Open Electricity Market (OEM) Singapore: Complete Guide For 2022

SingSaver team

SingSaver team

Last updated 01 November, 2022
 

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 Nov 2022. 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. 

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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:

  • Fixed Price Plans
  • Discount Off Regulated Tariff Plans
  • Peak/Off-Peak 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 31.82 cents per kWh (incl. GST) (1 October - 31 December 2022), a 1.4% decrease from the last quarter.

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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.

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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.

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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.

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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. 

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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 2022

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  16.05¢ + 99¢ daily charge
PacificLight Energy 28.88¢ + 50¢ daily charge

 

Cheapest fixed-price plans for 6-month contracts

Energy Provider Fixed Price (per kWh, incl. GST) 
Geneco 31.52¢
Sunseap 41.73¢
Union Power 48.15¢

 

Cheapest fixed-price plans for 12-month contracts

Energy Provider Fixed Price (per kWh, incl. GST) 
Geneko 30.98¢
Seneko Energy 30.98¢
PacificLight Energy 31.60¢
Tuas Power 31.17¢
Keppel Electric 31.80¢
Sembcorp Power 31.81¢

 

Cheapest fixed-priced plans for an 18-month contract

Energy Provider Fixed Price (per kWh, incl, GST)
Tuas Power 31.17¢

Cheapest fixed-price plans for 24-month contracts

Energy Provider Fixed Price (per kWh, incl. GST) 
Senoko Energy 31.12¢
Geneco 31.12¢
PacificLight 31.12¢
Tuas Power 31.17¢
Keppel Electric 31.80¢

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 cards promos) below.


Promotions

Seneko Energy

For Senoko, you can use the promo code, 'HOLS60' for a one-time S$60 rebate if you sign up for their 24-month plans from now until 31 Dec 2022. What’s even better is that they have no hidden costs or transmission loss charges.

If you're a Citi credit card member, you can get up to S$90 rebate when you sign up for their 24-month plan and set up recurring bill payments by 31 December. Use the code: 'CITIHOLS90'.

If you sign up for their 12-month plan, you can enjoy a one-time S$10 bill rebate with the promo code: 'CITIHOLS10'. Both promotions are valid for the first 200 customers who sign up from 1 Nov to 31 Dec 2022. Read the T&Cs here. 

For HSBC credit card members, you get up to S$90 rebate when you sign up for any 24-month plan and S$10 off if you sign up for any 12-month plan with the promo code 'HSBCHOLS90' and 'HSBCHOLS10' respectively. 

You'll need to set up recurring bill payment with your HSBC credit card by 31 Dec 2022 and be among the first 900 customers from 1 Oct to 31 Dec 2022

Meanwhile, UOB card members who sign up with a 24-month plan and set up recurring bill payments by 31 Dec 2022 can also enjoy up to S$80 bill rebate. Promo is limited to the first 500 customers only. 

If you have a POSB Everyday Card, you can also enjoy up to 4% of cash rebates with no minimum spend when you set up recurring bill payments and sign up for any 24-month plan.

Lastly, get up to S$90 bill rebate when you sign up with Senoko and set up recurring bill payments with your Trust Card. Use the code 'TBHOLS90' to enjoy S$90 off for any 24-month plan, and 'TBHOLS30' to get S$30 off your bill for any 12-month plan. 


Genoko

Genoko is currently offering a S$50 bill rebate when you sign up with their 'Get It Fixed' 24-month and 12-month plans from now until 2 Jan 2023.

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


PacificLight Energy

PacificLight is also offering up to S$138 electricity rebates for the first 100 sign ups for their 24-month plans from now until 30 Nov 2022. You'll get S$88 off with the code "GLOW88", a further S$20 off if you apply a referral code, and another S$30 discount if you set up recurring bill payments with an HSBC credit card

For UOB card members, you'll enjoy S$100 off if you sign up for their 24-month plans and set up recurring bill payments. Use the code "UOB100".

If you're on an existing 24-month contract with PacificLight, you can get S$20 if you set up recurring bill payments with your UOB card. Promo ends on 31 Dec 2022. 

On the other hand, DBS credit card holders can enjoy a S$68 bill rebate via Home & Living Marketplace if they sign up for their 24-month plan with the code 'DBS68' from now till 31 December 2022. 


Sembcorp Power

Sembcorp Power is offering Citi credit card holders up to S$30 rebates for new sign-ups; you'll get S$20 referral bill rebate and an additional S$10 rebate when you set up recurring payments. Offer is valid until 31 Dec 2022.

Meanwhile, UOB card members can also enjoy up to S$40 rebates with the promo code '40UOB12'. 


Keppel Electic

New Citi card members can enjoy up to S$200 cashback from now till 31 December 2022. T&Cs here.

What's more, be among the first 400 sign-ups from 1 October to 31 December 2022 and set up recurring bill payments to get up to S$30 off your bill payment. Use the promo code 'CITI30' to get a S$30 bill rebate for their 2-year plan and 'CITI20' for a S$20 rebate for their 1-year plan.


Tuas Power

You can get up to a 5% 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 no-contract plan: PacificLight

Currently, PacificLight is the only retailer that offers no-contract plans.

The first is the '9 To 9' plan, where you pay a fixed rate of 16.05 cents/kWh (+99 cents daily) from 9pm to 9am, and 42.80 cents/kWh (+99 cents daily) from 9am to 9pm.

The other is the 'Easy Peasy' plan; inclusive of GST, you pay a fixed rate of 28.88 cents/kWh (+0.50 cents daily fee). You do need to pay a security deposit though, and the amount is dependent on your residential home type (e.g. 2-room flat, condo, semi-detached, etc.). You may read the full terms here.

 

Best 6-month fixed-price plan: Geneco

If you’re not ready for a long-term contract and want to lock in potential savings from any fluctuations in quarterly tariff prices, sign up for Geneco's 6-month fixed price plan for a low fixed rate of 31.12 cents/kWh. 

 

Best 12-month fixed-price plan: Senoko Energy and Geneco

Both Geneco and Senoko Energy offer the best 12-month fixed price plans with a fixed rate as low as 30.98 cents/kWh.

 

Best 18-month fixed-price plan: Tuas Power

If you want a plan that's between 12 months and 24 months, you can opt for the 18-month plan from Tuas Power. It's currently priced at a fixed rate of 31.17 cents/kWh (inclusive of GST). 

 

Best 24-month fixed-price plan: Senoko Energy and Geneco

The best 24-month fixed price plan is also with Senoko and Geneco, at 31.12 cents/kWh.

 

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Best Discount Off Regulated Tariff Plans in Singapore 2022

Discount Off Regulated Tariff plans offer a discount off the prevailing regulated tariff price set by the SP Group, which is revised every quarter. If you are okay with your electricity rates changing every quarter -- so long as it's below the regulated tariff -- this could be the best plan for you.

However, there are no such plans at the moment.

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Best Peak and Off-Peak Plans in Singapore 2022

Peak and Off-Peak Plans are non-standard price plans that allow consumers to pay their preferred price for electricity usage depending on the time of day. They can vary between the fixed-rice or discount-off-regulated-tariff models, but the main beneficiaries are households that consume most of their electricity during off-peak hours like the evenings, early morning hours or weekends.

However, there are no available off-peak plans currently.

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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.

Read these next:
Which Energy Provider Offers The Cheapest Electricity Price Plans In Singapore?
Best Credit Cards for Paying Utility Bills in Singapore
How To Pull Off Wallet-Friendly, Greener Living From Your Home In 2022
Fixed Price Electricity Plans Can Save Your Bills – Here’s How
Credit Cards That Supercharge Your Savings On Open Electricity Market

 

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