Singapore’s Open Electricity Market: A Simple Comparison
Singaporeans can now enjoy more affordable energy with the introduction of the Open Electricity Market (OEM). Previously, everyone bought their electricity from Singapore Power, a state-owned electricity and gas distribution company. With the OEM concept, you can now choose to switch to a different energy provider.
There are now about 15 electricity retailers in Singapore, although not all of them will be available for your postcode.
The Benefits of Having an OEM
It’s important to remember that switching electricity providers is not mandatory, and you can still continue sticking to SP and nothing changes. The point of having so many energy retailers is simple. Everyone in Singapore stands to gain more affordable tariffs with more competition among retailers.
I addition to cheaper tariffs, you will also have more options to choose price plans that benefit you and is suitable for your situation.
Finally, consumers who want to go green can now choose non-standard plans available from some retailers that offer different peak and non-peak rates. This will help you save on your electricity bill with a lower non-peak period rate, such as at night when you’re sleeping.
The Roll Out Schedule
The OEM plan was first tested out in Jurong in the middle of 2018, where more than 30% of the residents chose to make the switch to various retailers. It was then rolled out in stages, according to different zones. Since November 2018, this program has been made available in stages to different zones of postcodes in Singapore.
This means that by May 1st, all Singaporeans will get to choose between sticking to SP or going with another energy retailer. Before you choose a plan, it’s prudent to know what the different plans are.
Types of Price Plans Offered by OEM Retailers
1. Fixed Rate Tariff
This type of pricing is very easy to understand. Basically, you pay the same rate throughout the period of your contract with the retailer. There are no changes at any time of the year.
2. Discounted Regulated Tariff
Electricity tariffs in Singapore are regulated by the Energy Market Authority and this rate is revised every quarter. This means the prices fluctuate every 3 months. Therefore you’ll pay slightly less than the stipulated market price, but your rates will change every 3 months or so and you won’t be able to predict whether prices go up or down.
3. Non-Standard Tariff
Non-standard tariffs include several types of pricing, including peak and non-peak packages, fixed consumption plans and floating rate plans. Peak and non-peak tariffs involve different prices for your electricity at different times of the day. Peak hours (from 7am to 8pm or later) would usually be more expensive, while non-peak hours (about 8 or 10pm to 7am) will be slightly cheaper.
This pricing package is only offered by several retailers, such as Keppel Electric and Tuas Power as it wasn’t popular during the OEM trial run at Jurong last year.
Comparisons Of The Different Price Types
Fixed Rate Tariff
Here are the ten most affordable fixed tariff rate plans available to Singaporeans, with prices as of March 1st 2019.
|iSwitch||Chope' The Rate (24 Months)||17.55 cents/kWh|
|Geneco by Seraya Energy||Give Us A Try ( 6 months)||17.63 cents/kWh|
|Geneco by Seraya Energy||Get It Fixed 24 (24 months)||17.78 cents/kWh|
|Keppel Electric||FIXED24 ( 24 Months)||17.78 cents/kWh|
|Sembcorp Power||24M Fixed Price Home (24 Months)||17.78 cents/kWh|
|iSwitch||Chope' The Rate (12 months)||17.90 cents/kWh|
|PacificLight Energy||Stick To It 24m ( 24 Months)||17.95 cents/kWh|
|Senoko Energy||LifePower24 ( 24 Months)||17.95 cents/kWh|
|Tuas Power Supply||PowerFIX 24 ( 24 Months)||17.98 cents/kWh|
|Sunseap Energy||SUNSEAP-ONE (1% Solar Energy) 24 Months||17.98 cents/kWh|
In case you were wondering, this isn’t an exhaustive list of the plans available from all the OEM retailers. However, they are the top ten most affordable ones. iSwitch’s Chope’ The Rate 24 Months contract is the most affordable at 17.55 cents/kWh. This is followed by Geneco’s Give Us A Try at 17.63 cents/kWh, which is a contract for 6 months.
Discounted Regulated Tariff
These are the ten plans from retailers with the highest discounts off regulated tariff rates.
|Retailer||Plan Name||Discount Off Regulated Tariff|
|Ohm Energy||Ohm Discount -6 Months||25%|
|Ohm Energy||Ohm Discount -12 Months||25%|
|Diamond Electric||Sure Save Plus Rebate – RES (12 Months)||24%|
|Environmental Solutions (Asia)||GFREEDOM (Carbon Neutral) - 24 Months||23%|
|iSwitch||Super Saver Discount -24 Months||23%|
|Sunseap Energy||SUNSEAP-ONE (1% Solar Energy) -6 Months||23%|
|Sunseap Energy||SUNSEAP-ONE (1% Solar Energy)-12 Months||23%|
|Sunseap Energy||SUNSEAP-ONE (1% Solar Energy)- 24 Months||23%|
|Environmental Solutions (Asia)||GFREEDOM (Carbon Neutral)-12 Months||22.8%|
|iSwitch||Super Saver Discount -12 Months||22.8%|
As we can see, both Ohm Enegy’s 6 month and 12-month plan offer 25% off regulated tariffs. If you would like to extend your contract for the long term, then Environmental Solution’s 24-month GFREEDOM (Carbon Neutral) plan offers 23% off regulated tariffs, as does iSwitch’s Super Saver Discount -24 Months. and Sunseap Energy’s SUNSEAP-ONE (1% Solar Energy)- 24 Months. The benefit of having longer contracts is that your discount stays on longer too. Short term contracts of say, 6 months or so mean that the discount rates can be revised when you want to extend your contract or even switch to another one.
The more popular form of non-standard tariffs is the peak and non-peak package, but not all retailers offer this. So far, only four retailers have the peak and off-peak packages.
|Retailer||Peak||Off Peak||Contract Duration|
|Keppel Electric||$0.1880/kWh (7am-11pm)||$0.1538/kWh (11pm-7am)||24 Months|
|Tuas Power||$0.202/kWh (7am-7pm)||$0.19/kWh (7pm-7am)||Not mentioned|
|Geneco||$0.215/kWh ( 6am-12am)||$0.145/kWh ( 12am -6am)||24 months|
|PacificLight||16% off regulated tariffs ( 7am - 11pm)||26% off regulated tariffs (11pm - 7am)||12 months/ 24 months|
Peak and off-peak packages proved to be less than popular when the OEM program was set for a trial run at Jurong last year. However, if you do want to consider these, Keppel Electric seems to have a rather balanced package, and Geneco has the lowest off-peak tariff. PacificLight seems to be the only one offering a discount off the regulated tariff rather than a fixed tariff for both peak and non-peak hours.
For a better comparison of all the tariff packages available, you can visit the Open Electricity Market Singapore’s comparison page, which will help you make decisions based on the housing type or business you own. There are many promos available for each retailer, and you can check out the list of promo codes available to use, including codes for rebates, discounts and free gifts.