Open electricity market (OEM) – What is it really about?
Here’s what you need to know!
Starting from November 2018, households in Singapore are given a choice to pick their choice of electricity retailers. This is part of Energy Market Authority (EMA) effort to liberalise the electricity market in Singapore. This allows households to purchase electricity apart from SP Group. Simply put, buying electricity will become similar to choosing mobile phone plans.
Benefits of Open electricity market (OEM)
With the introduction of open electricity market, consumers can benefit from the better prices offered by different retailers. Consumers get to choose the appropriate plan based on their consumption habits. With the strong competition between different retailers, consumer also gets to enjoy all the promotional rewards given to them.
What to consider before switching over?
There are typically 2 plans for consumers to choose from – Discount off regulated tariff and fixed price. Discount off regulated tariff offers a discount off the prevailing regulated tariff price and subject to being revised every quarterly. Fixed price plans require consumers to pay a fixed rate as long as the duration of their contract. Now that you understand how the price plan works, you can consider which one suits your household the most. However, this is not compulsory, you can still continue to purchase electricity from SP Group. There isn’t a deadline to switch over as well!
List Of Retailers
Below are the retailers that consumers can buy their electricity from:
Photo credits to openelectricitymarket.sg
Now with different retailers coming to the market providing us with competitive rates, everyone should not stop being conscious when we use electricity. Always switch off appliances when not using and shop for energy-saving appliances. That being said, you will definitely see a difference in your electricity bills!