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

Image credit: Unsplash

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.

OEM map
Image credit: Open Electricity Market Website
OEM schedule
Image credit: Open Electricity Market Website

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.

Fixed tariff OEM
Image credit: Energy Market Authority Singapore

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.

discounted regulated tariff OEM
Image credit: Energy Market Authority Singapore

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.

RetailerPlan NamePrice
iSwitchChope' The Rate (24 Months)17.55 cents/kWh
Geneco by Seraya EnergyGive Us A Try ( 6 months)17.63 cents/kWh
Geneco by Seraya EnergyGet It Fixed 24 (24 months)17.78 cents/kWh
Keppel ElectricFIXED24 ( 24 Months)17.78 cents/kWh
Sembcorp Power24M Fixed Price Home (24 Months)17.78 cents/kWh
iSwitchChope' The Rate (12 months)17.90 cents/kWh
PacificLight EnergyStick To It 24m ( 24 Months)17.95 cents/kWh
Senoko EnergyLifePower24 ( 24 Months)17.95 cents/kWh
Tuas Power SupplyPowerFIX 24 ( 24 Months)17.98 cents/kWh
Sunseap EnergySUNSEAP-ONE (1% Solar Energy) 24 Months17.98 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.

RetailerPlan NameDiscount Off Regulated Tariff
Ohm EnergyOhm Discount -6 Months25%
Ohm Energy Ohm Discount -12 Months25%
Diamond ElectricSure Save Plus Rebate – RES (12 Months)24%
Environmental Solutions (Asia)GFREEDOM (Carbon Neutral) - 24 Months23%
iSwitchSuper Saver Discount -24 Months23%
Sunseap EnergySUNSEAP-ONE (1% Solar Energy) -6 Months23%
Sunseap EnergySUNSEAP-ONE (1% Solar Energy)-12 Months23%
Sunseap EnergySUNSEAP-ONE (1% Solar Energy)- 24 Months23%
Environmental Solutions (Asia)GFREEDOM (Carbon Neutral)-12 Months22.8%
iSwitchSuper Saver Discount -12 Months22.8%

 

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.

Non-Standard Tariffs 

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.

RetailerPeak Off PeakContract 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
PacificLight16% 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.

*Featured Image credit: Patrick Tomasso | Unsplash
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