Best Electricity Retailers in Singapore 2024

Electricity Retailers in Singapore: Comparison of the Best Open Electricity Market (OEM) Retails in Singapore 2024

As the Open Electricity Market (OEM) hits full swing, consumers might be spoiled for choice or maybe even at a loss as to which is the electricity retailer that will bring the most value based on their energy consumption habits. Read on to learn more about the different electricity retailers in the OEM and the various plans available to help you out.

What is Open Electricity Market (OEM)?

In 2017, the Electricity Market Authority (EMA) announced the Open Electricity Market (OEM) initiative to encourage competition and innovation in the power industry. Before that, SP Group was the sole electricity provider in Singapore.

Between 1 November 2018 to May 2019, the OEM was slowly expanded across 4 distinct geographical zones to eventually allow all Singaporean households the choice to switch to an electricity provider of their choice. This gradual implementation has since been completed, which means that any resident in Singapore can now choose to switch to an electricity retailer.

However, consumers still have the option of sticking with SP Group as the switch is not mandatory and there is no deadline by which you have to make the switch either.

As of 2022, here are all the electricity retailers in the OEM who are competing for a share of the power market:

• Geneco (by Seraya Energy Pte Ltd)
• Keppel Electric Pte Ltd
• PacificLight Energy Pte Ltd
• Sembcorp Power Pte Ltd
• Senoko Energy Supply Pte Ltd
• Sunseap Energy Pte Ltd 
• Tuas Power Supply Pte Ltd
• Union Power Pte Ltd 

How Does Singapore’s OEM Work?

Curious to know how the electricity market works? Here's how:

All electricity is produced by power generation companies which own power plants. These companies will then bid to sell their electricity in bulk on the wholesale electricity market.

*FYI: the rates change every half-hour and are constantly affected by electricity demand and supply.

In the past, SP Group bought the electricity in bulk and was in charge of delivering it to the whole of Singapore. But with the introduction of the OEM, electricity retailers will now bulk-buy electricity from the wholesale electricity market and sell it to us instead.

The rates we pay will depend on which retailer we choose to buy our electricity from. 

With this new OEM initiative, the source of our electricity supply and the network we receive are still the same. SP Group continues to operate the national power grid and is responsible for delivering electricity to you and me. The only difference is the introduction of new players into the power market and the price we pay for electricity. 

Types of Electricity Price Plans 

Electricity retailers price their power in these three ways: 

What Should I Watch Out for When Choosing an Electricity Retailer?

When looking for an electricity plan, apart from the price, things you need to consider include your electricity consumption habit (and whether the different plans will be of more value to your habits), any hidden fees such as service fees and deposits, perks and benefits provided by the electricity provider and also discounts and rewards you might earn from various promotions available from channels such as credit cards, campaigns or referrals.

Latest Electricity Price Comparison Singapore 2022

With so many electricity retailers in the market now, choosing the cheapest plan for your needs can feel overwhelming. Fret not! Compare prices between electricity retailers according to the different plans to find your ideal electricity plan.

Cheapest Electricity Retailers For: Fixed Price Plans

Fixed price plans are a great option for those who want to avoid worrying about rate fluctuations since your electricity rate is locked in upon signing the contract. 

• For the cheapest 6 months plan, go with Geneco’s “Give Us A Try” at $0.2900/kWh
• For the cheapest 12 months plan, go with Keppel Electric’s “Fixed 12” at $0.2688/kWh  
• For the cheapest 24 months plan, go with Senoko Energy’s “LifePower24” at  $0.2680/kWh

Cheapest Electricity Retailers For: DORT Plans

DORT plans charge you for the electricity consumed by taking a discounted percentage off the cost from the stipulated electricity tariff for the quarter.

• For the cheapest DORT plan, go with Senoko Energy’s “LifeSave12” plan, which offers a 6% discount on the quarterly regulated tariff.

Cheapest Electricity Retailers For: No Contract Plans 

If you enjoy the flexibility of changing electricity retailers anytime, a no contract plan will be suitable for you. Currently, only PacificLight offers a no contract plan. PacificLight’s “Easy Peasy No Contract” charges $0.2860 with a $0.50 daily charge.

Will electricity prices rise in Singapore?

With the Singapore Budget 2022 released by the government, electricity prices are set to rise by 2%. This trend has been ongoing for many years, and it is set to stay that way. So the best way to cope with rising prices is to find an electricity plan that brings the most value to your energy consumption habits and make changes to your energy consumption habits. It is also worth looking at how you can enjoy savings, benefits and perks from your monthly electricity bills from your credit cards.

Guide to Open Electricity Market in Singapore

With the changes in electricity tariffs every quarter, keeping up with electricity retailers and the cheapest electricity retailer plan can be confusing. Fret not! We have done the work, so you do not have to. Here are three guides to keep you up-to-date with the latest electricity retailer price comparison so you can purchase the best plan for your needs: 

• Open Electricity Market Price Comparison: Cheapest Plans in Singapore
• Why Are Electricity Retailers in Singapore Closing Down?
• Hidden Fees And T&Cs to Take Note When Choosing an Electricity Retailer
• How I Saved $360 On My Yearly Electricity Bill Using Seedly's Open Electricity Market Comparison Tool
• Open Electricity Market Promo Codes To Save Money!

Frequently Answered Questions

What is the Energy Market Authority (EMA)?

According to the Energy Market Authority website, The Energy Market Authority (EMA) is a statutory board with the goals to ensure a reliable and secure energy supply, promote effective competition in the energy market, and develop a dynamic sector in Singapore.

What is the Open Electricity Market (OEM)?

The Open Electricity Market provides households and businesses with the freedom to choose who they want to purchase their electricity from a list of electricity retailers present in the market. This allows consumers to pick and choose the retailers that best suit their energy consumption habits and needs, which means the consumer gets the most value out of their dollars spent on electricity.

Will the cost of electricity be cheaper or more expensive?

Due to the competition the Open Electricity Market (OEM) provides, there is a high chance the consumers stand to benefit as electricity usage prices drop to attract customers.

How can you benefit from the Open Electricity Market (OEM)?

The benefits of an Open Electricity Market (OEM) include increased efficiency in the market due to competition amongst the retailers, consumers being afforded choices on their energy retailers and also an increase in the awareness of electricity consumption due to consumers having to educate themselves on the rates and their electricity usage behaviour upon deciding on a retailer.

Will my electricity supply be disrupted if I switch retailers?

There will be no disruption to your electricity supply upon switching retailers.

Which is the best electricity retailer in Singapore?

The best electricity retailer varies, and it depends on the consumer's needs and which plans and retailers suit their energy consumption need at the best rates.

How are electricity tariffs calculated?

The electricity tariff is calculated by considering two key components - fuel cost and non-fuel cost. The fuel cost, which is the cost of imported natural gas, is tied to oil prices by commercial contracts - which is subject to change depending on global market conditions. The non-fuel cost is the cost of generating and delivering electricity to homes, including power generation costs, network costs, market support services (MSS Fee), Power System Operation, and Market Administration Fees.

What should I watch out for when choosing an electricity retailer?

When looking for an electricity plan, apart from the price, things you need to consider include your electricity consumption habit (and whether the different plans will be of more value to your habits), any hidden fees such as service fees and deposits, perks and benefits provided by the electricity provider and also discounts and rewards you might earn from various promotions available from channels such as credit cards, campaigns or referrals.

How do I switch electricity providers?

To switch retailers, first, you need to look around and compare for a Price Plan that suits your electricity consumption need and your needs as a consumer. The amount you end up paying may vary wildly, and you may have to pay more than you expect if you don't study the different price plans. After determining the plan most suitable for you, you have to contact your retailers for more details as there might be additional charges and conditions such as payment terms, early-termination charges, auto-renewal clauses, and deposits. Once you're happy with the choice of electricity retailer, you can then sign up for a plan.

Are there fees for switching electricity retailers?

There will be no fees incurred for switching electricity retailers.

How will I be billed for my electricity after switching retailers?

If you switch retailers, you will be billed separately for your electricity bill by the retailer. The rest of your non-electricity charges will be billed by SP Group. 

What is an AMI and do I need to install one?

The AMI will be installed by the SP Utilities, there is no need for you to install one. Due to the sheer number of households, it will take at least 5 years (from 2019) for all households to have AMI installed. For households choosing to have the AMI installed earlier will have to pay a one-time installation fee of $40 (before GST).

Is it necessary to find a new electricity retailer due to OEM?

No, households can choose to not switch electricity retailers and stick with SP Utilities as their electricity supplier.

How to save electricity in Singapore?

There are plenty of ways to save electricity, and it usually involves a change in lifestyle, habits, and appliances. One of the easiest ways to reduce electricity consumption is to increase the amount of time you spend outside - you won't be using any electricity when you're not at home. As for changes to your habits, these include switching off the power source to appliances that are not in use, increasing the air-conditioner temperature by 1 or 2 degrees, taking cold showers and using natural light. As for household appliances, always go for appliances with The Energy Label provided by The National Environment Agency, which functions at a better energy consumption efficiency.

What consumes the most electricity in Singapore?

The appliances that consume the most energy at home in Singapore are air conditioners (36.7%), water heaters (20.9%) and fridges (18.5%).

How can I save on electricity bills in Singapore?

You can save electricity bills in Singapore by lowering your electricity consumption and also looking out for promotions, deals, perks and benefits you can get for your electricity bills with your credit cards.

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For Electricity Retailers products to be listed on Seedly's Product Comparison Page, they have to fulfil the following criteria:

• Approved by Energy Market Authority (EMA)