Best Electricity Plans Singapore 2022

Best Companies for Electricity Plans in Singapore 2022

Until November 2018, residents in Singapore got their electricity supply from Singapore Power (S.P.), where everyone had to pay their electricity bill. However, since then, Singapore has had an Open Electricity Market (OEM). This led to the rise of many electricity retailers that you will need to choose from.

You now have over 20 electricity supply packages to compare as an electricity consumer. Naturally, this might bring a lot of confusion.

Are you wondering whether to switch your electricity retailer? Here is a complete guide on all you need to know before you decide.

What are the Three Main Types of OEM Plans?

Here are the main types of OEM plans:

1. Fixed Price Plans

A Fixed Price Plan offers a flat rate per Kilowatt for a specified contract or lock-in period. The flat rate, however, changes once the contract is over. This is part of why some OEM retailers advertised a longer lock-in period.

On the lock-in period, your household bill is not subjected to quarterly price fluctuations that might be lower or higher than the prevailing regulated tariff price plan. Fixed Price plans are the best choice for your household if you prefer certainty with your monthly bills.

2. Discount Off Regulated Tariff Plan

Discounts off regulated Tariff Plans offer discounts to the currently regulated tariff set by the S.P. Group that is revised every three months. If you are okay with your electricity bill changing every three months, this is the best plan for you.

3. Peak/Off-Peak Plans

These are non-standard price plans that allow customers to pay for their preferred electricity usage depending on the time of day.

The prices can vary between fixed price and discount off regulated tariff plans. However, the beneficiary of such plans are households that consume most of their electricity during off-peak hours, such as early mornings, evenings, and weekends.

When choosing Peak and off-peak plans, it is best if you know your household’s electricity consumption habits.

 

Cheapest Fixed-Price Plans

Here are the cheapest fixed price plans on a six months’ contract.

Electricity Supplier Unique Value Proposition Estimated Monthly Bill
Union Power Pte Ltd No deposit is needed, and online-only rebates S$87.90
Geneco (Seraya Energy Pte Ltd) Clean energy at competitive fixed rates S$85.34
Sunseap Energy Pte Ltd Largest clean energy solutions provider S$87.35
Sembcorp Power Pte Ltd Large focus on sustainability S$87.72

 

Here are the cheapest fixed price plans on a 12-month contract.

Electricity Supplier Unique Value Proposition Estimated Monthly Bill
PacificLight Energy Pte Ltd Various plans to suit different needs S$87.31 (online exclusive)
Union Power Pte Ltd No deposit is needed, and up to $30,000 home insurance coverage S$87.40
Tuas Power Supply Pte Ltd One-stop energy provider, additional monthly savings S$87.90
Keppel Electric Pte Ltd First homegrown electricity retailer S$87.72
Sembcorp Power Pte Ltd Greener energy S$87.72
Senoko Energy Supply Pte Ltd App-based electricity consumption monitor S$85.68
Sunseap Energy Pte Ltd Largest clean energy solutions provider S$87.35
Geneco (Seraya Energy Pte Ltd) Clean energy at competitive fixed rates S$85.34

 

Best Discount Off Regulated Tariff Plans

Here is the discount off regulated tariff plans on a 6-month contract:

Electricity Supplier Unique Value Proposition Discount Promo Code*
Union Power 1% discount off the regulated tariff 1% N.A.

 

Best discount off regulated tariff plans based on a 24-month contract

Electricity Supplier Unique Value Proposition Discount (off the regulated tariff) Promo Code*
Senoko Energy App-based electricity consumption monitor, S$60 bill rebate on any 24-month plan 3% TREAT60
PacificLight Energy Pte Ltd Low fixed-base rate with the option of no contract 3% N.A
Tuas Power Supply Pte Ltd One-stop energy provider, 1% cashback with POSB Everyday Card 3% N. A.

 

Electricity Bills

Cheapest Peak & Off-Peak

Electricity Supplier Unique Value Proposition Peak Pricing Off-Peak Pricing
Keppel Electric Pte Ltd First homegrown electricity retailer S$28.74/Kilowatt hour (7 am to 11 pm) S$22.11cents/kWh (11pm to 7 am)
PacificLight Energy Pte Ltd (12 months) Low fixed-base rate with no contract option 2% off regulated tariff (7 am to 11 pm) 4.8% off regulated tariff (11pm to 7 am)
PacificLight Energy Pte Ltd (24 months) Low fixed-base rate with no contract option 2% off regulated tariff (7 am to 11 pm) 4.8% off regulated tariff (11 pm to 7 am)

 

Pros and Cons

The Pros

Here are some of the benefits of switching to OEM:

  • More Options for Electricity Price Plans

Before OEM, S.P. Group controlled the tariff price. However, today, more competition in the market has driven local retailers to provide power at lower prices.

  • Low Power Cost

More choices in the open market have led to competitive pricing strategies where many retailers provide great discounts at low prices. The retailers also offer high transparency in the electricity packages and plans.

  • Increased Innovation

Retailers now spend more time designing new and innovative products that stand out from the competition to attract more business. Other than having fixed prices and tariffs, some retailers have partnered with third parties to offer rebates and loyalty programs, Peak and off-peak plans, and a monthly flat rate bundle.

Even plans come with insurance, free movie tickets, and vouchers. Moreover, if you meet the eligibility criteria for U-Save rebates, you can offset your electricity bill even after switching retailers.

  • More Awareness on Electricity Consumption

OEM has made Singapore residents interested in learning about their electricity consumption. The Energy Market Authority also partnered with the OEM retailers to educate consumers about OEM through community events and roadshows.

The events provide a convenient space for consumers to ask questions and seek help to get the best option.

  • Explore Green Options

If you have always wanted to conserve the environment, you can explore different OEM options to know which provides green options.

When you do your research, you will find that retailers offer green electricity plans in addition to their regular electricity plans. Choosing a green option will save you money while still saving the environment.

  • You Can Easily Switch Plans

Switching retailers is very simple. Once you decide to switch to a retailer, they will handle the whole process for you.

You do not have to worry about facing disruptions during the switch. The S.P. Group continues to operate the power grid and deliver electricity to consumers at the same rate regardless of where you purchase your electricity.

  • Freedom of Choice

OEM was created to give Singaporeans a choice. It is also important to note that participation in OEM is not compulsory. You can decide to continue purchasing your electricity from S.P. Group.

There is no deadline for switching, so you have all the time to familiarize yourself with the different options before making a decision.

The Cons

  • Sometimes it’s hard for the retailers to keep up with the discounts and eventually run out of business
  • No one is sure how long the initiative will last since all the retailers have S.P. Group as their supplier.

 

Electrical Plug

Steps to Choose an Electricity Retailer in Singapore

Here are the three steps to take when choosing an electricity retailer:

Step 1

Decide which plan you want. You can choose between a fixed-rate pan and a discount off a regulated tariff. Some retailers also offer non-standard plans.

Step 2

Decide on how long you would like the contract to be. It can be a short 6-month contract or a 3-year contract.

Step 3

Compare the different price points and choose one that fits into your budget.

We have good news for you before you get confused with all the retailer options available. There is an official OEM Comparison tool that lets you estimate your monthly electricity bill and helps you compare providers.

You need to input your average consumption, type of residence, and preferred price model, i.e., Fixed or Discount off regulated tariff.

The tool lets you find your cheapest retailer with an assumed average consumption.

 

Related Questions

1. What is the Open Electricity Market?

Open Electricity Market was first announced in October 2017 as an initiative of the Electricity Market Authority. Its main aim was to encourage innovation and liberalize the power industry in Singapore.

It also meant that the consumers would now enjoy more options and flexibility while lowering their monthly electricity bills.

The Open Electricity Market was gradually rolled out all over the country between November 2018 and May 2019. Since then, households could easily switch to their preferred power retailer and choose a plan that suits their needs best.

Consumers could alternatively choose to stay with the original power supplier S.P. Group.

Today, more than 15 OEM retailers offer competitive prices and promotions that help lower electricity bills in Singapore households. Electricity retailers buy electricity in bulk from the wholesale market to supply consumers.

2. Will Electricity Prices Go Up in 2022 Singapore?

Global climate change and extreme weather conditions will likely increase the electricity demand, likely driving the prices up. It is predicted that electricity prices will increase both in the short term and in the long run.

3. Which is the Cheapest Electricity Provider in Singapore?

Here is a list of Singapore’s energy providers:

Electricity Retailer Fixed Price Plan Price (per kWh)
Geneco  Give Us A Try (6 months) $0.2510
Sembcorp Power Fixed Price Plan (6 months) $0.2710
Sunseap Energy 6 Months Plan $0.2868
Union Power Union Saver 6 (6 months) $0.3210

 

4. Is iSwitch Reliable?

iSwitch was one of the most competitively priced electricity retailers under the fixed-rate plans. However, the company shut down its operation as of November 11th due to the ‘Current market conditions as its letter read.

5. How are Electricity Quarterly Tariff Rates Calculated?

Current electricity tariff is calculated based on the daily natural gas prices average during the first two and a half months before the quarter.

The tariff has two components, i.e., fuel cost and non-fuel cost. 

The fuel costs are tied to the natural gas prices indexed on oil prices by commercial contracts. The oil prices depend on the global market conditions.

Note that 95% of Singapore’s electricity is imported natural gas. This means that electricity is tied to the global energy crunch and oil prices.

On the other hand, non-fuel costs include the costs of generating and delivering electricity to homes that include:

  • Grid charge is the cost of transporting the electricity through the national power grid.
  • Power Generation cost includes the maintenance and human resources costs of efficiently running the power stations.
  • Marketing Support Services (MSS) Fee: This is the cost of billing and meter readings.
  • Power system Operation and Market Administration fees – These are the costs of operating the power system and administering the wholesale electricity market.

6. Why can’t the government help households reduce prices instead of giving U-Save rebates?

Electricity is not subsided in Singapore. This is why consumers are encouraged to use electricity efficiently while avoiding wasteful consumption.

Singapore’s government recognizes that there are households that have difficulties coping with the rising cost of utilities and are ready to help out. The government helps HBD households with their utility bills payment via the U-Save (Utilities-Save) scheme. The higher amounts of rebates go to low-income households.

7. What is the Average Monthly Electricity and Gas Consumption for the Various Household Types?

Different households’ average monthly electricity consumption is found on S.P. Services websites. Under ‘Homes (For Residential use), then “View National Average Household Usage.”

8. What Should I Watch Out for When Choosing an Electricity Retailer?

Before settling for any electricity retailer, make sure you read through the fine print. Look for information that is beyond the prices advertised. Ask for a fact sheet and consumer advisory sheet to look out for the following:

  • Security deposit
  • Paper bill fee
  • Early termination fees
  • Administrative fee
  • Carbon tax
  • Late payment fees
  • AMI meter installation fees
  • Auto-renewal clauses
  • Transmission loss factor
  • Eligibility for using U-Save GST vouchers

9. How Do I Switch Electricity Providers?

Here are the steps to follow when dating an electricity provider:

Step 1: Compare the price plans of different OEM (Open Electricity Market) retailers using the Price Comparison tool

Step 2: Contact the OEM (Open Electricity Market) retailer of your choice and ask for more information on the price plan you want to take up. Ensure that you ask for a Consumer Advisory and a Fact Sheet.

Step 3: When you decide on your price plan, sign up for your preferred retailer, who will work directly with S.P. Group to switch.

10. Will I Incur Extra Fees for Switching Electricity Retailers?

You will not incur any extra fees or additional charges when you decide to switch from one OEM retailer to another.

11. Which is the Best 12 Months Fixed Price Plan?

Geneco (Seraya Energy Pte Ltd) is the best. It offers the best 12-month fixed price plan offering a fixed rate of 25.10 cents per kWh.

12. Which is the Best 24-Month Fixed-Price Plan?

Geneco (Seraya Energy Pte Ltd).

Offer a rate of 25.50 cents/kWh and a monthly bill of S$86.70. With the promo code JOLLY80, you will get a S$50 rebate and a S$30 GrabFood Electronic voucher. This offer, however, is for limited sign-ups only.

Closing

Since its launch, more than half of Singapore’s residents have switched to Open Electricity Market (OEM). The Open Electricity Market OEM provides a chance for liberalization and innovation of the power market in the country. The competition means that Singaporeans enjoy reduced prices on their monthly electricity bills.

Key Takeaways

  • OEM offers more choices on electricity retail plans
  • Competition leads to better prices and innovation
  • OEM has led to more awareness of energy consumption

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