What happens if I don't choose an electricity retailer? - Seedly
 

SeedlyTV EP08

Electricity Market

Asked by Anonymous

Asked on 09 Jul 2019

What happens if I don't choose an electricity retailer?

Will there be penalties or what is the process?

0

Answers (2)

Sort By

Most Upvote

  • Most Upvote
  • Most Recent
Thomas Koo
Thomas Koo
Level 3. Wonderkid
Answered on 09 Jul 2019

Hi QP,

Don't worry, you will not lose your electricity supply if you do not switch to a retailer. You will continue to receive electricity via the national power grid operated by SP Group.

0 comments

1
Siow Nan
Siow Nan
Level 6. Master
Updated on 06 Aug 2019

Apply early, save early!!!!!!!! The penalties would be your lost savings compared to if you had switched.

I have been using Geneco since the start of the year. 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

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.

2 comments

0
Sarah Chan
Sarah Chan

06 Aug 2019

Hi Siow Nan! Sarah from the Seedly team here :) We've edited your promo codes away as they should be strictly kept on this question only: https://seedly.sg/questions/anyone-has-promotional-referral-codes-for-geneco Thanks for understanding!
Siow Nan
Siow Nan

06 Aug 2019

No issues but much preferred if you have a Pm function and let us know so we can edit our posts ourselves. It’s not nice if you can so easily edit and change our posts without our knowledge... which also means you can post without our knowledge. That may be a contentious issue if some insensitive remarks can be made by a prankster with access to your superuser rights without all our awareness of such happening.