What are the differences between the various electricity retailers like Keppel Electric, Geneco, Ohm Electricity and iSwitch? - Seedly

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Asked by Anonymous

Asked on 29 Nov 2018

What are the differences between the various electricity retailers like Keppel Electric, Geneco, Ohm Electricity and iSwitch?

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Yixiong Chang
Yixiong Chang
Level 5. Genius
Updated on 07 Jun 2019

Imagine they are our different telco. M1, Starhub, Singtel etc. Or our Banks (DBS, UOB, OCBC, Standchart etc) offering mortgage loan.

There are offering the same thing, but just different pricing terms.

In short, the plans can be summarised into 2 main type. One is fixed price (imagine fixed interest rate loan), and another is variable (imagine floating rate interest based on sibor).

The variable will be usually a discount( x %) off the regulated tarrif (sibor) rate that the rest of singaporeans are paying now.

For actual plan comparision, see the official site.

https://compare.openelectricitymarket.sg/#/home

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John Lim
John Lim

26 Feb 2019

I agree with your answer. Save $20 OFF your bill by using the promo code OHMREFAFED91
Chai Boon Chua
Chai Boon Chua

04 Mar 2019

I have signed up for the discount of the tariff plan (Ohm Discount plan) recently. Use my referral code OHMREFA3DD43 to save $20 of your bill for U (the referrer) & for me (the referral) :)

Apply early, save early!!!!!!!!!! You can use my referral code: 96753492 for additional $20 rebates. I have been using Geneco since the start of the year and so far its hassle free. You can also go to the other retailer's websites to find out more but the promos can be quite similar.

My take is that instead of pondering over the differences, we should just take action and you will start saving from day 1. Expecting the promos to be lesser soon and rates may start rising as electrical tariffs has just risen in July 2019. So please act fast to get the best savings. https://www.todayonline.com/singapore/electricity-tariffs-city-gas-prices-rise-july-september

So, good to quickly take advantage of current fixed rate promos before their prices increase too.

Current Promos: (Updated 13th July) Please find more details of existing promos on the Geneco website below. https://www.geneco.sg/residential/promotions/

Essentially there are 3 different promos codes now which gives the following benefits. 1) GET68 $68 off your bill One-time off rebate on your bill. Only Valid for Get It Fixed 36 / Get It Fixed 24 / Get It Less 24 / Get Free Sundays or Get Sunny plan. 2) GET30 $30 off your bill One-time off rebate on your bill. Valid for Get It Green Plan only. 3) PLUSGENECO Earn 4,000 LinkPoints with Geneco. Valid only for Get It Fix 36 plan. Until 31st Oct 2019.

Additional rebates: 1) Set up recurring payment via Amex credit card by 30 June 2019 and pay first geneco bill by 31 August 2019 to enjoy 1 time $40 cashback credited to your card account by 30 Sept 2019. (pls check other terms and conditions on website) 2) 5% Uob one card rebate + additional 1% uob rebate (for 12 months) on recurring bill with uob cards by 31 Dec 2019. 3) Charge to Posb everyday cards and get 1% cash rebates. Simplest non confusing terms. 4) Set up recurring payment via Standard Chartered credit card to enjoy 1 time $50 cash back until 31st August 2019 5) Extra $20 rebates if you enter 96753492 as your referral code.

Recommend to go for Option 2 and Option 5 if your bills are on average $90.. 5% rebates on 90 bucks for 12 months would be about $54 savings already, plus a further $20 startup rebate for you. I am using these options personally.

Natural gas is going up so would recommend the fixed price offer, but decision is solely up to you. Markets are unpredictable. Trade war on the other hand causing oil prices to come down. But in Singapore, price usually increase faster than for it to come down from past experience. Better act fast! Tariffs went up! Not sure current offers will remain for how long.

Sign up online is easy and hassle free. So far prices have been the better ones and no false marketing like displaying the price without gst. March deals even better at 17.78c/kwh for 2/3 year plans but has since increased to 17.98c/kwh. Would recommend fixed plan over discounts over tariff plans. Switch over now without hesitation as every day delayed is costlier than waiting to get a slightly better deal in future.

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Lok Yang Teng
Lok Yang Teng
Level 6. Master
Answered on 29 Nov 2018

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John Lim
John Lim
Level 1. Freshie
Answered on 03 Feb 2019

They are like different providers, e.g. telecomm companies Singtel, M1, Starhub all providing the same service with different benefits. Ultimately the consumers stand to gain from the competition.

One example is Ohm provides promotional discounts for using its services.

Example use the promo code OHMREFAFED91 for $20 OFF

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