Open Electricity Market Singapore 2026: Geneco vs iSwitch vs Sembcorp vs Union Power

Most Singapore households never actively pick an electricity retailer. They stay on SP Group's default tariff because switching sounds fiddly, and the savings sound small. In practice the switch takes ten minutes online, the physical electricity does not change, and a typical 4-room HDB household saves S$120 to S$300 a year on a competitive Fixed Price Plan. Here is how the four retailers most Singapore shoppers actually compare stack up.

The verdict

For Singapore households on the Open Electricity Market (OEM) in 2026, the four mainstream retailers compete on plan shape, not on the electricity itself. Geneco (a Seraya Energy brand) wins on plan variety and green options, with the most flexible mix of Fixed Price and Discount Off Tariff plans plus a well-known Green Power add-on. iSwitch wins on the simplest discount-off-tariff structure and short-tenor Fixed Price promos. Sembcorp Power wins on brand stability and bundling with Sembcorp-owned residential services. Union Power wins on the lowest headline Fixed Price promo rates for 6 and 12 month contracts. Everyone gets the same electrons; the retailer only sets the rate on your bill.

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What the Open Electricity Market actually is

The Open Electricity Market (OEM) is a national scheme run by the Energy Market Authority (EMA) that gave residential and small business consumers in Singapore the choice of electricity retailer. It rolled out zone-by-zone in 2018 and 2019 and now covers every postal code. Before OEM, everyone paid SP Group's regulated tariff. Under OEM, you can either stay on that regulated tariff, or switch to a licensed OEM retailer at a different rate.

Three things are worth being clear about, because most confusion comes from mixing them up:

• SP Group is the grid operator, not a retailer choice. SP Group owns and maintains the wires, transformers, and meters that deliver electricity to your address. Regardless of which retailer you pick, SP Group physically delivers your power and handles outages.
• The retailer sets the price per kWh you pay for the electricity consumed. The retailer buys wholesale from generators (Senoko, Tuas Power, PacificLight, YTL PowerSeraya, Sembcorp, Keppel) and resells to you at a rate agreed in your contract.
• Consumption billing still comes on the SP bill for most retailers. SP Group reads your meter, calculates the kWh consumed, and issues a consolidated bill that also includes water and gas. Your OEM retailer's rate replaces the SP electricity component of that bill.

An important consequence: switching retailers cannot cause a power outage. There is no cable change, no meter change, no site visit. The switch is purely a billing arrangement between SP Group and your chosen retailer. This is why the phrase "who has the most reliable network" does not apply to OEM retailer choice; reliability is SP Group's job.

The Singapore grid in 2026 is predominantly natural gas-fired (roughly 95% of generation), with small and growing contributions from solar and imported hydro/renewable power. The Fuel Cost component of the SP tariff, which the EMA reviews quarterly, is the single largest driver of tariff changes. When gas prices rise (as in 2022), the SP tariff rises and Fixed Price OEM plans set before the rise become more attractive. When gas prices fall, Discount Off Tariff plans track the fall while pre-locked Fixed plans start looking expensive relative to spot.

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The four retailers, and where each fits

Geneco is the residential retail brand of Seraya Energy, itself a subsidiary of YTL PowerSeraya. Geneco has the broadest plan menu in 2026: multiple Fixed Price tenors (6, 12, 24 months), several Discount Off Tariff plans (typically 20 to 24% off the regulated rate depending on promo), and Green Power add-ons certified by Renewable Energy Certificates (RECs). Geneco's Give Us Your Best Shot plan is a widely-referenced Fixed Price product; Get Real Deal is the DOT-style plan; Power Eco Add-On layers in RECs. The account app and self-service switching flow are among the most polished of the four.

iSwitch positions itself as the price-transparency retailer. Plans are typically simpler in structure: a Fixed Price plan at a stated rate per kWh, or a straight percentage discount off the regulated tariff. iSwitch has run some of the most aggressive short-tenor promos in 2026 for households on month-to-month DOT plans. Customer support is app plus phone, no in-person centres.

Sembcorp Power is the residential retail brand of Sembcorp, a longstanding Singapore utilities and industrial group. Brand recognition is high and the plans are conservatively structured (12 and 24 month Fixed Price plus DOT). Sembcorp bundles residential electricity with add-ons like solar leasing (for landed homes), which is niche but relevant for landed and EC buyers with roof access. Green Renewables and REC-backed Green plans are marketed alongside the standard menu.

Union Power is a smaller retailer that competes primarily on price. Union Power has consistently listed some of the lowest headline Fixed Price rates for 6, 12, and 24 month contracts in 2026, at the trade-off of a thinner support surface (fewer touchpoints, smaller app) than Geneco or Sembcorp. For households that value the lowest rate above all else and are comfortable managing everything online, Union Power is the value pick.

Other licensed retailers active in 2026 include Keppel Electric, Tuas Power (retail arm), PacificLight, and Senoko Energy, plus a small tier of niche or exiting players. For most household shoppers, the meaningful choice narrows to the four above.

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Plan structures explained

Two shapes dominate the OEM residential market in 2026:

Fixed Price Plans (FPP) lock in a price per kWh for the contract length (typically 6, 12, or 24 months). Predictability is the selling point: you know exactly what you pay per unit through the entire contract, insulated from quarterly SP tariff moves. Trade-off: if SP tariff falls significantly during your lock, you are paying above spot. Fixed plans typically carry an Early Termination Charge (ETC) of S$100 to S$200 if you cancel before the end.

Discount Off (Regulated) Tariff Plans (DOT) apply a fixed percentage discount to the quarterly SP tariff. If the SP tariff is 30 cents per kWh in Q3 2026, a 22% DOT plan bills you at 23.4 cents per kWh. When the SP tariff moves, your billing rate moves with it, so DOT plans track the regulated rate rather than sitting above or below it. DOT plans are usually month-to-month or shorter-tenor, and typically do not carry ETCs, though a small number of DOT plans lock in the discount percentage for a fixed period.

Beyond these two shapes, some retailers offer:

• Peak/Off-Peak plans, which charge different rates by time of day. Only worth it if your household usage is heavily concentrated in off-peak hours (typically 11pm to 7am), like EV charging or heavy overnight aircon.
• Green Add-Ons that layer REC coverage on top of a standard plan, at a small premium (2 to 8% depending on retailer).
• Prepaid or Pay-As-You-Go, rare in the residential market but occasionally used by short-term rental units or landed home guest wings.

For a typical 4-room HDB household consuming 350 to 450 kWh per month, in the 2026 pricing environment, a 12-month Fixed Price plan tends to save S$120 to S$300 versus staying on the SP regulated tariff, and a competitive DOT plan tends to save S$60 to S$180. The exact number depends on the quarter's regulated tariff and the specific promo rate at the moment you sign.

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The plans side by side

The table below reflects the general structure of each retailer's 2026 residential menu. Specific promo rates change month to month and are subject to fuel cost review; confirm current pricing on each retailer's site before signing.

Feature	Geneco	iSwitch	Sembcorp Power	Union Power
Fixed Price 6 month plan	Available	Available	Not always available	Available (typically lowest rate)
Fixed Price 12 month plan	Available	Available	Available	Available (typically lowest rate)
Fixed Price 24 month plan	Available	Rare	Available	Available
Discount Off Tariff plan	Available (Get Real Deal)	Available (headline offer)	Available	Available
Green / REC-backed plan	Yes (Power Eco Add-On)	Limited	Yes (Green Renewables)	Limited
Peak/Off-Peak plan	Available	Occasional	Not standard	Not standard
Consolidated SP bill	Yes	Yes	Yes	Yes
Contract length options	6 / 12 / 24 months + no-contract DOT	6 / 12 months + DOT	12 / 24 months + DOT	6 / 12 / 24 months + DOT
Early Termination Charge	Typically S$100 to S$150	Typically S$100 to S$150	Typically S$100 to S$200	Typically S$100 to S$150
Sign-up fee	Waived on promo	Waived on promo	Waived on promo	Waived on promo
Green certification	REC-based	REC-based when offered	REC-based	REC-based when offered
Self-service app	Full featured	Standard	Full featured	Basic
Bundle option	Standalone	Standalone	Solar leasing (landed)	Standalone
Parent group	YTL PowerSeraya	Independent	Sembcorp	Independent
Typical positioning	Full menu, green optionality	Simple, transparent	Established brand, bundling	Lowest headline price
Move-out ETC waiver	Available with proof	Available with proof	Available with proof	Available with proof

The readout: the four retailers cover roughly the same product surface with different centres of gravity. Union Power tends to hit the lowest headline rate; Geneco tends to offer the broadest option set (including green); Sembcorp tends to score on brand comfort; iSwitch tends to be the cleanest product for someone who wants a "just tell me the rate" experience.

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Matching a retailer to your household

The right retailer depends on your usage pattern, price tolerance, and whether green matters to you. There is no single "cheapest" retailer across all households and all quarters; the winner shifts with promo cycles and the current SP tariff.

Household profile	Recommended retailer	Plan type	Typical annual saving vs SP default
4-room HDB, family of 4, no EV, average usage	Union Power or Geneco	12 month Fixed	S$180 to S$300
3-room HDB, working couple, moderate aircon	iSwitch or Union Power	12 month Fixed	S$120 to S$220
Landed home, high usage (700+ kWh/month)	Geneco or Sembcorp	24 month Fixed	S$400 to S$800
EC or condo unit, EV owner, overnight charging	Geneco or iSwitch	Peak/Off-Peak	Depends on charging profile
Green-priority household	Geneco (Power Eco) or Sembcorp (Green Renewables)	Fixed + Green add-on	S$60 to S$180 (green premium reduces the net saving)
Short-tenor lease (6 to 12 months at address)	iSwitch or Union Power	6 month Fixed or DOT	S$60 to S$150
Solar-curious landed home	Sembcorp (with solar leasing)	Fixed + Solar	Depends on system size
First-time switcher, wants simple onboarding	Sembcorp or Geneco	12 month Fixed	S$150 to S$260
Price-first, comfortable managing online	Union Power	12 month Fixed	S$180 to S$300

The single largest saving comes from switching at all. The gap between staying on SP default and moving to any competitive Fixed Price plan usually dwarfs the gap between the four retailers themselves for a typical household.

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What this means for your bill

In practice, this means a typical 4-room HDB household using 400 kWh per month in 2026 pays roughly S$130 to S$150 per month on the SP regulated tariff. On a competitive Union Power or Geneco Fixed Price 12-month plan, the same 400 kWh often bills at S$110 to S$130 per month, a monthly saving of roughly S$15 to S$25. Over 12 months that is S$180 to S$300, enough to fund a full year of ShopBack cashback on your other household spend at Lazada, Shopee, and Amazon SG.

A second example: a landed home consuming 800 kWh per month during summer (heavy aircon, pool pump, multiple ACs). SP default at 30 cents per kWh (illustrative Q3 2026 tariff) totals about S$240 per month, S$2,880 per year. A 24-month Fixed Price plan at a 3 to 5 cent discount cuts that to roughly S$2,400 to S$2,640, an annual saving of S$240 to S$480. Over the 24-month lock, that compounds to S$480 to S$960, meaningfully offsetting a mid-tier aircon upgrade.

A third example: a green-priority condo household on Geneco Power Eco. If the base 12-month plan saves S$220 versus SP default and the Green Power premium is 5% (roughly S$80 to S$100 on annual electricity), the net saving lands around S$120 to S$140 while covering annual consumption with RECs. For households where the green certification is the point, this is a defensible net position; for households where it isn't, the plain fixed plan without the green add-on saves more cash.

ShopBack has historically listed cashback on select OEM retailer sign-ups, and layers cashback on the home appliances and electronics that most directly reduce household electricity use (inverter aircon, LED lighting, heat-pump water heaters, smart power strips, smart lights). Stacking that on top of the plan-level saving is where the bill actually starts to move.

Stack cashback on energy-efficient home electronics: Lazada · Shopee · Amazon SG · Courts · Harvey Norman

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The switching process, step by step

1. Read your current bill. Note your kWh per month for the last 3 to 6 months and your current tariff (SP default or existing retailer rate). This is your baseline.
2. Compare plans on openelectricitymarket.sg. The EMA-run price comparison tool lists every licensed retailer's current published plans. Sort by total 12-month cost at your usage level.
3. Cross-check on the retailer's own site. Promo rates on the retailer's own site sometimes lead the price-comparison tool by a few days. Verify before signing.
4. Note the contract length and ETC. A 24-month Fixed at a slightly lower rate can be worse than a 12-month Fixed at a slightly higher rate if you might move out.
5. Activate ShopBack at shopback.sg/all-stores if the retailer is a current SB partner.
6. Sign up online with the retailer. You'll need SP account number (from your bill), NRIC, current address, and a payment method (GIRO, credit card, or bank transfer).
7. Wait for the switch to complete. The retailer notifies SP Group and the switch aligns to your next meter reading, typically 2 to 6 weeks out.
8. First bill. SP Group continues to send a consolidated utilities bill; the electricity line item now uses your new retailer's rate.

Steps 2 and 4 are where most households leave money on the table. It is genuinely worth 15 minutes on openelectricitymarket.sg every 12 to 24 months at contract renewal.

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When switching does NOT make sense

• You are a tenant on a bill-inclusive rental. If the landlord pays the electricity bill and your rent is fixed, switching retailer benefits the landlord, not you.
• Your monthly kWh is very low. If you consume less than 100 kWh per month (small studio, frequent travel, single working professional), the absolute S$/month saving may be too small to justify the switching admin.
• You have less than 6 months at the address. Even short-tenor Fixed plans lock 6 months. If you might move in 4 months, stay on SP default or use a DOT plan without ETC.
• You cannot verify the promo will beat SP. In quarters where the SP regulated tariff drops materially, some Fixed Price locks made pre-drop end up paying above spot. If you are unsure, a DOT plan tracks the SP tariff and eliminates that risk.
• You are on a specific retailer bundle you value. If Sembcorp's solar leasing is meaningful to your landed home, or Geneco's app integration matches your workflow, the retailer choice is not purely about kWh price.

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Green plans in Singapore, an honest read

Green Power (Geneco) and Green Renewables (Sembcorp) plans work by matching your household's kWh consumption to Renewable Energy Certificates. A REC represents 1 MWh of renewable electricity generated elsewhere (typically Southeast Asian solar or hydro), certified and retired against your consumption. This is the same mechanism corporates use to hit renewable procurement targets.

What that means practically:

• Your meter still draws from the Singapore grid, which is predominantly gas-fired.
• The retailer buys enough RECs to match your consumption, effectively funding renewable generation elsewhere in the region.
• The claim is REC-backed, not physical delivery. Physical delivery of 100% renewable electricity to a Singapore household is not possible on the current grid.
• The premium is typically 2 to 8% versus the same plan without the green layer.

If your intent is to fund renewable generation and support REC market growth, green plans are a defensible way to do it at S$60 to S$150 a year over a standard fixed plan. If your intent is to avoid gas-fired power arriving at your meter, green plans do not change the physical energy mix.

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Frequently asked questions

What is the Open Electricity Market and why do I have a choice of retailer?

The Open Electricity Market (OEM) is a national scheme rolled out by the Energy Market Authority in 2018 and 2019 that lets Singapore consumers choose their electricity retailer. SP Group still runs the grid; the retailer only sets the rate on your bill. Reference: openelectricitymarket.sg.

Will I get a cheaper bill just by switching to any OEM retailer?

For most households, yes. A 4-room HDB household consuming 400 kWh per month typically saves S$120 to S$300 a year on a competitive Fixed Price Plan versus staying on the SP regulated tariff. The exact saving depends on the promo rate you sign and the current SP tariff.

What happens if my OEM retailer stops operating?

Under EMA rules, if a licensed retailer exits the market, affected households are transitioned back to SP Group's regulated tariff automatically to avoid service disruption. There is no gap in supply. This happened for several small retailers during the 2021 to 2022 global gas price shock; the market has consolidated since.

Do I still deal with SP Group after switching?

Yes. SP Group handles the meter, the wires, outages, and (for most retailers) the consolidated bill. Your OEM retailer only replaces the electricity rate on that bill.

Is a Fixed Price Plan or Discount Off Tariff plan better for me in 2026?

It depends on where the SP regulated tariff sits. In late 2025 through mid-2026 the tariff has been relatively stable, and the cheapest Fixed Price promos from Union Power and iSwitch have edged out DOT plans on 12-month total cost. If you expect the tariff to fall further, a DOT plan tracks the fall automatically. Verify current pricing on each retailer's site before signing.

How does ShopBack cashback work on OEM sign-ups?

ShopBack Singapore has historically listed cashback on select OEM retailer sign-ups; participation rotates. Activate ShopBack at shopback.sg/all-stores and search for the specific retailer name. Cashback tracks per successful qualifying sign-up and varies by plan tier and promo. Rates change; verify the live rate on the retailer's ShopBack page before signing up.

Can I stack ShopBack cashback with the retailer's own promo?

Yes for most partners. Cashback tracks on the qualifying sign-up value after the retailer's promo is applied. Retailer terms and cashback rates change; check the retailer's ShopBack page before assuming stacking.

Where else can I earn cashback that reduces my electricity bill?

Energy-efficient appliances (inverter aircon, LED lighting, heat-pump water heaters, smart plugs, smart thermostats) bought on Lazada, Shopee, Amazon SG, Courts, and Harvey Norman earn cashback like any other basket. A 5-star tick inverter aircon replacing a 3-star fixed-speed unit typically pays back on electricity within 3 to 5 years for a household running aircon nightly.

How long does ShopBack cashback take to appear after a Singapore utility or appliance purchase?

Pending cashback typically appears within 48 hours. It moves to confirmed status after the merchant's return window closes, which is 30 to 90 days for retail merchants and can be longer for utility sign-ups. Confirmed cashback withdraws via PayNow to a linked Singapore bank account.

Is there a minimum spend to earn ShopBack cashback on appliances in Singapore?

There is no ShopBack-side minimum on most merchants, but individual merchants may exclude specific categories, promo code use, or gift card purchases from the qualifying order value. Read the specific terms on Lazada, Shopee, Amazon SG, and appliance specialists before checkout.

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Key takeaways

• SP Group runs the grid; OEM retailers only set the rate. Switching cannot cause an outage.
• The single largest saving is switching at all from SP default to any competitive Fixed Price Plan.
• Geneco wins on plan variety and green options; Union Power wins on lowest headline rates; iSwitch wins on simplicity; Sembcorp wins on brand stability and bundling.
• Typical 4-room HDB annual saving on a competitive 12-month Fixed Price plan is S$120 to S$300 vs SP default.
• Compare current plans on openelectricitymarket.sg before signing; promo rates change monthly.
• Green plans in Singapore are REC-backed, not physical delivery. Premium is typically 2 to 8%.
• Stack ShopBack cashback on energy-efficient appliance upgrades that compound the plan-level saving.

Earn cashback on utilities and home services on ShopBack Takes 2 minutes to sign up. No promo codes needed.

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Sources

• Open Electricity Market, official portal
• Energy Market Authority Singapore
• SP Group residential tariff
• Geneco Singapore, plans
• iSwitch, plans
• Sembcorp Power residential, plans
• Union Power Singapore, plans

Note: OEM retailer plan prices, promotional rates, contract terms, and green-plan structures change frequently and are subject to quarterly SP tariff review. Figures in this article are indicative of mid-2026 and should be confirmed on each retailer's official site before signing up or switching.

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Disclaimer

The views and recommendations expressed in this article are those of the author.

Electricity plan prices, promotional rates, contract lengths, exit fees, and bundled benefits are subject to change without notice. Please verify current terms with the respective retailers and openelectricitymarket.sg before signing up or switching providers.

This article is intended for general informational purposes only and should not be considered professional financial or energy-market advice.