This October, households and businesses can buy electricity on the open market. Currently, the Open Electricity Market (OEM) is only available in parts of Jurong (as a pilot). But soon, it will be open to everyone. And this means you can choose plans that best suit your needs so that you can save money.
Should I Stay or Should I Go?
There are 13 participating retailers which you can choose from. They are listed here.
You can also remain with SP Group (it is not compulsory for you to switch, and no action is required if you choose to remain). Currently the regulated tariff for electricity from SP Group is 23.65 cents/kWh (from 1 July to 30 September 2018). By the time the OEM opens in October, this tariff may change.
If you switch to one of the retailers, you can choose from the following 3 types of “standard price plans”: 1) Discount Off The Regulated Tariff, 2) Fixed Price and 3) Peak & Off-Peak.
Which Plan is the Lowest in Price?
If you suffer from choice paralysis (like I do), thankfully, there’s a quick and easy way to search the lowest price plans on the Open Electricity Market comparison website. If you input your average monthly usage into the comparison website, it will also calculate your estimated bill.
Here are the comparison results for my energy usage (based on roughly 500kWh per month). They are sorted in order of price:
The Terms: Of course, there are other considerations that you might have in addition to the price. Each plan has a Fact Sheet, which summarises the terms and conditions of the contract. These include payment terms, security deposit, early termination charges and other important considerations.
Separate or Combined Billing: Some retailers will bill you directly, which means you will get two utility bills — one from your electricity provider, one from SP Group for your non-electricity charges (water, town gas, refuse collection). Other retailers will bill you through SP Group in one combined bill (for both electricity plus non-electricity charges).
Green Energy: Two of the retailers are partly using renewable (solar) energy — Sun Electric and Sunseap. If this is important to you, then you can choose to support them.
With competition among electricity retailers, we as consumers stand to benefit from competitive pricing, enhanced service standards, and innovative packages offered by retailers.
But before you sign up, remember to read the consumer advisory. Your contract can start as early as 5 business days after your retailer informs SP Group to make the switch. And the switch will be seamless (there will be no interruption of your electricity supply).
For more information, please visit EMA’s Open Electricity Markets website or SP Group’s Open Electricity Markets website.