A new milestone in the electricity market liberalisation process was reached when the Energy Market Authority (EMA) announced the extension of the Open Electricity Market (OEM) islandwide, starting November 1, 2018.
The initiative enables consumers to choose their electricity provider from a current list of 13 available options. But for most Singaporeans, this might be confusing as they have been purchasing electricity from one company for many years – SP Group.
With so many questions, this article is what you need to guide you through the OEM so you can make the best choice for your household.
What does the OEM mean to homeowners?
Homeowners no longer need to stick to SP Group for their electricity supply. They are able to buy an electricity plan which suits their requirements from 13 other retailers, or choose to remain with the predominant SP Group.
Different electricity retailers compete in the market through their innovative offers and competitive prices. Basically this means that homeowners are able to enjoy a reduce monthly bill from cheaper electricity supplies by switching from SP Group.
What are the features of the OEM that homeowners should take note?
An important aspect of the OEMis that it is not compulsory to switch, nor are there deadlinesto switch. Moreover, if you are unhappy with your new retailer after the switch, there’s room for you to switch to other retailers, including SP Group.
After the switch, no matter which retailer you have picked, SP Group continues to operate the national power grid. SP PowerAssets distributes and transmit electricity islandwide while SP PowerGrid builds and maintains said power grid. Therefore, you can be assured of the same reliable power that you have been experiencing for many years.
What choices do the retailers offer?
As of now, 13 retailers are participating in the OEM. They are:
∙ Keppel Electric
∙ Sembcorp Power
∙ Sunseap Energy
∙ Senoko Energy Supply
∙ iSwitch Energy
∙ Ohm Energy
∙ Union Power
∙ Diamond Electric
∙ PacificLight Energy
∙ Tuas Power Supply
∙ Geneco (Powered by Seraya Energy)
∙ ES Power (by Environmental Solutions)
∙ Best Electricity Supply
They provide a variety of standard and non-standard price plans. There are two main types of standard plans – Fixed Price Plan and Discount Off the Regulated Tariff Plan.
While the former charges a fixed price throughout the contract duration, the latter provides consumers with a fixed discount on the prevailing regulated tariffs, revised every three months.
Therefore the Fixed Price Plan provides a stable and constant price regardless of tariff changes but the Discount Off the Regulated Tariff Plan fluctuates with changes to the quarterly tariff.
A Quick 4-Step Guide for the Consumers to Choose their Retailer
Step 1: Evaluate your power consumption patterns with the help of your past household electricity bills.
Step 2: Estimate your average monthly cost of electricity.
Step 3: Compare your household’s monthly costs with the various price plans being offered by various retailers through a comparison tool.
Step 4: Look out for discounts and promotions being offered by the retailers before deciding on one.
By following the steps above, homeowners can effectively choose an electricity provider suitable for their respective needs.
As we can see, the OEM brings about plenty of benefits for homeowners in Singapore; from providing flexibility in choosing from a wide range of plans and retailers, to enjoying better electricity prices due to competition among retailers.
Don’t just stop at this article – Be open towards receiving your supply of power from a leading retailer in Singapore’s liberalised electricity market.