Open Electricity Market (OEM) Singapore: Complete Guide For 2024

SingSaver team

SingSaver team

Last updated 10 May, 2024

Still considering if you should switch electricity retailers or aren't sure which to go for? Here's your complete guide to the Open Electricity Market and its various plans.

Last updated on 1 March 2024. Prices and promotions are subject to change at any time.


What is Open Electricity Market?

Open Electricity Market (OEM) is an initiative by the Energy Market Authority (EMA) to liberalise and open the electricity market to new players. For the end consumer, that means you enjoy more options and flexibility when buying electricity, with the end goal of lowering your monthly electricity bills.

From 1 November 2018 to 1 May 2019, the OEM was gradually rolled out nationwide to all consumers, mainly households, by zones. All households can now switch to their preferred OEM retailer and choose a price plan that best meets their needs. Alternatively, they can choose to stay with the incumbent provider, SP Group.

Open Electricity Market rollout zones
Source: openelectritymarket.sg

Currently, there are nine OEM retailers offering competitive pricing and promotions that help lower your monthly electricity bills. 


Which is the best electricity retailer in Singapore?

Before choosing an OEM retailer, you need to understand how quarterly tariff prices are set by SP Power, and what factors contribute to price fluctuations. Then, you can pick the plan that best suits how your household consumes electricity. There is also no pressure to switch to a new retailer if you’re undecided or are happy with the incumbent provider, SP Group.

There are three main types of OEM plans:

The “best” electricity retailer really depends on your household’s electricity consumption. For example, if your household consumes electricity mostly during non-peak hours, you can take advantage of Peak/Off-Peak Price Plans. If your consumption is lower than the national average, check out the Discount Off Regulated Tariff Plan.

When choosing your electricity retailer, you don't always have to go for the cheapest option. Consider other factors such as credit card rebates, referral and promo codes, and each retailer's unique value proposition.

You may also compare the best electricity price plan using the Open Electricity Market price comparison tool.

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How are electricity tariffs calculated every quarter?

The tariff set by SP Services is reviewed each quarter and regulated by the Energy Market Authority (EMA) to reflect the actual cost of electricity. This tariff comprises two key components: fuel cost and non-fuel cost.

Fuel costs are tied to natural gas prices, which are indexed to oil prices by commercial contracts. These prices change depending on global market conditions. About 95% of Singapore's electricity is generated by imported natural gas, which means that the price of electricity is closely tied to global conditions and oil prices.

Non-fuel costs are the cost of generating and delivering electricity to homes, such as:

  • Power Generation Cost: the manpower and maintenance costs of running the power stations
  • Grid Charge: the cost of transporting electricity through the power grid
  • Market Support Services (MSS) Fee: the costs of billing and meter readings
  • Power System Operation and Market Administration Fees: costs related to operating the power system and administering the wholesale electricity market

The current tariff price is 32.58 cents per kWh (incl. GST) (January to March 2024).


What should I watch out for when choosing an electricity retailer? 

Be sure to read the fine print before committing to any plan. Beyond the competitive prices advertised, ask for a Fact Sheet and Consumer Advisory so that you can check on:

  • Paper bill fee
  • Security deposit
  • Administrative fees
  • AMI meter installation fees
  • Auto-renewal clauses
  • Carbon tax
  • Early termination charges
  • Late payment fees
  • Transmission loss factor
  • Eligibility for using U-Save GST vouchers

You can also ask for any partner benefits when signing up for a particular retailer.

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How do I switch electricity providers?

Step 1: Check out and compare price plans that OEM retailers are offering using the super handy Price Comparison Tool.

Step 2: Contact your preferred OEM retailer and ask for more information on the price plan you're interested in. Be sure to ask for a Fact Sheet and Consumer Advisory.

Step 3: Once you’ve decided on a price plan, sign up with your preferred OEM retailer who will work directly with SP Group to initiate the switch.


Will my electricity supply be disrupted during the switch? 

Your electricity supply will not be disrupted if and when you decide to switch OEM retailer. Regardless of who you buy your electricity from, your electricity supply will stay the same because the SP Group operates the national power grid and delivers electricity to consumers.


Will I incur extra fees for switching electricity retailers?

If and when you decide to switch from the SP Group to your preferred OEM retailer, you will not incur any extra fees or additional charges.


What happens if I change my mind after switching energy supplier? 

In case you change your mind after switching from the SP Group to your current OEM retailer, your current OEM retailer will coordinate with the SP Group to make the switch. But take note of any terms and conditions for early termination charges on lock-in contracts when you sign up for a new OEM retailer. 


How will I be billed for my electricity if I switch retailers?

Your billing arrangement depends on your chosen electricity retailer. If the retailer bills you directly, you should receive 2 utility bills every month: 1 for electricity, and 1 for water, gas, and refuse.

If your retailer bills you through SP Group, nothing much will change and you will get 1 consolidated bill covering electricity, water, gas, and refuse charges.

If you're unsure, check with your retailer on their billing arrangement.

Here's an example of a monthly statement from PUB (based on a two-adult household). You can see electricity and water services are consolidated into one statement, so if you switch retailers, the electricity services component will come as a separate statement.

Open Electricity Market Guide 2019
Monthly PUB statement with consolidated electricity and water services.

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Best Fixed-Price Plans in Singapore 2024

A Fixed Price Plan offers a flat rate per kilowatt hour (kWh) for a designated lock-in or contract period – this flat rate can change once your contract is over. This is why some retailers are advertising longer lock-in periods as a way for you to ‘book’ lower promo rates.

During the lock-in period, your household is not subject to quarterly fluctuations that may be higher or lower than the regulated tariff over time.

If you prefer certainty over price fluctuations in your monthly bill, Fixed Price Plans may be the best choice for you.

Cheapest no-contract plans

Energy Provider Fixed Price (per kWh, incl. GST) 
PacificLight Energy (9 To 9) 16.95¢/kWh (9pm - 9am) & 39.57¢/kWh (9am - 9pm) + S$1.01 daily charge
PacificLight Energy (Easy Peasy) 28.06¢ + 55¢ daily charge


Cheapest fixed-price plans for 6-month contracts

Energy Provider Fixed Price (per kWh, incl. GST) 
Geneco (Give Us A Try) 30.16¢

Cheapest fixed-price plans for 12-month contracts

Energy Provider
Fixed Price (per kWh, incl. GST) 
Geneco (Get It Fixed 12)
29.68¢
Seneko Energy (LifePower12)
29.68¢
PacificLight Energy (Sunny Side-up)
30.40¢
PacificLight Energy (Savvy Saver)
30.07¢
Keppel Electric (ecoGreen12)
40.33¢
Keppel Electric (Fixed12)
29.98¢
Tuas Power (PowerFIX12)
31.48¢
Sembcorp Power (12-month Fixed Price Plan)
31.32¢
Sembcorp Power (12-month Sunshine Plan)
33.88¢

Cheapest fixed-priced plans for an 18-month contract

Energy Provider
Fixed Price (per kWh, incl, GST)
Tuas Power (PowerFIX 18)
30.83¢

Cheapest fixed-price plans for 24-month contracts

Energy Provider Fixed Price (per kWh, incl. GST) 
PacificLight (Save While Sleeping) 20.05¢
PacificLight (Savvy Saver) 28.95¢
PacificLight (Stack It Up) 27.08¢
Keppel Electric (Fixed24) 29.42¢
Keppel Electric (ecoGreen24) 39.77¢
Geneco (Get It Fixed 24) 29.42¢
Senoko Energy (LifePower24) 29.42¢
Senoko Energy (LifeGreen24) 29.75¢
Tuas Power (PowerFIX 24) 30.83¢


Cheapest fixed-price plans for 36-month contracts

Energy Provider Fixed Price (per kWh, incl. GST) 
PacificLight (Savvy Saver) 30.07¢
Tuas Power (PowerFIX 36) 30.61¢

When choosing your electricity retailer, don’t always go for the cheapest option. Take into account other factors such as promotional rates, credit card rebates, referral codes, and each retailer’s unique value proposition.

You may find the latest promotions offered by the various electricity retailers (including credit card promos) below.


Ongoing promotions by OEM providers

Seneko Energy

Standard Promo

Enjoy up to S$60 bill rebate when you use the code <BBOL60> for any 24-month plans. Use the code <BBOL10> to get $10 off any 12-month plans.

HSBC

If you're an HSBC credit card member, you can get up to a S$120 rebate if you're among the first 156 who sign up for 24-month plans and first 20 who sign up for 12-month plans.

Use  promo code <HSBCBBOL120 > to enjoy a S$120 bill rebate on any 24-month electricity plan and promo code <HSBCBBOL20 > to enjoy a S$20 bill rebate on any 12-month electricity plan. Stack on a referral code to get up to a total of S$163 bill rebate. More details here.

SingSaver's Exclusive Offer: Receive the following rewards and experience Fastest Rewards Fulfilment when you sign up for a Citi Credit Card:

*📣For Citi PremierMiles Card: Receive a Samsonite Straren Spinner 67/24 + 2X AirTag (worth S$690.80) or a Dyson Supersonic (worth S$699) or an Apple iPad 9th Gen 10.9 wifi 64GB (worth S$508.30) or 18K Heymax Miles or S$300 Cash + $110 Shopee Vouchers upon activating and spending a minimum of S$500 within 30 days of card approval. This card is exclusively available on SingSaver. Valid until 31 July 2024. T&Cs apply.

Get an additional S$100 eCapitaVoucher when you simultaneously open a Citi Citigold Account. Valid until 31 July 2024. T&Cs apply.

*📣For Citi Prestige Card: Get a Samsonite Straren Spinner 67/24 + 2X AirTag (worth S$690.80) or a Dyson TP10 (worth S$599) or 18K Heymax Miles (worth S$300) or S$320 eCapitaVoucher upon activating and spending a minimum of S$500 within 30 days of card approval. This card is exclusively available on SingSaver. Valid until 31 July 2024. T&Cs apply

*📣ONLY AVAILABLE ON SINGSAVER📣

Other Citi Credit Cards: Receive an Apple iPad 9th Gen 10.9 wifi 64GB (worth S$508.30) or a Dyson Supersonic (worth S$699) or a Dyson Micro 1.5kg Vacuum (worth S$599) or S$300 Cash + $110 Shopee Vouchers upon activating and spending a minimum of S$500 within 30 days of card approval. Valid until 31 July 2024. T&Cs apply.

Rewards Upgrade Campaign_BLOGARTICLE_800x250 (1)

⬆️Reward Upgrade Campaign⬆️: Upgrade your rewards when you top up as low as S$100. Valid till 31 July 2024. T&Cs apply.

  • S$100 for an Apple iPad 10th Gen 10.9 wifi 64GB (worth S$529)
  • S$200 for an Apple Watch Series 9 (GPS) 41mm (worth S$604.50)
  • S$800 for an Apple Watch Ultra 2 GPS + Cellular 49mm (worth S$1,210.10)
  • S$980 for a Macbook Air 13" 256GB M3 (worth S$1,599.00)
  • S$1,200 for an Apple iPhone 15 Pro 128GB (worth $1,664.25)
  • S$1,786 for a Samsung Galaxy S24 Ultra Titanium Gray 12+512GB 5G (worth $2,128.00)

 


Geneco

Geneco is currently offering a S$65 bill rebate and S$20 worth of eCapitaVoucher when you sign up with their 'Get It Fixed' 24-month plan with promo code "GSS85" and up to S$10 bill rebate and S$10 eCapitaVoucher with promo code "GSS25" when you sign up with their 'Get It Fixed' 12-month plan.

On top of that, you get to enjoy additional rebates for different credit cards.

For Maybank credit card members, you can enjoy up to S$55 bill rebate (S$35 if you sign up for their plan and set up recurring bill payments, and a further S$15 rebate with Power Eco Add-on)

maybank-family-friends-mastercardThe Maybank Family & Friends Card offers up to S$125 cashback per month for categories such as groceries, transport, dining and food delivery, streaming services, utilities, and more.

 

UOB is also offering a S$20 bill rebate when you sign up for a Get It Fixed 24 plan and set up recurring bill payment with a UOB Card!

Lastly, POSB Everyday credit card members can enjoy 3% cash rebates for recurring bill payments. 

POSB_everyday_card_front_RGB_1920x1080_20190723


PacificLight Energy

DBS credit cardholders can enjoy up to S$140 bill rebate via Home & Living Marketplace if they sign up for a 24-month plan with the code <DBS80> or a 36-month plan with promo code <DBS90>. You'll get an additional S$20 referral rebate if you apply a referral code.

DBS/POSB Credit Card Welcome Gift: Receive up to S$150 cashback or 85,000 miles when you apply for select DBS credit cards and fulfil the relevant promotion criteria. T&Cs apply.

HSBC cardholders can also enjoy up to S$310 rebates. Apply <HSBC90> for S$90 bill rebates on 36-month plans or <HSBC80> for S$80 bill rebates on 24-month plans, and set up recurring bill payment using HSBC credit cards.

⭐HSBC CC Lucky Draw⭐: Apply for an HSBC Credit Card and get the chance to win a Mercedes-Benz EQB or 86,000 KrisFlyer miles (enough for a round-trip economy class ticket to Paris). Get up to 30+ chances to win when you apply for HSBC Credit Cards and spend a minimum of S$500. Valid till 23 September 2024. T&Cs apply.

SingSaver Exclusive Offer: Enjoy the following rewards when you sign up for an HSBC credit card.

HSBC_Advance_BLOGARTICLE_800x250

HSBC Advance Card (📣Offer Only Available on SingSaver📣): Receive a Dyson V8 Slim™ Fluffy (worth S$509) or an Apple iPad 9th 10.2" WiFi 64GB (worth S$508.30) or a BEA Office Chair (worth S$509) or S$350 eCapitaVoucher upon activating and spending min. S$500 by end of the following calendar month from the card account opening date and providing marketing consent. Valid till 21 July 2024.  T&Cs apply.

HSBC_Live+Blurb_KV1_BLOGARTICLE_800x250

HSBC Live+ Card: Receive a FLUJO SmartTrax Standing Desk (worth S$699) or a Dyson AM07 (worth S$459) or a Sony WF-1000XM5 (worth S$429) or S$300 eVoucher (Redeem from Merchants such as Shopee, Grab) upon activating and spending min. S$500 by end of the following calendar month from the card account opening date and providing marketing consent. Valid till 21 July 2024. T&Cs apply.

HSBC_Live+Blurb_KV2_BLOGARTICLE_800x250

Get up to S$900 worth of vouchers and cashback with Live+:

  • S$300 eVoucher when you sign up with SingSaver
  • S$100 cashback from HSBC when you charge 1 qualifying transaction (T&Cs)
  • up to S$500 cashback from Live+ Card over 6 months (based on 8% cashback capped at S$250 per quarter)

HSBC_TravelOne_KV1_BLOGARTICLE_800x250 (1)

HSBC TravelOne Credit Card: Receive a Dyson Supersonic™ hair dryer (worth S$699) or an Apple iPad 10th Gen 10.9 wifi 64GB (worth S$529) or an Apple Watch Series 9 (worth S$604.50) or S$400 eVoucher (Redeem from merchants like Klook) or 27K Max Miles upon activating and spending min. S$1,000 plus pay annual fee of S$196.20 by end of the following calendar month from the card account opening date and providing marketing consent. Available for both new and existing card holders. Valid till 21 July 2024.  T&Cs apply.

Rewards Upgrade Campaign_BLOGARTICLE_800x250 (1)

⬆️Reward Upgrade Campaign⬆️: Upgrade your rewards when you top up as low as S$100. Valid till 31 July 2024. T&Cs apply.

  • S$100 for an Apple iPad 10th Gen 10.9 wifi 64GB worth (S$529.00)
  • S$250 for an Apple Watch Series 9 (GPS), 41mm worth (S$604.50)
  • S$200 for a Sony HT-AX7 Portable Theatre System worth (S$769.00)
  • S$588 for a Sony ZV-1M2 Vlog Camera worth (S$1,209.00)
  • S$980 for a Macbook Air 13" 256GB M3 worth (S$1,599.00)
  • S$1,099 for an Apple iPhone 15 Pro 128GB worth (S$1,664.25)

Sembcorp Power

Sembcorp Power is offering 2% and 3% cash rebates for POSB Everyday and OCBC 365 holders. 

POSB Everyday Card members can also enjoy 2% cash rebates when they set up recurring bill payments for the 12-month plan.  

POSB_everyday_card_front_RGB_1920x1080_20190723


Tuas Power

You can get up to 3% cash rebate when you set up recurring bill payments with your POSB Everyday Card, and up to 4.33% cashback if you have a UOB One Credit Card. View the T&Cs here. 

 


Best credit cards for paying utility bills

Credit Card Rebate Eligible partners Min. spend and Cashback cap
OCBC 365 Card
OCBC365

3% Senoko Energy, Sembcorp Power and Geneco. Min. spend: S$800/month (less gets flat 0.3% cashback)

Cap: S$80/month
UOB One Card
UOB_ONE-4
Up to 4.33% rebate on your SP utility bills SP Min. spend: S$500 per month per quarter

Cap: S$200 per quarter
POSB Everyday Card
POSB_everyday_card_front_RGB_1920x1080_20190723
Up to 3% SP Group, Geneco, Sembcorp Power Union Power, Tuas Power, Keppel Electric, Senoko Energy Min. spend: None

Cap: Cash rebate is capped at maximum POSB Daily$3 per calendar month for electricity bills and a maximum of POSB Daily$3 per calendar month for telco bills
Standard Chartered Simply Cash Card
standard chartered simplycash
1.5% All expenditure Min. spend: None

Cap: Unlimited
UOB Absolute Cashback Card
uob-absolute-cardface
1.7% All expenditure Min. spend: None

Cap: Unlimited

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Bottom Line

It may seem obvious to make a dash for the cheapest OEM plan in the market but hold your horses. First, consider other factors like your household’s electricity consumption patterns.

Also, check for additional charges, as mentioned above, like (hidden) administrative fees, auto-renewal clauses, early termination fees, and carbon taxes.

 

At SingSaver, we make personal finance accessible with easy to understand personal finance reads, tools and money hacks that simplify all of life’s financial decisions for you.

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