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

SingSaver team
Last updated Jun 01, 2022
Open Electricity Market (OEM) Singapore: Complete 2019 Guide | SingSaver

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.

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:

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.

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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 29.90 cents per kWh (incl. GST) (1 April – 31 June 2022)

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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.

For example, Keppel Electric is offering an exclusive switch promo with a card rebate of up to S$30. Meanwhile, Senoko Energy is offering up to S$60 bill rebate on any 24-month plan with the promo code ‘SMART60’.

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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 nor 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 co-ordinate 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 to a new OEM retailer. 

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

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 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 plan

Energy ProviderFixed Price (per kWh, incl. GST) 
Pacific Light Energy 29.68¢ (+0.50¢ daily fee)

Cheapest fixed price plans based on 6-month contract

Energy ProviderFixed Price (per kWh, incl. GST) 
Geneco29.80¢
Sunseap41.73¢
Union Power48.15¢

Cheapest fixed price plans based on 12-month contract

Energy ProviderFixed Price (per kWh, incl. GST) 
Geneko28.90¢
Seneko Energy29.20¢
Tuas Power29.79¢
Pacific Light Energy29.80¢
Sembcorp Power29.88¢
Keppel Electric29.88¢

Cheapest fixed price plan based on 18-month contract

Energy ProviderFixed Price (per kWh, incl. GST) 
Tuas Power29.79¢

Cheapest fixed price plans based on 24-month contract

Energy ProviderFixed Price (per kWh, incl. GST) 
Senoko Energy28.80¢
Geneco28.80¢
Pacific Light29.68¢
Keppel Electric29.88¢
Tuas Power29.79¢

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.

Best no-contract plan: Pacific Light

Currently, Pacific Light is the only retailer that offers a no-contract plan. Inclusive of GST, you pay a fixed rate of 29.68 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 six-month fixed price plan for a low fixed rate of 29.80 cents/kWh. 

Best 12-month fixed-price plan: Geneco

Likewise, Geneco also offers the best 12-month fixed price plan with a fixed rate as low as 28.90 cents/kWh. 

Best 18-month fixed-price plan: Tuas Power

If you’re looking for a plan that’s between 12 months and 24 months, Tuas Power is the only retailer that offers a 18-month contract. You’ll pay 29.79 cents/kWh.

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

The best 24-month fixed price plan is with Senoko and Geneco, with 28.80 cents/kWh.

For Senoko, you can use the promo code, ‘SMART60’ for S$60 rebate. What’s even better is that they have no hidden costs or transmission loss charges.

From now till 31 July 2022, Genoko is also offering a S$50 rebate when you sign up with the code ‘STACK50’. On top of that, there are also additional rebates for different credit cards.

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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 very limited plans in the market currently, with the only one being a 12-month contract.

Discount Off Regulated Tariff Plans OEM Singapore | SingSaver
Source: openelectricitymarket.sg

Best discount-off-regulated-tariff plans based on 12-month contract

Energy ProviderPercentage Discount 
Senoko Energy3.00%

Best discount-off-regulated-tariff plan (12 months): Senoko Energy

Senoko Energy offers the best (and only) discount-off-regulated-tariff plan. For their 12-month plan they offer a 3% discount off tariffs, with prices as low as 29.00 cents/kWh. Not only that, they also have promotions such as a S$30 bill rebate for you and a friend when they switch to Senoko Energy. There are various other promotions like ‘SMART60’, where you can get a S$60 bill rebate on any 24-month plan (T&Cs apply)

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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

SingSaver team June 1, 2022 32816