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

SingSaver team
Last updated Jan 04, 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 over a dozen 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 27.22 cents per kWh (incl. GST) (1st January – 31st March 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 ‘TREAT60’.

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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.

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

Cheapest fixed price plans based on 6-month contract

  Electricity SupplierUnique Value PropositionEstimated Monthly Bill
Union Power Pte LtdNo deposit needed and online-only rebatesS$87.90
Geneco (Seraya Energy Pte Ltd)Clean energy at competitive fixed ratesS$85.34
Sunseap Energy Pte LtdLargest clean energy solutions providerS$87.35
Sembcorp Power Pte LtdLarge focus on sustainabilityS$87.72

Cheapest fixed price plans based on 12-month contract

  Electricity SupplierUnique Value PropositionEstimated Monthly Bill
PacificLight Energy Pte LtdVarious plans to suit different needsS$87.31 (online exclusive)
Union Power Pte LtdNo deposit needed and up to $30,000 home insurance coverageS$87.40
Tuas Power Supply Pte LtdOne-stop energy provider, additional monthly savingsS$87.90
Keppel Electric Pte LtdFirst homegrown electricity retailerS$87.72
Sembcorp Power Pte LtdGreener energyS$87.72
Senoko Energy Supply Pte LtdApp-based electricity consumption monitorS$85.68
Sunseap Energy Pte LtdLargest clean energy solutions providerS$87.35
Geneco (Seraya Energy Pte Ltd)Clean energy at competitive fixed ratesS$85.34

The prices were based on an average monthly energy consumption of 350 kWh.

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: Singapore Power

Pay a fixed rate of 25.80 cents/kWh making your monthly bill S$87.72, with the new SP utilities app, paying your bill has never been easier. You can track your consumption trends and analyse and reduce your carbon footprint whilst getting rewarded. No contract duration.

Best 6-month fixed-price plan: Geneco (Seraya Energy Pte Ltd)

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 (Seraya Energy) Pte Ltd’s six-month fixed price plan and pay a low fixed rate of 25.10 cents/kWh. 

Best 12-month fixed-price plan: Geneco (Seraya Energy Pte Ltd)

Along with the six-month plan, Geneco offers the best 12-month fixed price plan with a fixed rate as low as 25.10 cents/kWh. 

Best 24-month fixed-price plan: Geneco (Seraya Energy Pte Ltd)

Believe it or not, the best 24-month fixed price plan is also with Geneco. With 25.50 cents/kWH and a monthly bill of S$86.70. You can use the promo code, JOLLY80, for S$50 rebate + S$30 GrabFood electronic vouchers, although do note that this is for limited sign-ups only. What’s even better is that they have a price-match guarantee and no monthly fees or transmission loss charges.

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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.

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

Best discount-off-regulated-tariff plans based on 6-month contract

  Electricity SupplierUnique Value PropositionDiscountPromo Code*
Union Power1% discount off regulated tariff1%NA

*Individual promo terms and conditions apply

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

  Electricity SupplierUnique Value PropositionDiscount (off the regulated tariff)Promo Code*
PacificLight Energy Pte LtdLow fixed-base rate with option of no contract3%N.A
Tuas Power Supply Pte LtdOne-stop energy provider, 1% cash back with POSB Everyday Card3%N.A
Senoko EnergyApp-based electricity consumption monitor6%N.A

*Individual promo terms and conditions apply

Best discount-off-regulated-tariff plans based on 24-month contract

  Electricity SupplierUnique Value PropositionDiscount (off the regulated tariff)Promo Code*
Senoko EnergyApp-based electricity consumption monitor, S$60 bill rebate on any 24-month plan3%TREAT60
PacificLight Energy Pte LtdLow fixed-base rate with option of no contract3%N.A
Tuas Power Supply Pte LtdOne-stop energy provider, 1% cash back with POSB Everyday Card3%N. A.

*Individual promo terms and conditions apply

Best discount-off-regulated-tariff plan (12- 24 months): Senoko Energy

Senoko Energy offers the best discount-off-regulated-tariff plans for two months. For their 12-month plan they offer a 6% discount off tariffs, and 3% off for the 24-month plan. 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 ‘TREAT60’, 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

Best Peak and Off Peak Plans in Singapore

  Electricity SupplierUnique Value PropositionPeak PricingOff-Peak Pricing
Keppel Electric Pte LtdFirst homegrown electricity retailerS$28.74/kWh (7am to 11pm)S$22.11cents/kWh (11pm to 7am)
PacificLight Energy Pte Ltd (12 months)Low fixed-base rate with no contract option2% off regulated tariff (7am to 11pm)4.8% off regulated tariff (11pm to 7am)
PacificLight Energy Pte Ltd (24 months)Low fixed-base rate with no contract option2% off regulated tariff (7am to 11pm)4.8% off regulated tariff (11pm to 7am)

Knowing your electricity consumption habits can come in handy for Peak and Off-Peak Plans. If you’re out at work for most of the day and are used to sleeping with air-conditioning on at night, for example, consider Keppel Electric or PacificLight Energy, which offer the lowest fixed-rate and largest discount-off-tariff respectively.

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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 January 4, 2022 32816