Open Electricity Market (OEM) Singapore: Complete Guide for 2026
Updated: 17 Mar 2026
Written bySingSaver Team
Team
The information on this page is for educational and informational purposes only and should not be considered financial or investment advice. While we review and compare financial products to help you find the best options, we do not provide personalised recommendations or investment advisory services. Always do your own research or consult a licensed financial professional before making any financial decisions.
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What is Open Electricity Market?
The Open Electricity Market (OEM) is an initiative by the Energy Market Authority (EMA) that allows households in Singapore to choose who they buy electricity from.
In the past, everyone bought electricity from SP Group at a regulated tariff. Today, under OEM, you can choose to buy electricity from:
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An electricity retailer at a price plan that best meets your needs, or
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SP Group at the regulated tariff (Prices reviewed quarterly)
The goal of OEM is simple: give consumers more choices and flexibility, while encouraging competitive pricing. In practical terms, that means you may be able to lower your monthly electricity bills by switching to a more competitively priced plan.
OEM was rolled out nationwide between 1 November 2018 and 1 May 2019 in phases. Today, all households in Singapore can switch to their preferred electricity retailer at any time, but it is not compulsory to switch, and there is also no deadline. If you’re comfortable staying with SP Group’s regulated tariff, you can continue to do so.
Regardless of whether you buy electricity from SP Group or a retailer, your electricity supply remains exactly the same. SP Group continues to operate and maintain the national power grid, and they are the ones delivering electricity to your home.
So even if you switch retailers, the power lines, the meter, and the reliability of your supply do not change.
Currently, there are 10 OEM retailers. You can view the full list of participating retailers on the official Open Electricity Market website.
What types of electricity plans do OEM retailers offer?
Before you compare retailers, it helps to understand the three most common types of price plans in the market. Most OEM retailers structure their plans around these:
1. Discount off regulated tariff plans
This type of plan gives you a fixed percentage discount off SP Group’s regulated tariff.
Here’s how it works in simple terms: SP reviews the regulated tariff every quarter. If the tariff goes up, your price goes up too — but you’ll still enjoy the agreed discount (for example, 5% off the prevailing tariff). If the tariff goes down, your rate also drops accordingly.
Think of it as “whatever SP charges, minus a small discount”.
2. Fixed price plans
With a fixed price plan, you pay the same rate per kWh throughout your contract period, whether it’s 6, 12, 24, or even 36 months.
This means your electricity rate does not change every quarter.
If SP’s regulated tariff increases, you’re protected because your rate stays the same. But if tariffs drop significantly, you won’t benefit unless your contract ends and you switch plans.
3. Peak and off-peak plans
Some retailers also offer peak and off-peak plans.
With this type of plan, you pay different rates depending on the time of day you use electricity. Typically, electricity used during non-peak hours (usually late at night) is cheaper, while daytime usage costs more.
This may work well if your household uses most of its electricity at night. For example, if you:
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Run your washing machine or dryer after 9pm
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Charge an electric vehicle overnight
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Work night shifts and are home during off-peak hours
However, if most of your electricity usage happens during the day, this type of plan may not result in meaningful savings.
At the moment, peak and off-peak plans are less common compared to fixed price or discount plans, so availability may be limited.
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 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.
Best fixed-price plans in Singapore 2026
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 Power (9 To 9) |
16.08¢/kWh (9pm - 9am) & 37.50¢/kWh (9am - 9pm) + S$1.01 daily charge |
|
PacificLight Power (Easy Peasy) |
25.50¢ + 55¢ daily charge |
Cheapest fixed-price plans for 6-month contracts
|
Energy Provider |
Fixed Price (per kWh, incl. GST) |
|
Geneco (Give Us A Try) |
24.88¢ |
|
Tuas Power (PowerFIX 6) |
24.88¢ |
Cheapest fixed-price plans for 12-month contracts
|
Energy Provider |
Fixed Price (per kWh, incl. GST) |
|
PacificLight Power (Savvy Saver) |
27.67¢ |
|
PacificLight Power (Sunny Side-up) |
28.67¢ |
|
Geneco (Get It Fixed 12) |
28.67¢ |
|
Senoko Energy (LifePower12) |
28.67¢ |
|
Keppel Electric (Fixed12) |
28.67¢ |
|
Tuas Power (PowerFIX 12) |
28.67¢ |
|
Sembcorp Power (12-month Fixed Price Plan) |
28.67¢ |
Cheapest fixed-price plans for 24-month contracts
|
Energy Provider |
Fixed Price (per kWh, incl. GST) |
|
PacificLight Power (Save While Sleeping) |
16.90¢/kWh (11pm - 7am) & 34.88¢/kWh (7am - 11pm) |
|
PacificLight Power (Stack It Up) |
25.74¢ |
|
PacificLight Power (Savvy Saver) |
25.88¢ |
|
Geneco (Get It Fixed 24) |
25.88¢ |
|
Senoko Energy (LifePower24) |
25.88¢ |
|
Tuas Power (PowerFIX 24) |
25.88¢ |
|
Senoko Energy (LifeGreen24) |
26.26¢ |
|
Keppel Electric (Fixed24) |
27.68¢ |
Cheapest fixed-price plans for 36-month contracts
|
Energy Provider |
Fixed Price (per kWh, incl. GST) |
|
Tuas Power (PowerFIX 36) |
25.33¢ |
|
Senoko Energy (LifePower36) |
25.66¢ |
|
PacificLight Power (Savvy Saver) |
26.08¢ |
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.
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.
As a quick recap, there are three main types of OEM plans:
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Discount Off Regulated Tariff Plans
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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.
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:
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Power Generation Cost: The manpower and maintenance costs of running the power stations
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Network Costs: The cost of transporting electricity through the power grid
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Market Support Services (MSS) Fee: The costs of billing and meter readings
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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 29.11 cents per kWh (incl. GST) (January to March 2026).
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:
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Paper bill fee
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Security deposit
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Administrative fees
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AMI meter installation fees
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Auto-renewal clauses
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Carbon tax
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Early termination charges
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Late payment fees
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Transmission loss factor
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Eligibility for using U-Save GST vouchers
You can also ask for any partner benefits when signing up for a particular retailer.
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.
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 from your retailer for electricity, and 1 from SP Group 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.
Don’t let your utility bills go unrewarded
See which credit cards give you the strongest cashback or rebates on electricity and other household expenses.
How electricity is produced and sold in Singapore
Before comparing promotions and price plans, it helps to understand how electricity actually reaches your home.
Electricity in Singapore is generated by power stations owned by power generation companies. These companies sell electricity in the wholesale electricity market. Retailers, including SP Group and OEM retailers, then buy electricity in bulk and sell it to households like yours.
SP Group plays two important roles:
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It operates and maintains the national power grid
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It handles metering and infrastructure for reliable electricity delivery
So even if you switch retailers, SP Group still delivers electricity to your home.
The price households pay under the regulated tariff is set by the Energy Market Authority (EMA) and reviewed every quarter. The tariff is designed to reflect the actual cost of electricity, while ensuring reliability of supply.
Since most of Singapore’s electricity is generated from imported natural gas, global energy prices can influence local electricity tariffs.
Understanding this structure helps explain why electricity prices move and why different OEM plans are structured the way they are.
Benefits of the open electricity market
The Open Electricity Market was introduced to give households more choice. Instead of paying only the regulated tariff, you now have options.
Here are some key benefits:
More choice in electricity plans
Under OEM, you can choose between fixed price plans, discount off tariff plans, or peak and off-peak plans. This flexibility allows you to select a plan that fits your household’s usage habits.
For example, if you prefer predictable bills, a fixed price plan may suit you. If you believe tariffs may fall, a discount off tariff plan might be more appealing.
Greater competition among retailers
Because multiple retailers are offering electricity plans, there is stronger competition. This often leads to:
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Promotional bill rebates
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Credit card partnerships
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Referral rewards
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Special bundled perks
Competition encourages retailers to offer better pricing structures and more value-added benefits.
Increased awareness of electricity usage
With more plan types available, households tend to pay closer attention to how and when they use electricity. This can encourage more mindful consumption habits, potentially helping you reduce both your electricity bill and overall energy usage.
Ongoing promotions by OEM providers
Senoko Energy
CNY Promo
Enjoy a festive gift and bill rebates worth up to $370.
Maybank
Enjoy up to $150 bill rebates with Maybank credit cards using promo code MBHY20 for the 12-mth plan and MBHY130 for the 24-mth plan.
Trust Bank
Enjoy up to $140 bill rebates with Trust card using promo code TBHY120 for the 24-mth plan
SingSaver x Trust Cashback Credit Card
Get a S$30 FairPrice Voucher upon card approval when you apply for a Trust Bank Cashback Credit Card via SingSaver. Valid till 31 March 2026. T&Cs apply.
Geneco
Geneco is currently promoting its Get It Fixed plans with bill rebates.
For the Get It Fixed 24-month plan, customers can enjoy up to S$130 bill rebate.
For the Get It Fixed 12-month plan, customers can enjoy a S$15 bill rebate.
In addition, Geneco is offering stackable credit card promotions:
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Maybank credit cardholders can enjoy up to S$35 additional bill rebate.
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Tiger BOSS Debit Card holders can receive up to S$30 additional rebate.
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Citi credit cardholders can enjoy a S$20 additional rebate.
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OCBC 365 Card members can enjoy 3% cashback on Geneco bills.
As always, promotions are subject to terms and conditions, and may change. It’s best to check the retailer’s official promotions page for the latest details before signing up.
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PacificLight Power
PacificLight is currently running several promotions across selected plans and banking partners.
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Maybank cardholders can enjoy up to S$258 in bill rebates when signing up with eligible Maybank cards.
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Under the “Gallop Into Prosperity” promotion, customers can receive up to S$228 off their electricity bills.
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The “From Home to Holidays” campaign allows customers to turn electricity bills into rewards, with up to 9,888 KrisFlyer miles to be earned.
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Customers who sign up via DBS can enjoy up to S$220 bill rebate under the “Double Up The Fortune” promotion.
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The Sunny Side-Up 12 plan also offers a fixed rate (currently advertised at 30.40¢/kWh) and includes Renewable Energy Certificates (RECs) for those looking to go green.
As promotions and eligibility criteria may change, always refer to PacificLight’s official promotions page for the latest terms and conditions before signing up.
Tuas Power
Tuas Power is currently running several promotions for residential customers.
Under the “Let’s Get Huat” campaign, customers can enjoy fixed electricity rates from $0.2533 per kWh (GST inclusive) and receive up to S$188 bill rebate when signing up for PowerFIX 24 or 36 plans online using promo code ONCNY. This promotion is valid until 1 March 2026, subject to terms and conditions.
In addition, new customers can enjoy 12 months of complimentary insurance protection (Home, Travel, or Personal Accident) when signing up for selected electricity plans.
For cardholders, there is an exclusive promotion for UOB cardholders, offering up to 4.33% cashback on Singapore Power utilities bills, subject to meeting qualifying spend requirements.
As always, promotions are subject to change. Refer to Tuas Power’s official promotions page for the latest terms and eligibility criteria before signing up.
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Keppel Electric
Customers who sign up via a referral link can enjoy up to S$145 in bill rebates, which may include a combination of bill, referral, and card rebates. Keppel Electric also offers rebates of up to S$135 when setting up GIRO payments, as well as up to S$145 rebate for Maybank cardholders who set up recurring bill payments.
As promotions vary by plan, payment method, and eligibility criteria, always refer to Keppel Electric’s official promotions page for the latest terms and conditions before signing up.
About the author
SingSaver Team
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.