How To Choose The Best Open Electricity Market (OEM) Plan In Singapore

What You Need To Know About Open Electricity Market (OEM) Plan In Singapore

Since the Open Electricity Market (OEM) was launched in 2018, many Singaporeans have switched to different electricity retailers.

If you want to know the best Open Electricity Market (OEM) plan in Singapore today, you’re on the right page. This guide will let you in on everything you need to know about the Open Electricity Market, including the best plans to fit your needs.

Here at OMY Singapore, you will discover the following:

How Is Singapore Electricity Produced And Sold?

Before we let you in on what is Open Electricity Market in Singapore is, you first need to understand how the electricity market works in the country.

Electricity is produced by power plants that are owned and operated by different power generation companies. Every 30 minutes, these electricity provider Singapore companies bid for contracts to generate and sell power on the wholesale market. Then, retailers buy the electricity in bulk so they can offer it to consumers.

After this, the electricity is transmitted through the national power grid operated by SP Group. The prices are revised every quarter based on fuel costs which include natural gas prices, and non-fuel costs which include the cost of running support services such as meter reading and the electrical infrastructure.

Here’s an illustration of how the electricity market works in Singapore.

Solar-Generated Electricity Retailer Singapore

What Is The Open Electricity Market?

Open Electricity Market or OEM is an initiative launched by the Energy Market Authority (EMA). This aims to open the electricity market in Singapore to new and efficient players. EOM retailers work similarly to how various telecommunication companies offer different price plans for consumers to suit their needs.

Through Open Electricity Market Singapore, consumers can have more options and flexibility when buying electricity. It can also pave the way for Singaporeans to lower their monthly electricity bills, which is what consumers look for in the best electricity plan.

From 2018 to 2019, Open Electricity Market was gradually launched nationwide to all households by zones. Now, every household in Singapore has the flexibility to switch to their Open Electricity Market retailer of choice, as well as choose the best price plan to meet their needs.

If not, they can also stay with the incumbent electricity provider, SP Group. Take a look at the rollout schedule of the Open Electricity Market below.

Date of launch Assigned postal code Location
1 April 2018 60 to 64 Jurong West, Jurong East, Tuas, Pioneer and Boon Lay
1 November 2018 58 to 78 Jurong, Hillview, Upper Bukit Timah, Clementi Park, Ulu Pandan, Dairy Farm, Bukit Panjang, Tengah, Kranji, Woodgrove, Upper Thomson, Springleaf, Choa Chu Kang, Lim Chu Kang,
1 January 2019 53 to 57, 79 to 80 and 82 to 83 Bishan, Ang Mo Kio, Seletar, Serangoon Garden, Hougang, Punggol
1 March 2019 34 to 52, 81 Amber Road, Bedok, Upper East Coast, Eastwood, Kew Drive, Macpherson, Braddell, Geylang, Eunos, Katong, Joo Chiat, Loyang, Changi, Tampines, Pasir Ris
1 May 2019 01 to 33 Tanjong Pagar, Queenstown, Raffles Place, Cecil, Anson, Tiong Bahru, Telok Blangah, Harbourfront, Pasir Panjang, Hong Leong Garden, Clementi New Town, Marina, People’s Park, Little India, Orchard, Cairnhill, River Valley, Ardmore, Bukit Timah, Holland Road, , High Street, Beach Road (part), Middle Road, Golden Mile, Thomson, Balestier, Toa Payoh, Serangoon, Watten Estate, Novena

As of press time, there are 9 different OEM retailers in the country which offer competitive price points for Singaporeans.

Open Electricity Market Retailers

Source: Open Electricity Market

Advantages Of Open Electricity Market

The Open Electricity Market in Singapore brings about tons of advantages. We’ve rounded up some below.

It leads to better choices for electricity plans

Retailers give consumers the luxury to choose from different types of plans. This flexibility allows them to save on costs by purchasing a plan that best fits their consumption needs.

It inspires innovation and better prices

Because there’s competition among retailers, they are more driven to provide better service to their customers.

Aside from the price, various retailers also strive hard to add value to their customers to differentiate themselves. For instance, some retailers offer cashback, rewards, and free months of electricity.

It helps consumers become more aware of energy consumption

The launch of the Open Electricity Market (OEM) has inspired awareness among Singaporeans to take stock of their electricity consumption. Therefore, they become more conscious about how much power they use, and their wastage is minimised. Because of this, there are noticeable savings on natural resources.

Price Plans Offered By Open Electricity Market

Before knowing about the best open electricity market plans in Singapore, you first need to know about the two types of plan retailers offer.

Discount off regulated tariff

This type of plan offers a discount off the prevailing regulated price which is changed every quarter.

Fixed price

This plan means that consumers have to pay a set price throughout the duration of their contract. Their rate is not subject to fluctuations every quarter so it may be higher or lower than the tariff.

Note: During the soft launch of the Open Electricity Market, retailers tried a “peak and off-peak” price plan. In this plan, the prices became lower on off-peak hours, while the prices became higher during peak hours. However, many retailers have stopped this offer because it’s not as popular as Fixed price and Discount off regulated tariff pricing plans.

Things To Consider When Choosing A Retailer

Just like other commitments, you need to read the fine print before you commit to any type of plan. Beyond what is advertised, the fact sheet and consumer advisory should also be checked so you can know key details about:

  • Security deposit
  • Paper bill fee
  • Late payment fees
  • Carbon tax
  • Transmission loss factor
  • Meter installation fees
  • Auto-renewal details
  • Early termination fees

Read: Best Credit Card Promotions in Singapore 

How To Switch Electricity Providers

Did you know switching electricity providers is easy? Here are the steps you need to take to do this.

Step 1

First, check out this page to compare the various price plans Open Electricity Market (OEM) retailers offer.

Step 2

Contact your preferred retailer and ask for information on the plan you are interested in. Do not forget to request the fact sheet and consumer advisory.

Step 3

After you’ve decided on a price plan, register with your retailer of choice. The retailer will work directly with SP Group so your switch can be processed.

What You Need To Know About Switching Retailers

Here are some things you must know when switching retailers.

Will your electricity supply be disrupted?

No. Your electricity supply will not be disrupted if you decide to switch to a different retailer. Regardless of which retailer you choose, your electricity supply will remain the same since the SP Group oversees operating the national power grid and delivering electricity to consumers.

Do you need to pay extra fees when you switch retailers?

You won’t have to pay extra fees or charges if you switch from SP Group to a different OEM retailer.

Can I still switch back to my old retailer?

If you change your mind about switching OEM retailers, your current retailer must coordinate with the SP Group so you can make the switch.

However, you may have to pay early termination fees. This is why it’s so important to read your contract to know the terms and conditions.

How will I be billed?

The billing arrangement of consumers who switched retailers depends on their preferred OEM retailer. For those who prefer to be billed directly, expect 2 utility bills per month. One bill will be for electricity, and the other one will be for gas, water, and refuse.

For those who prefer to be billed through the SP Group, they won’t notice any changes and just like before, one consolidated bill will be sent to cover your gas, water, electricity, and refuse charges.

Fixed Price Electricity Plans

This is an awesome choice for consumers who want to lock-in their bills and avoid uncertainty. Most plans in this category have a lock-in period of 6 months, but there are also long-term plans that suit your unique needs.

Here’s a look at the different fixed price plans of various retailers as of 6 July 2022.

Six-month plans:

Electricity Retailer 6 Months Fixed Price Plan Price (per kWh)
Geneco Give Us A Try S$0.3100
Sunseap One 6 Months S$0.4173
Union Power Union Saver 6 S$0.4815

12-month plans:

Electricity Retailer 12 Months Fixed Price Plan Price (per kWh)
Geneco Get It Fixed 12 $0.2920
Keppel Electric Fixed12 $0.2988
Pacific Light Sunny Side-Up (12 months) $0.2980
Sembcorp Power 12 Months Fixed Price Home $0.2988
Senoko LifePower12 $0.2920
Tuas Power PowerFIX12 $0.2979

24-month plans:

Electricity Retailer 24 Months Fixed Price Plan Price (per kWh)
Geneco Get It Fixed 24 $$0.2880
Keppel Electric Fixed24 $0.3230
Pacific Light Savvy Saver 24 $0.2968
Senoko LifePower24 $0.2880
Tuas Power PowerFIX 24 $0.3217

Based on the tables above, Senoko, Geneco, Keppel Electric, and Pacific Light are the cheapest electricity provider Singapore choices.

If you want to get any of these plans, take into consideration the ones that offer the lowest prices. You may also take the lock-in period to lower your electricity costs in the long run.

Senoko offers tons of great promos for new customers. For example, when you gather a group of 10 people and more, you can enjoy up to a $50 Group Buy Rebate, and stack on up to additional $90 rebates with Senoko’s promos. Click here to know more about this promo.

You can also refer a friend and earn a S$30 rebate for you and your friend if they switch to Senoko Energy. Click here to know more about this promo.

Solar-Generated Electricity Retailer Singapore

Solar-Generated Electricity Retailer Singapore

If your priority is to go for renewable energy sources, you can consider plans from Geneco, Sembcorp Power, and Sunseap Energy.

Keep in mind that the costs are higher than other fixed plans for this type of power source. Take a look at the table below to compare the different choices side by side.

OEM Retailer Plan Name Rate per kWh
Sembcorp Power Sunshine Plan (12 months) 0.3626 cents/kWh
Sunseap SUNSEAP-100 (6 months) 0.4494 cents/kWh

Frequently Asked Questions

Here are some additional questions you may have about OEMs in Singapore.

What are the different electricity retailers in Singapore?

There are 9 OEM retailers in Singapore as of July 2022. However, it’s recommended to check this list to remain updated. The different OEM retailers in Singapore include the following:

  • Keppel Electric
  • Diamond Electric
  • Geneco
  • PacificLight Energy
  • Sembcorp Power
  • Senoko Energy Supply
  • Tuas Power Supply
  • Union Power
  • Sunseap Energy

Will the price of electricity increase in Singapore?

This depends on the price updated every quarter based on fuel and non-fuel costs.

Which OEM retailer offers the most affordable price?

Senoko and Genoco offer affordable rates for consumers. However, the answer ultimately depends on your specific electricity needs.

Do I need an AMI?

Advanced Metering Infrastructure or AMI meters give you up-to-date and accurate data about your electricity usage.

Also called smart meter, this can help you manage your usage and electricity costs. Certain plans require an AMI, although you can expect full subsidy for the cost of installation.

While the Energy Market Authority of Singapore does not require all households to switch to a smart meter at the moment, this meter is set to eventually replace all meters in Singapore.

Is it compulsory to switch to a retailer?

No. However, households are encouraged to do so since it generates big savings.

Is it cheaper to buy electricity wholesale?

Technically, individuals can also buy electricity from the wholesale market. However, this is not a good idea for many because you will be subjected to fluctuating prices every 30 minutes. This means you may end up paying more.

Is the OEM a good thing?

Yes. It’s a great idea to shift for those who want to save more money.

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