21% Electricity Tariff Hike Justifiable?

From today (1 Oct 2008) onwards, Singapore's electricity tariff and public transport fares are to go up. Electricity tariff is to go up by a hard-to-believe 21% and transport fares is to go up by 4 cents for a single trip. These 2 increases will be difficult for many Singaporeans. The Energy Market Authority cited fuel price increase as the main reason for the 21% hike.

Singapore Power reported S$1.086 billion profit net profit after taxation for FY07/08. This is a 72.3% increase as compared to FY03/04. An extremely healthy gain. [via]

Power generation company, Tuas Power Station, reported S$177.163 million net profit for FY2007, an increase of 70.2% from S$104.086 million in FY2006. [via]

Power generation company, Senoko Power, reported S$130.204 million net profit for FY2007/2008. This net profit is a 6.9% drop as compared to FY2006/2007 partly due to an increase in income tax expenses. [via]

Power generation company, Power Seraya, reported 6% revenue increase (S$2.793 billion UP), 30% net profit after tax increase (S$218 million UP), 19% return on equity increase, 18% economic value added (EVA) increase (S$103 million UP), 30% earnings per share (EPS) increase (S$0.25 UP), and 10% return on assets increase. [via]

With such high profits generated, I personally do not see a 21% increase in electricity tariff justifiable. This increase is to have quite a substantial impact on other items including food, transport, etc. since electricity is required in the making of such items.

So, is an increase of 21% on electricity tariff justifiable? Why is the Consumers Association of Singapore (CASE) still supportive of such hike? Aren't the record profits generated taken into account when passing this hike?