Are there even any benefits of sticking with SP Group for electricity? Especially with the electricity tariff for households to rise by 9.3%, why are there still 53% of Singapore households with SP?

An often overlooked benefit of sticking with SP Group is the lack of a contract duration. Most electricity providers require you to commit to a contract, typically ranging from 6 months to 2 years. If you are moving places soon, it may not be very wise to switch electricity providers as you will need to pay termination charges.

As for myself, I am on Diamond Electric's Freedom DOT plan which offers me up to 20% off the electricity tariff. While not the best DOT plan on the market, it offers me the flexibility to cancel with no penalty as long as I give them a month's notice.

Typically, these tariffs vary as the cost of production of electricity changes. I believe the previous drop in the tariff was due to low oil prices, but since prices have went back up, they need to increase the tariff again. SP offers the wholesale electricity market rate as well, with rates that can beat many other electricity providers but would put you at risk for extreme price fluctuations.