Electricity Plans SG Q4 2026: Geneco vs Senoko vs Sembcorp vs SP Group

From 1 October 2026 the regulated electricity tariff drops to 31.16 cents per kWh with GST (28.59 cents before GST), a 10.4% cut from the July to September quarter, as published on SP Group's tariff page and announced on 30 September 2026. SP Group put the saving for an average HDB 4-room household at S$12.29 a month before GST. It is the kind of quarter that makes people stop looking at retailers, and that is exactly backwards: the cut changes which kind of plan wins, not whether switching pays.

This is a four-way on Geneco, Senoko Energy, Sembcorp Power and the SP Group default, written for the quarter ahead. We lay out each retailer's published plans and state plainly which are fixed-price and which are discount-off-tariff, run the maths for three household sizes, and say who should sign a 12-month plan, who should take the cents-off plan, and who should just stay on SP Group for now. Cashback via ShopBack sits around the appliances that drive the kWh, and we explain that mechanism at the end.

What does each option cost as of the Q4 2026 tariff?

All rates below include GST, as the retailers publish them, so they compare directly to the 31.16 cent tariff.

Option	Plan	Type	Rate (cents per kWh, with GST)	Term	Source and date
SP Group	Regulated tariff	Quarterly regulated rate	31.16 (Q4 2026); was 34.78 in Q3	None	SP Group tariff page, 30 Sep 2026
Senoko Energy	LifePower36	Fixed price	28.90	36 months	Senoko price plans page, end Sep 2026
Senoko Energy	LifePower24	Fixed price	29.00	24 months	Senoko, end Sep 2026
Senoko Energy	LifePower12	Fixed price	30.50	12 months	Senoko, end Sep 2026
Senoko Energy	LifeSteady24 / LifeSteady36	Discount off tariff	Tariff minus 1.64 (29.52 in Q4)	24 or 36 months	Senoko, end Sep 2026
Senoko Energy	LifeSavvy24	Time of use	36.95 peak / 20.05 off-peak	24 months	Senoko, end Sep 2026
Senoko Energy	LifeGreen24	Fixed price, 100% green	29.68	24 months	Senoko, end Sep 2026
Geneco	Get It Fixed 24	Fixed price	29.80	24 months	Turtle Investor roundup, 7 Sep 2026
Geneco	Get It 7 To 7	Time of use	32.50 peak / 27.90 off-peak	24 months	Turtle Investor, 7 Sep 2026
Sembcorp Power	Fixed 24	Fixed price	29.80	24 months	Turtle Investor, 7 Sep 2026

For context, the same 7 September 2026 roundup listed Keppel Electric FIXED36, PacificLight Savvy Saver 36 and Tuas Power PowerFIX 36 at 29.40 cents on 36 months, Keppel's SURESAVE discount-off-tariff at 12% off with no contract from 1 October, and Tuas Power's PowerDOT 6 at 10% off on six months. Geneco's and Sembcorp's September rates were published against the old 34.78 cent tariff; Senoko's page was already showing Q4 pricing when checked, which is why its rates sit lower. Expect Geneco and Sembcorp to reprice in early October.

How does fixed price differ from discount off tariff?

A fixed-price plan locks a cents-per-kWh rate for the term. The regulated tariff can go anywhere each quarter; you pay your locked rate. If the tariff rises above your rate you win; if it falls below, you lose, and the early termination charge stops you leaving.

A discount-off-tariff plan charges the regulated tariff minus something. Senoko's LifeSteady takes 1.64 cents off; Keppel's SURESAVE takes 12% off; Tuas Power's PowerDOT 6 takes 10% off. Your rate changes every quarter with SP Group's revision, but it always sits below the tariff by the same margin, so you can never be the person who locked 29.80 cents the quarter before the tariff fell to 28.

The 10.4% cut is a live example of the difference. In Q3 a 29.80 cent fixed plan beat the 34.78 cent tariff by 4.98 cents per kWh. In Q4 the same plan beats the 31.16 cent tariff by 1.36 cents. Senoko's LifeSteady at 1.64 cents off now beats the tariff by more than Geneco's and Sembcorp's September fixed rates do. If the tariff falls again in January the gap on the fixed plans narrows further; if it rises, the fixed plans pull ahead again.

SP Group's own rate is the benchmark, not a plan. The Energy Market Authority sets the methodology, SP Group publishes the figure quarterly, and anyone who has never switched or whose retailer exited the market pays it.

What actually moves the electricity bill?

Your kWh, by a wide margin. The difference between the best retailer rate and the tariff is about 2 cents per kWh this quarter. The difference between a 2-ticks aircon run eight hours a night and a 5-ticks inverter unit run the same hours is measured in hundreds of kWh a year. Appliance efficiency and usage habits move the bill by a multiple of what retailer choice does.

The quarterly tariff. A 3.32 cent swing on 350kWh is S$11.62 a month. The tariff has moved by more than that in single quarters before, in both directions, which is the whole reason fixed plans exist.

The rate gap on the plan you pick. This quarter, 1.36 to 2.26 cents per kWh on fixed plans and 1.64 cents on Senoko's cents-off plan. On 350kWh that is S$4.76 to S$7.91 a month.

Contract term and exit terms. A 36-month lock at 28.90 cents is the lowest number in the table and the longest bet. Senoko states that early termination incurs a charge and reverses benefits; the other retailers' fact sheets say the same.

Green add-ons and time-of-use. Senoko's LifeGreen24 costs 0.68 cents per kWh more than LifePower24 for 100% green supply. Time-of-use plans only win if you can move usage off-peak, which an EV owner can and a family with someone home all afternoon cannot.

What does not move the bill: the retailer's name on it, the reliability of supply, the meter, or the U-Save rebate, all of which are SP Group's and unchanged.

Which plan fits which household?

Single in a one-bedder, out all day, aircon at night

Usage around 150 to 200kWh a month. At 200kWh the gap between Senoko's LifePower24 (29.00) and the tariff (31.16) is S$4.32 a month, S$51.84 a year. Worth a ten-minute sign-up, not worth a 36-month commitment if you might move. The 12-month LifePower12 at 30.50 saves S$1.32 a month, which is barely worth the form. The honest answer for a renter on a one-year lease is Senoko's LifeSteady (tariff minus 1.64 cents, S$3.28 a month at 200kWh) on the shortest term available, or stay on SP Group until the lease is settled.

Family of four in a 4-room HDB flat, two aircons, one fridge, daily laundry

SP Group's own average for this flat type produced the S$12.29 saving from the tariff cut, which implies roughly 370kWh a month before GST. Call it 350 to 400kWh. At 375kWh, Senoko LifePower24 saves S$8.10 a month against the tariff, Geneco Get It Fixed 24 and Sembcorp Fixed 24 at September's 29.80 save S$5.10, Senoko LifeSteady saves S$6.15. Across 24 months the spread between the best and worst retailer plan here is about S$72, and between any of them and the tariff about S$120 to S$195. This household should sign a 24-month fixed plan at or below 29.00 cents, or the cents-off plan if it expects the tariff to keep falling.

High-aircon household, landed or large condo, 700kWh and up

At 700kWh the same gaps double: S$15.12 a month on LifePower24, S$15.82 on LifePower36 at 28.90, S$11.48 on LifeSteady. The 36-month lock is defensible here because the absolute saving is large enough that a bad fuel year costs more than a slightly stale rate. This is also the household for whom a 5-ticks inverter aircon replacement (Daikin, Mitsubishi Electric and others) and LED lighting matter far more than the retailer, and where cashback via ShopBack on those purchases is real money.

EV owner charging overnight

Senoko LifeSavvy24 at 20.05 cents off-peak is 8.95 cents below the 29.00 fixed rate and 11.11 cents below the tariff. A BYD charged from a home wallbox at 40kWh a week, all off-peak, is about 175kWh a month at 20.05 cents, S$35 instead of S$55 at the tariff. The peak rate of 36.95 cents is the catch: if the rest of the household's 300kWh falls mostly in the peak window, the plan loses. Geneco's Get It 7 To 7 has a gentler split (32.50 peak, 27.90 off-peak) for a household that cannot shift as much.

Green-priority household

Senoko LifeGreen24 at 29.68 cents is still 1.48 cents below the Q4 tariff while being 100% green, which means the premium for green supply this quarter is a saving, not a cost, against staying on SP Group. Geneco's green add-on and Sembcorp's green option were not priced in the September roundup.

Who should switch and who should stay?

Switch to a 24-month fixed plan: the 4-room family and anyone using 300kWh or more who is staying put. Senoko LifePower24 at 29.00 is the lowest published 24-month rate as of the end of September 2026; Geneco and Sembcorp at 29.80 are a touch behind and may reprice.

Switch to a cents-off or percentage-off plan: anyone who thinks the tariff keeps falling, or who wants a rate that can never be above SP Group's. Senoko LifeSteady (1.64 cents off) on 24 or 36 months, or Keppel SURESAVE (12% off, no contract from 1 October) per the September roundup.

Switch to time-of-use: EV owners and shift workers whose usage is more than about half off-peak. Senoko LifeSavvy24 or Geneco Get It 7 To 7.

Stay on SP Group for now: renters inside a short lease, anyone moving in the next 12 months, and households under 150kWh a month where the saving is under S$3 a month. Re-check at the next tariff announcement in late December 2026.

Take the 36-month lock: only the 700kWh-plus household, and only if you accept that a falling-tariff year will make the locked 28.90 look expensive.

Where cashback via ShopBack fits

Geneco, Senoko Energy, Sembcorp Power and SP Group are not ShopBack cashback merchants in Singapore, so the plan sign-up itself earns nothing and we make no claim otherwise. Where cashback lands is on the appliances that decide your kWh, which, as the maths above shows, move the bill by more than the retailer does: an inverter aircon, a 5-ticks fridge, a Dyson or Philips fan that replaces an aircon hour, LED bulbs, a smart plug that kills standby load.

The mechanism is the usual one. Open ShopBack first, on the app or the Cashback Buddy extension, tap through to Lazada, Shopee or Amazon Singapore, and complete the purchase in that same session so tracking fires. Cashback shows as pending and confirms after the return window; a returned appliance voids it. The rate on the merchant page on the day is what applies.

The timing argument is simple. Appliance prices fall hardest at 10.10, 11.11 and Black Friday on 27 November 2026, which is also the run-up to the next tariff decision in late December. Replace the oldest aircon in the sale, then sign the retailer plan at the next quarterly reset with a lower kWh baseline.

FAQ

What is the regulated electricity tariff for October to December 2026?

SP Group's tariff page lists the household rate for 1 October to 31 December 2026 at 28.59 cents per kWh before GST and 31.16 cents per kWh with GST. That is 3.32 cents, or 10.4%, lower than the July to September 2026 quarter, which SP Group attributed to lower fuel costs as Brent crude stayed below US$90 a barrel from June to September. The before-GST figure breaks down as 22.18 cents energy cost, 6.10 cents network cost, 0.23 cents market support services fee and 0.08 cents market administration and power system operation fee. SP Group said the average HDB 4-room household bill would fall by S$12.29 before GST.

How does a fixed-price plan differ from a discount-off-tariff plan?

A fixed-price plan locks one rate in cents per kWh for the contract term, 12, 24 or 36 months, regardless of what the regulated tariff does each quarter. A discount-off-tariff plan charges you the regulated tariff minus a fixed percentage or a fixed number of cents, so your rate moves every quarter with SP Group's revision but always sits below it. Fixed wins when the tariff rises above your locked rate; discount-off-tariff wins when the tariff falls, as it just did by 10.4%, because your discount is applied to a lower base. Senoko's LifeSteady plans are the cents-off version (1.64 cents per kWh off, including GST); Keppel's SURESAVE and Tuas Power's PowerDOT are percentage-off versions.

What does SP Group actually do if I switch to a retailer?

The same things it did before. SP Group owns and runs the grid, reads the meter, and still sends one consolidated bill that includes water and gas. The retailer only changes the electricity rate line on that bill. Your supply, reliability and the physical connection do not change, there is no new meter, and if a retailer exits the market you are moved back to SP Group's regulated tariff automatically under the Energy Market Authority's consumer safeguards. The Open Electricity Market is run by EMA with SP Services administering switching.

Is Senoko cheaper than Geneco in Q4 2026?

On the published fixed rates, yes. Senoko's own price plan page, checked at the end of September 2026 alongside the Q4 tariff, lists LifePower36 at 28.90 cents per kWh including GST, LifePower24 at 29.00 and LifePower12 at 30.50. Turtle Investor's 7 September 2026 roundup lists Geneco's Get It Fixed 24 at 29.80 cents including GST on 24 months. Against the Q4 tariff of 31.16 cents, Senoko's 24-month plan saves 2.16 cents per kWh and Geneco's saves 1.36. On a 4-room flat using around 350kWh a month that is roughly S$7.56 versus S$4.76 a month. Geneco's edge is plan variety, including its Get It 7 To 7 time-of-use plan at 32.50 cents peak and 27.90 cents off-peak.

Is a retailer plan cheaper than staying on SP Group now that the tariff has dropped?

Still yes on every published fixed and discount plan, but by less than it was in Q3. In the July to September quarter the tariff was 34.78 cents with GST and a 29.40 to 29.80 cent fixed plan saved 5 to 5.4 cents per kWh. For Q4 the tariff is 31.16 cents, so the same plans save 1.4 to 2.3 cents. On 350kWh a month that is S$5 to S$8 a month, S$60 to S$96 a year. It is still money, and the retailers have repriced (Senoko moved its 36-month plan from 29.40 to 28.90 cents), but the case for locking a 36-month fixed rate is weaker when the tariff is falling.

When is the best time to sign a fixed-price electricity plan?

When the regulated tariff is high and fuel futures point lower is the worst time, because you lock in the high base; when the tariff is low and futures point higher is the best time. The tariff is revised every quarter, announced at the end of the preceding one, so the decision windows are the last week of March, June, September and December. Right now, at the end of September 2026 with the tariff just cut 10.4% on lower Brent prices, a 12-month fixed plan at a rate below 31.16 cents is a reasonable hedge; a 36-month lock is a bet that fuel prices rise again before 2029. A discount-off-tariff plan avoids the bet entirely.

When does a time-of-use plan beat a fixed plan?

When most of your kWh fall in the off-peak window. Senoko's LifeSavvy24 is 36.95 cents peak and 20.05 cents off-peak including GST; Geneco's Get It 7 To 7 is 32.50 peak and 27.90 off-peak. Against Senoko's 29.00 cent LifePower24, the LifeSavvy24 plan breaks even when roughly 47% of your usage is off-peak and wins beyond that. A household that is out all day, runs the aircon from 11pm and charges a BYD overnight can clear that; a household with someone home all afternoon with the aircon on usually cannot. Check the retailer's definition of the peak window before assuming.

Can I switch retailer mid-contract if a better plan appears?

You can, but the early termination charge applies and any sign-up benefits are clawed back; Senoko's page says charges apply and benefits are reversed on early termination, and the other retailers work the same way. The exception most retailers allow is moving house, where the charge is waived with proof of the move. The practical approach is to match the contract length to how long you will be at the address and to how confident you are about fuel prices: 12 months if unsure, 24 if settled, 36 only if you want to stop thinking about it and accept you may overpay in a falling-tariff year.

Does switching retailer affect U-Save rebates or the SP bill?

No. U-Save rebates are credited by the government to your SP Group utilities account against the consolidated bill, and that bill continues whether your electricity line is at the regulated tariff or a retailer's rate. Water, gas and refuse charges are unchanged. The only visible difference is the electricity rate line and the retailer's name on the bill.

What happens if my retailer goes out of business during my contract?

Under the Energy Market Authority's consumer safeguards you are transferred to SP Group at the regulated tariff without interruption to supply, and you are free to sign with another retailer afterwards. Security deposits are waived for residential consumers at Senoko and generally across the market. Several smaller retailers exited between 2021 and 2023, and the transfers were automatic; the risk to you is losing a good locked rate, not losing power. Larger retailers backed by generation companies (Geneco by YTL PowerSeraya, Senoko Energy, Sembcorp Power, Keppel Electric, Tuas Power, PacificLight) carry less of that risk.

Key takeaways

• The regulated tariff for 1 October to 31 December 2026 is 31.16 cents per kWh with GST (28.59 before GST), down 3.32 cents or 10.4% from Q3, per SP Group's tariff page; the average 4-room HDB bill falls S$12.29 a month before GST.
• Lowest published fixed rates at the end of September 2026: Senoko LifePower36 at 28.90 cents, LifePower24 at 29.00, LifePower12 at 30.50; Geneco Get It Fixed 24 and Sembcorp Fixed 24 at 29.80 in the 7 September roundup, likely to reprice.
• Fixed plans win when the tariff rises; discount-off-tariff plans (Senoko LifeSteady at 1.64 cents off, Keppel SURESAVE at 12% off) win when it falls, as it just did.
• The retailer gap this quarter is 1.4 to 2.3 cents per kWh, S$5 to S$8 a month on a 4-room flat; appliance efficiency moves the bill by more.
• Time-of-use plans (Senoko LifeSavvy24 at 20.05 off-peak, Geneco Get It 7 To 7 at 27.90 off-peak) only beat fixed when roughly half or more of usage is off-peak, which suits EV owners.
• SP Group still runs the grid, the meter, the consolidated bill and the U-Save credit whichever retailer you choose; cashback via ShopBack lands on the appliances, not the plan.

Earn cashback via ShopBack on energy-saving fans, LED lighting and appliances from Lazada Takes 2 minutes to sign up. No promo codes needed.

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About this article

The Q4 2026 tariff, its components and the 4-room HDB saving are from SP Group's tariff page and its 30 September 2026 announcement as reported by AsiaOne. Senoko Energy rates are from Senoko's household price plans page checked at the end of September 2026. Geneco, Sembcorp Power, Keppel Electric, Tuas Power and PacificLight rates are from Turtle Investor's roundup dated 7 September 2026 and were published against the Q3 tariff. Household kWh figures are editorial estimates derived from SP Group's stated 4-room saving. ShopBack receives a commission when readers complete a purchase through a cashback link. This commission does not vary by editorial coverage.

The views expressed are those of the author, for informational purposes only, and not professional advice.

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