The wholesale electricity market of Singapore, as Asia’s first liberalized electricity market, is constantly aiming to provide reliable and secure energy supply, and promote effective competition [1]. A recent important change in the market is the introduction of a demand response (DR) program which is scheduled for implementation in 2016. The newly introduced DR program is intended to reduce the wholesale electricity price when it is high by allowing the consumers to voluntarily reduce their energy demand. The final determination paper on this topic was issued in 2013 by the Energy Market Authority (EMA), the system operator of Singapore’s electricity market [2]. In December 2015, the Energy Market Company (EMC), the independent market operator of Singapore’s wholesale electricity market, publicized the modification of the market rules for implementation of the DR program [3]. This DR program is the first initiative in Singapore to allow consumers actively manage their demand in response to market prices. Singapore’s current wholesale market is a real-time market (spot market) consisting of a half-hourly auction of energy and ancillary services. During each auction period, generation companies provide energy and ancillary service offers which vary depending on the demand forecast and their willingness to enter the market for the upcoming dispatch period [1]. The trade of energy among the market participants, e.g. generation companies and load providers, is governed by a market clearing model (MCM). The MCM considers the offers from generators and clears the market by providing the market participants (1) the dispatch schedule which corresponds to the leasttotal cost of energy supply,