopoly no need to have a good cfo or maybe even no need to have a cfo in the first place.

a monopoly just need anyone of legal age, 21 years and above, come out and say I can’t explain to you.

i can be the cfo. let me be the cfo!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

this is the first time i dare to recommend myself be in such a high position even i know that i am surely not qualify.

because mr yap is not qualify also.

Hi;

there are frequent claims of legalized corruptions, now I read about legalized extortions.

Hey, what’s going on?????

patriot

so simple one also dunno, the GE is not here yet so they start sucking as much blood as possible for stockup (layman term: they collect $10 now, then comes the GE again, they then give you back $1 and all happy ever after and vote for them again for another 5years term, then they start the pumping cycle again, this has been all the while all these years, nothing new anyway. wake up wake up singaporean, no more sleeping.

27) patriot on November 2nd, 2008 2.32 pm Hi;
corruptions and extortions

the difference:-
corruptions: start collecting all the monies until the pile is up, then decide what to do with the monies, usually used for the benerfit of the corruptors themselves.

extortions: they plan what they want for themselves first, check how much they need and then start collecting all the monies regardless whether you can afford or not, happy or not, agree or not, you still have to pay, if cannot pay then I will come and penalise you legally.

YCK if you can’t even explain such simple thing as a chief financial officer, please step down and not hinder the service to the people. There are many capable people queuing to take up this position.

Mr. Yeo, You definitely cannot explain anything because you have been told to shut up by your bosses and to invent anything except the truth. My hunch is that when the Government wanted to sell one of the power stations to the Japanese Consortium, the latter were not really interested at first. However, the selling strength is to let them know the Government will increase the price of electricity by 22% and they will make tremendous profits. Hence it is a good buy……at the expense of our poor citizens.
I believe many lorry drivers already know this !

To reply in such an ARROGANT manner, the CFO showed disregard for the ordinary folks simply because they have no other supplier to turn to. The CFO is ARROGANT and INSULTING to the ordinary folks.

mr yap

did u really say that? if yes, then u r a bloody shame to we a/ctants!!

somemore u r a cfo of a top notch organisation..under the wing of err (not-so-sure now) 1st class govt ? if even u do not understand the pricing mechanism, then u expect man on street to swallow it?

if i tell the same answer to my ceo or shareholders or even customers, they will ask me to fxxx spider & suspend my cpa license

u r really a shame..perhaps iz time for u to move on……..

dear mr yap,

did u really say that? then u r bloody shame for we a/ctants….somemore u r a cfo of a top-notch organisation (1st class too? like our govt?)

if i make the same comment to my ceo, shareholders or customers, they will ask me to fxxx spider & eat shit……

or perhaps u r blinded by arrogance…..like our 1st class govt?

Don’t you find it hauntingly similar to a quote from Lim Swee Say: “You ask me, I ask who? You find your own answers”.

Ultimate… win already. How to answer back?

Kaffein

“If I’m the lorry driver (delivering) goods to your house, and you ask me how come the (price for) a bag of rice has doubled, I can’t explain to you.”

CFO Yap couldn’t even come up with an apt analogy. It is quite sad, really.

The fact remains SP operates a monopoly in the retail energy market, hence it must be regulated with the interest of the consumers in mind. Both the EMA and SP have failed the People.

i would to have your job!

SP would have been better off hiring a spokesman to speak on the behalf of their top management.

Some of these buggers are paid so much yet they dont know how to cover their backsides properly when queried.

[...] Sing Power chief financial officer Yap Chee Keong, on why electricity tariffs were raised by almost … [...]

31) Yogi Bear on November 2nd, 2008 3.41 pm
However, the selling strength is to let them know the Government will increase the price of electricity by 22% and they will make tremendous profits. Hence it is a good buy……at the expense of our poor citizens.

what a nice setup by all these world class elites to cheat the singaporeans out of their already hard earned monies.

Went to EMA’s website
http://www.ema.gov.sg/Electricity/Electricity.php

One can see the diagram of the electricity supply chain:
Generation -> Transmission -> Retailers -> Consumers

All small consumers cannot shop around from retailers. They must buy from only one special retailer “SP Services”. If one annotate the generic supply chain with names, one may see something like this:

(Senoko Power, OR PowerSeraya, OR Tuas Power etc etc) -> (SP PowerGrid) ->(SP Services) -> (Domestic consumers e.g. you and me)

SP says they transport electricity (SP PowerGrid) and buy them direct from the market with no mark-up (SP Services).

If one accepts SP’s explanation, the price hike must due to the generation companies (gencos) upping their prices. But they are supposed to compete in the electricity market. Why competition does not bring down price? This is quite puzzling to me.

I then downloaded this EMA paper called “Introduction to the Singapore new electricity market”.

http://www.ema.gov.sg/doc/introduction_to_the_singapore_NEM.pdf

In Section 8 “Vesting Contract” of this paper, I read that EMA imposes vesting contract which effective fixed the generation prices of the gencos which existed before the new market opened in 2003. I believe Senoko Power, PowerSeraya, and Tuas Power all have vesting contracts.

I am not an economist and do not quite understand how this vesting contracts work. Others may take a look of the above EMA paper (in particular Section 8) and give their opinions. But it seems a logical deduction to me that the gencos prices to a large extent are fixed by the vesting contracts imposed by the EMA on the gencos.
Could these vesting contracts be the culprit of the recent price hike? I do not know.

Could the alternative parties pose some relevant questions to the authority?

Guys and Gals, Uncles and Aunties,

they always give many ‘good’ ‘reasons’ for hikes.
Since when have anyone seen hikes reversed ?

So, I wondering if we should just surrender to the hikes and future hikes and just accept the inevitable and resigned ourselves to all the hikes?

Lets not kid ourselves.

*weep*

42) Should we just give up now? on November 2nd, 2008 9.58 pm
So, I wondering if we should just surrender to the hikes and future hikes and just accept the inevitable and resigned ourselves to all the hikes?

The people of singapore may not be strong enough to protect themselves from all these big bullies at this moment, but I believe the citizens are now pretty well aware of what is happening now to the one party they have been trusting all these years. Do not underestimate the power of the people when they come together as one big unity if they are being pushed to the limit.

i am happy to hear about such ‘words of truth’ from these high profile people, it reveals the quality of their leadership or if there is any quality at all. i am just concern HOW MANY CxOs out there are like that – unable able to provide explanation to their end customers/taxpayers of whom THEIR PAY COME FROM!

Yap Chee Keong, you are a pathetic excuse for a CFO. Only in a state-controlled company can a person like you rise up to be the CFO of the company. Had the company who employed you been a REAL commercial entity (subjected to real competition), your statement will have been laughed at on the pages of AWSJ, FT, IHT, you would have been ridiculed by your peers. I am sure you will be very different and clearly know the reasons why your next year’s pay should be increased and why your fat bonus is clearly justified. You are a utter disgrace to the accounting profession!!!

Dun knoe if the Transport Company also invested any of their funds in Layman Bros or any failed investments .

To re-coup the losses, they give splendid explanations thru CFO. What’s the rational to make Singaporeans poor.

mr yap,

1) i presume r singaporean

no wonder we need more foreign talents in singapore! this is a great insult & disgrace to our a/ctg profession.

our ‘beloved’ so-called 1st clas govt is damn bloody right…….with people like mr yap around, we really need more foreign talents,,,,,,

so we should also stop paying so much for your 1st class education system…..

2) but if u r ‘foreign talent’, then u should fxxx spider & go back to your hometown to learn how to be a book-keeper

http://www.actewagl.com.au/about/company/board.aspx
Mr Yap Chee Keong, Chief Financial Officer of Singapore Power, is responsible for providing financial strategy and leadership throughout the SP Group. This includes overseeing the corporate finance, treasury, financial management, tax planning and risk management functions. He is also responsible for corporate planning, strategic investments and value creation. Prior to joining SP, Mr Yap worked with several multinational, listed and private companies as Chief Financial Officer and in other senior management positions. Mr Yap has a Bachelor of Accountancy degree from the National University of Singapore and is a Fellow of the Institute of Certified Public Accountants of Singapore.

Impressive……but sorry….he “can’t explain to you”,,,,,,sigh….

I can’t imagine all these world-class expensive clowns can only come from Singapore. World-class answer from these clowns that you can do nothing but shake your head and move on. From PM, ministers, old fart, SM, gahmen…. Well , and I thought Qing dynasty is worse.

The reason is very simple, yet the politics behind posed a huge pressure on this high profile CFO. He simply can’t spelled out the actual reason.

SingPower wasn’t the authority to set the prices, EMA( and who is behind EMA ?) is.

The price increment is to assure the private power companies that their investment remains profitable. By doing this, Temasek holding will be able to auction off their power plants asset. Simple as that.

49) Daniel on November 2nd, 2008 11.43 pm I can’t imagine all these world-class expensive clowns can only come from Singapore. World-class answer from these clowns that you can do nothing but shake your head and move on. From PM, ministers, old fart, SM, gahmen…. Well , and I thought Qing dynasty is worse

No no Qing dynasty. . . . its a new one now call leenasty!

50) Ahgong on November 3rd, 2008 12.10 am

The reason is very simple, yet the politics behind posed a huge pressure on this high profile CFO. He simply can’t spelled out the actual reason.

He has a gun on his head, if he tell the truth, they pull the trigger!

Too bad, for that kind of salary, one have to face the devil and the deep blue sea at the same time. This is the power of $$$

This Yap bloke sounds like one of those eunuchs put in place by the PAP system.
Remember Lim S S ? Notice they all behave the same and sound alike.

Yap is actually telling the public that his job is essentially about delivering electricity to households similar to a lorry driver delivering goods to your house and he has actually done his job.
So don’t ask him why there is a huge increase in cost, he is clueless.
Just be thankful we have electricity in our homes and long live the emperor and his eunuchs !

can we ask for his resignation? Why r we paying a CEO top-management salary when he cant provide us wif a’ sound’ explanation on what’s gg on in his company!!!!

anyone here feel a need to start a petition or go hong lim to protest abt the elctricity bills n this comment made by CEO Yap??

opps correction its CFO Yap.

ermm….paiseh, need to clarify what i meant,
I meant I think only 90% of all sg zens dare to comment
on this topic or have accessed this blog or are IT savvy or know how to express their opinion.

I do not think THERE IS ANYTHING WE CAN DO ABOUT IT.
here’s how i get to know this answer:

1. historical evidence and record of the last decades.
2. we are who we are, not any other.

the end.

Same sentiments as 58. Even if they charge a 1000% increase, we can’t do anything except buy a plane ticket out.

pls give mr yap a break…

he’s juz a cfo earning his living…

he really doesnt know a thing…

Honestly Mr. Yap was just trying to put things across in a simpler way for the community to understand. There’d probably be more complaints if he launched into jargons. That comment made by him may have been insensitive, but it makes sense. Every company is regulated by the government and there are rules that a company must always comply and this consists of necessary regulation of information. Self-claimed accountants and ex-CFOs should recognize this fact.

People call us a complaining society. You can choose to be sarcastic, think of brilliant ways to fuel the situation, claim that you can do a much better job, but curiously no one has suggested objective ways to handle the situation. The economy has always been worked largely by an invisible hand. It is unfair to attribute that to a man. It is myopic to think that you could’ve handled the situation better, simply because you don’t know the situation.

It’s not like you can’t complain. But complaints can be objective. When the economy is fine, there aren’t comments here praising those behind it, because when things are good, cynics don’t usually attribute that to hardworking individuals. They attribute that to the invisible hand of the economy. But when things are bad, people somehow must find someone tangible to blame, instead of really helping the situation.

“You can choose to be sarcastic, think of brilliant ways to fuel the situation, claim that you can do a much better job, but curiously no one has suggested objective ways to handle the situation.”

How to if you are not voted in so that it can be translated into more effective parliamentary action. You think that without looking in details about the whole cost & operational process you can come out with “suggested objective ways to handle the situation.”

If you do not like a movie, you will complain about a movie and I hope that you will not be called to come with “objective ways to handle the situation” by showing how to make a good movie. Complains are always objective as far as the complainant is concerned. If it is not objective, he won’t be doing it.

Any example of someone claiming that he can do a much better job. Not claiming, just saying simple thing like “the cost is high”.

Honestly Mr. Yap was just trying to put things across in a simpler way for the community to understand.

My foot! Did you read the ST article on this? Why did Yapity Yap came out all of a sudden to defend SP in the price hike? He said it was because he was fed up that SP was being blame for the price hike and and he needed to set the records straight.

He then went on to blame EMA and cried like a baby that it was beyond him or SP for the price hike.

He then made this stupid statement of a $423M lorry driver.

Please, don’t gloss it with your sweet tongue.

So many complaints to him, and he is still not doing his job to find out and tell us the reason.

Man… wouldn’t you want to be in his seat! Paid a CFO salary, and still not know how the money is spent, how the money is made and why expenses and income is appearing on his balance sheets!
BEST JOB in the world!

In Australia the ACCC is involved for any price escalation. This is to ensure that all the gencos are not making unreasonable profits at the expense of the consumers as the service is essential and you cannot turn to any other source. How comes are we paying top salaries for their “world class” talents cannot see that there is a need for such organisation to look after consumers interest. It is no wonder, Singapore is getting more costly in doing business and living. The policies so far that the government can think off is to cut salaries by importing cheap labour to mitigate cost increase. Can’t you see that many little increase in costs add to a large amount. From many rivulets, a mighty river is formed. Has the high pays of those formulating policies make them insensitives to the “smart change” increases in many areas?