Cheapest Open Electricity Market Price Plans in Singapore

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Open Electricity Market rollout

(Source: Open Electricity Market)

The Open Electricity Market (OEM) is upon us. From Nov 1, the OEM will gradually be rolled out across Singapore and will be extended to consumers islandwide zone-by-zone. Before you wake up in cold sweat in the dead of night screaming “OEM!”, here’s a quick guide on what you need to know if and when you do decide to make that crucial switch to a different retailer from the current SP Group. 

Open Electricity Market nationwide rollout

The nationwide rollout will gradually take place, zone by zone, over 6 months, starting Nov 1. In other words, plenty of time to assess and decide if you should make a switch to a new retailer. Here’s a zonal map of the 6-month rollout.

Visit www.openelectricitymarket.sg for the latest schedule. Consumers with postal codes starting with 60-64 have been able to buy from a retailer since 1 April 2018.

5 things to know about the Open Electricity Market

Point #1: With Open Electricity Market, you can switch to a retailer at a price plan that best meets your needs.

Point #2: It’s not compulsory for you to switch to a retailer. You can continue to buy electricity from SP Group at the regulated tariff as you do today and switch to a retailer at any time in the future. There is no deadline for switching to a retailer.

Point #3: Buying electricity from a retailer does not affect your electricity supply. This is because SP Group will continue to operate the national power grid and deliver electricity to everyone.

Point #4: If you are eligible for U-Save rebates, you will still be able to use them to offset your electricity bill after switching to a retailer.

Point #5: Check out participating retailers here and compare their standard price plans using our Price Comparison Tool. If you choose to switch to a retailer, the retailer that you sign up with will work with SP Group to make the switch for you.

How do I make a decision?

Once you begin your research, there is a bewildering array of plans with fancy names. But beyond the fancy names and TnCs, what you first need to understand is there are three main types of plans being offered:

A) Fixed Price Plans
B) Discount Off Regulated Tariff Plans
C) Peak/Off-peak plans

Electricity tariffs are reviewed each quarter of the year by SP Services and are regulated by the Energy Market Authority (EMA).

For Q4 2018 (October to December), the regulated electricity tariff is at S$0.2582/kwh. (Check this page for the updated regulated tariffs each quarter). This is important because it’ll be one of the main factors you’ll need to consider when you select a plan that’s suitable for your household needs.

Let’s get familiarised with the 3 various plans.

Fixed Price Plan

Pay a fixed price for electricity throughout your contract duration.

Pros: Protected from fluctuations in price changes, if any, of regulated tariffs each quarter.

Cons: Pay more when the regulated tariff is lower than your contract price.

Open Electricity Market Fixed Price Plan

(Source: Energy Market Authority)

Discount Off Regulated Tariff Plan

Enjoy a fixed discount off the prevailing regulated tariff each quarter.

Pros: Pay lower than the regulated tariff.

Cons: Electricity bills may fluctuate every quarter as tariff prices are reviewed.

Open Electricity Market Discount Off Regulated Tariff

(Source: Energy Market Authority)

Peak/ Off-peak plan

Price of electricity differs depending on the timing of use (peak or off-peak).

  • Peak and off-peak timing differs for each provider
  • Choose between a discount off the regulated tariff or choose a fixed price for your peak and off-peak prices. These also differ for each retailer.

Pros: Save more if electricity consumption is higher during off-peak periods.

Cons: Required to install a smart meter at home.

Source: Energy Market Authority

The cheapest plans by plan type

Now that you have a basic understanding of three basic plans, we’re going to help you compare prices across the three plans. We’ve shortlisted the companies with the best deals.

Here’s a table comparing the cheapest fixed price plans (best rates highlighted in yellow).

Please check latest price plans by retailers here. Prices subject to change.

Here’s a table comparing the cheapest discount off regulated tariff plans (best rates highlighted in yellow).

Please check latest price plans by retailers here. Prices subject to change.

Here’s a table comparing the cheapest peak/off-peak plans.

Please check latest price plans by retailers here. Prices subject to change.

And these are the retailers and plans you can choose from. Look out for the credit card rebates and promotions you can enjoy when you use your cards to pay for your electricity bills.

Open Electricity Market Providers and Price Plans

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Alexa FangBy Alexa Fang
Alexa is a pop-culture vulture. She lives to read, write and travel, and decided long ago that life is stranger than fiction. When she’s having croissant, she thinks in French. “31 Rue Cambon” is her favourite address, and she believes that money one enjoyed spending is never money wasted.


 

About Alexa Fang

Alexa Fang is a pop-culture vulture. She lives to read, write and travel, and decided long ago that life is stranger than fiction. When she's having croissant, she thinks in French. "31 Rue Cambon" is her favourite address, and she believes that money one enjoyed spending is never money wasted