wow.. chill edmund. i admit that i did not do much research on the matter and that i'm not accountancy trained, but let's not get too worked up.
firstly, the price of natural gas is inextricably linked to the price of oil, both being energy resources. as oil prices rise, so does the price of natural gas.
secondly, my point on infrastructure costs being high. i've just read that we've had to spend billions on an lng terminal. i'm not sure where the money is coming from, but it just emphasizes my point that infrastructure costs are atronomical in this industry. do we already possess all the infrastructure needs? i'm not so sure.
thirdly, it seems that you've merely sidestepped the dividends issue. if money is not taken out, then it is still in the company, probably for infrastructure costs.
lastly, the power industry is not completely privatised. on the contrary, like many industries in sg, it is highly regulated. the enron debacle resulted from poor corporate regulation in the us. it is highly unlikely a similar thing could occur in sg. it's merely my opinion, but i am legally trained.