Open Electricity Market (OEM) Singapore: Complete Guide For 2023

• What is Open Electricity Market?
  • Which is the best electricity retailer in Singapore?
  • How are electricity tariffs calculated every quarter?
  • What should I watch out for when choosing an electricity retailer?
  • How do I switch electricity providers?
  • Will my electricity supply be disrupted during the switch?
  • Will I incur extra fees for switching electricity retailers?
  • What happens if I change my mind after switching retailer?
  • How will I be billed for my electricity if I switch retailer?
• Best Fixed Price Plans in Singapore 2023
• Best Discount Off Regulated Tariff Plans in Singapore 2023
• Best Peak and Off-Peak Plans in Singapore 2023
• Best credit cards for paying utility bills

Last updated on 6 Sep 2023. 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.

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:

• 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 29.96 cents per kWh (incl. GST) (July to September 2023), an average 2.7% decrease from the last quarter.

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.

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Best Fixed-Price Plans in Singapore 2023

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

Cheapest fixed-price plans for 6-month contracts

Cheapest fixed-price plans for 12-month contracts

Cheapest fixed-priced plans for an 18-month contract

Cheapest fixed-price plans for 24-month contracts

Cheapest fixed-price plans for 36-month contracts

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.

Ongoing promotions by OEM providers

Seneko Energy

Citibank

If you're a Citi credit card member, you can get up to a S$130 rebate if you're among the first 150 customers to sign up for their 24-month plan from 4 July to 30 September 2023. Use the code: "CITILUV130".

If you sign up for their 12-month plan, you can enjoy a one-time S$20 bill rebate if you're the first 50 customers to sign up with the promo code: "CITILUV20". Both promotions run from 4 July to 30 September 2023 and are stackable. Read the T&Cs here. 

Maybank

If you're a Maybank credit card holder, you can enjoy a S$130 rebate with the promo code "MBLUV130" if you sign up for their 24-month plan, and a S$30 rebate with the "MBLUV30" if you sign up for their 12-month plan. This is limited to the first 200 customers who sign up or renew online, from 4 July to 31 August 2023.

UOB

From 4 July to 30 September 2023, UOB credit card members who sign up for their 24-month plans can also enjoy a S$120 rebate with the promo code "UOBLUV120", while those who sign up for a 12-month plan can enjoy S$40 off their bill with the promo code "UOBLUV40". Limited to the first 300 customers only.

You can also get a S$120 bill rebate off any of their 24-month plan with any Trust card by using the promo code: 'TBLUV120'.

If you're a HSBC cardholder, you can enjoy up to S$130 rebate with the promo code "HSBCLUV20" to enjoy a S$20 bill rebate on any 12-month electricity plan,
and "HSBCLUV130" to get a S$130 bill rebate on any 24-month electricity plan.
Stack on a referral code to get up to a total of $150 bill rebate!

Limited to the first 500 customers (24-month plans) and first 200 customers (12-month plans) who sign up or renew online.

Geneco

Geneco is currently offering a S$60 bill rebate and S$30 worth of eCapitaVoucher when you sign up with their 'Get It Fixed' 24-month plan with promo code "STACK90", and up to S$10 bill rebate and S$10 eCapitaVoucher with promo code "STACK20".

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

For HSBC credit cardholders, you can enjoy S$35 rebate if you sign up for their 24-month and 12-month plans and set up recurring payments. Receive an additional S$10 rebate with Power Eco Add-on, Singapore’s First & Only customisable green add-on for your electricity plan! 

Similarly, Maybank credit card members can also enjoy up to S$45 bill rebate (S$35 if you sign up for their plan and set up recurring bill payments, and a further S$10 rebate with Power Eco Add-on)

The 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.

Citi credit card members can also enjoy up to a S$30 bill rebate if they sign up for their 24/12 month plans and a further S$10 with Power Eco Add-on.

Meanwhile, UOB credit card members who sign up for their 24-month plan can enjoy a S$20 rebate.

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

PacificLight Energy

PacificLight is also offering up to S$90 electricity rebates for the first 100 customers who sign up for their 24-month plan from 1 July to 30 September. You'll get S$70 off with the code "CHILL70", and a further S$20 referral rebate. 

For UOB card members, you'll enjoy S$100 off if you sign up for any 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. This promotion runs from 1 July to 30 September.

On the other hand, DBS credit cardholders can enjoy a S$80 bill rebate via Home & Living Marketplace if they are among the first 100 customers to sign up for a 24-month plan with the code "DBS80". You'll get an additional S$20 referral rebate if you apply a referral code. This promo runs from 1 July to 30 September.  

HSBC cardholders can also enjoy S$30 off for 24-month plans and S$20 off for 12-month plans when they set up recurring bill payments from 1 July to 30 September 2023. 

Sembcorp Power

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

Keppel Electric

OCBC 365 credit card members can enjoy up to 3% cashback when they set up recurring bill payments.

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

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 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 16.20 cents/kWh (+S1 daily) from 9pm to 9am, and 37 cents/kWh (+S1 daily) from 9am to 9pm.

The other is the 'Easy Peasy' plan; inclusive of GST, you pay a fixed rate of 27.80 cents/kWh (+55 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 29.30 cents/kWh. 

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

Geneco offers the best 12-month fixed price plans with a fixed rate as low as 28.98 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 29.52 cents/kWh (inclusive of GST). 

Best 24-month fixed-price plan: Pacific Light and Keppel Electric

The best 24-month fixed price plan is with Pacific Light and Keppel Electric, at 28.98 cents/kWh.

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Best Discount Off Regulated Tariff Plans in Singapore 2023

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 2023

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.

Best credit cards for paying utility bills

Credit Card	Rebate	Eligible partners	Min. spend and Cashback cap
OCBC 365 Card Apply Now	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 Apply Now	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 Apply Now	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 Apply Now	1.5%	All expenditure	Min. spend: None Cap: Unlimited
UOB Absolute Cashback Card Apply Now	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.