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4.8
1629 Reviews
Customer Support
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"Fast and simple procedure to renew contract. Advantage is only 1 bill..." 2d ago
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"If you find this review helpful, use my referral code KOS96PUG for..." 54m ago
4.9
362 Reviews
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"Ohm Energy is an electricity retailer, founded in 2015, which aims to..." 1w ago
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"Keppel Electric is an energy provider in Singapore's Open Electricity Market. Taking..." 1w ago
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350 Reviews
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"Sign up was generally easy. However, website on mobile mode had several..." 1w ago
4.7
79 Reviews
Sembcorp Power Fixed Price 12m Plan
Fixed rate of 29.46c/kwh
PLAN TYPE
29.46
RATE
12m
CONTRACT
Sembcorp Power Sunshine 12m Plan
Fixed rate of 41.34c/kwh
PLAN TYPE
41.34
RATE
12m
CONTRACT
Customer Support
Ease of signup
Online Portal
"As part of the Open Electricity Market (OEM), Sembcorp Power offers 2..." 9mth ago
4.9
41 Reviews
"Good and reliable! Generally, optimists who don’t see any problem with..." 63mth ago
3.9
73 Reviews
Customer Support
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"I've extended with iSwitch its coming to 3 yrs so far not..." 38mth ago
3.7
69 Reviews
Customer Support
Ease of signup
Online Portal
"[Customer Services] website down for days yet no one bother to check it..." 4mth ago
4.5
25 Reviews
"Ridiculous charges.....2 to 3 months the bills is only 200plus or 300plus...." 1mth ago
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.
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:
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.
Electricity retailers price their power in these three ways:
Plan Type | Pricing Structure |
---|---|
Fixed Price Plan | Similar to SP Group’s electricity plan, consumers pay a fixed rate for the total amount of power used. |
Discount Off Regulated Tariff (DORT) Plan | On this plan, the price you pay for electricity will be pegged to the electricity tariff set by SP Group, which is regulated by the EMA to reflect the true cost of electricity, at a discount. This means that you will always be paying less than what SP Group is offering on this plan. |
No Contract Plan | On this plan, you are not locked in to a fixed contract period and are free to terminate your plan anytime. |
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.
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.
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.
Electricity Retailer | Cheapest Fixed Rate Plan For 6 Months Contract | Cheapest Fixed Rate Plan For 12 Months Contract | Cheapest Fixed Rate Plan For 24 Months Contract |
---|---|---|---|
Give Us A Try: $0.2900/kWh | Get It Fixed 12: $0.2900/kWh | Get It Fixed 24: $0.2900/kWh | |
- | Fixed12: $0.2688/kWh | Fixed24: $0.2688/kWh | |
- | Savvy Saver: $0.2711/kWh | Savvy Saver $0.2681/kWh | |
- | $0.2988/kWh | - | |
- | LifePower12 $0.2700/kWh | LifePower24: $0.2680/kWh | |
$0.4173/kWh | - | - | |
- | PowerFIX 12: $0.2979/kWh | PowerFIX 24: $0.2979/kWh | |
Union Saver 6: $0.4815/kWh | - | - |
*Note: Prices inclusive of GST and subjected to changes.
DORT plans charge you for the electricity consumed by taking a discounted percentage off the cost from the stipulated electricity tariff for the quarter.
Electricity Retailer | Cheapest Discount Off Tariff Plan: 6 Months Contract | Cheapest Discount Off Tariff Plan: 1 Year Contract | Cheapest Discount Off Tariff Plan: 2 Years Contract |
---|---|---|---|
Singapore Power (SP) | $0.2722 cents/kWh | $0.2722 cents/kWh | $0.2722 cents/kWh |
- | LifeSave12: 6% discount | - | |
- | PowerDO 12: 3% discount | - |
*Note: Prices inclusive of GST and subjected to changes.
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.
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.
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:
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.
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.
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.
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.
There will be no disruption to your electricity supply upon switching retailers.
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.
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.
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.
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.
There will be no fees incurred for switching electricity 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.
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).
No, households can choose to not switch electricity retailers and stick with SP Utilities as their electricity supplier.
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.
The appliances that consume the most energy at home in Singapore are air conditioners (36.7%), water heaters (20.9%) and fridges (18.5%).
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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