What Is the Open Electricity Market (OEM)?
The Open Electricity Market (OEM) in Singapore, introduced in 2018 and continuing into 2023, revolutionizes the way consumers buy electricity. Under the OEM, individuals and businesses can choose their preferred electricity retailer, empowering them to find the best electricity price plans that suit their needs. This market liberalization facilitates competition, encouraging retailers to offer the cheapest electricity rates, and encourages price comparison among plans available in Singapore. Consumers can explore a range of options, from fixed-price electricity plans to those with discounts off regulated tariffs.
In the OEM, households and businesses gain the freedom to switch to an electricity provider that aligns with their preferences, be it a fixed plan, green energy options, or those that offer cashback on recurring electricity bills. The initiative has led to the opening up of the electricity market, allowing various retailers to offer competitive electricity prices, bringing benefits such as cost savings and flexibility. The OEM aims to cater to different electricity consumption patterns and preferences, further promoting energy efficiency and the use of renewable sources.
With many electricity retailers participating, including prominent names like Singapore Power (SP), Tuas Power, and Senoko Energy, consumers can confidently choose the right electricity plan based on their consumption and budget. The OEM is a significant step toward providing consumers with the power to take charge of their electricity consumption and contribute to a more sustainable and cost-effective energy landscape in Singapore.
How Many Electricity Retailers Are There in Singapore?
As of 2023, Singapore’s open electricity market is thriving with numerous electricity retailers offering a wide array of price plans to cater to diverse consumer needs. This competitive landscape has spurred innovation and cost-saving options, making it easier for consumers to find the best electricity deals. With the open electricity market’s introduction in 2018, households and businesses gained the power to select their preferred electricity retailer from a pool of options, each providing unique price plans, including the cheapest electricity rates and various incentives.
This dynamic market environment encourages price comparison among the available plans, promoting transparency and better deals for consumers. Prominent electricity retailers such as Singapore Power (SP), Tuas Power, and Senoko Energy are part of the mix, ensuring that residents and businesses have ample choices when it comes to choosing their electricity provider.
The open electricity market has not only enhanced competition but also created opportunities for consumers to explore fixed-price electricity plans, green energy options, and cashback promotions. This shift in the electricity landscape reflects Singapore’s commitment to providing its residents with a more flexible, cost-effective, and sustainable energy future.
What Types of Electricity Price Plans Do They Offer?
With the advent of the open electricity market, residents and businesses have gained access to a variety of electricity price plans that suit their preferences and usage patterns. These plans encompass options for the best electricity rates, as well as flexibility, sustainability, and cost-effectiveness.
Consumers can choose from fixed-price plans that provide stability in their monthly bills, giving them assurance against market price fluctuations. On the other hand, variable-rate plans allow consumers to benefit from market price movements, potentially leading to lower costs during periods of low demand.
Green energy enthusiasts have the option to opt for plans that support sustainable practices and reduce their carbon footprint. Additionally, some retailers offer plans with cashback rewards and promotions, encouraging consumers to make the most of their electricity consumption.
Price comparison websites and resources provide the means for consumers to evaluate and select the most suitable plan based on their specific needs. The diverse array of plans ensures that every consumer, whether residential or commercial, has the flexibility to choose the plan that aligns with their priorities, whether it’s securing the cheapest electricity rates, promoting environmental sustainability, or benefiting from cashback rewards
Household Electricity Prices From 2021 – 2023
From 2021 to 2023, Singapore’s household electricity landscape underwent a significant transformation with the introduction of the open electricity market. This initiative brought forth a myriad of electricity retailers, each offering an array of price plans to cater to the diverse needs of consumers. As part of this evolution, households were empowered to make informed decisions about their electricity consumption by comparing the various available options.
Amidst the array of electricity price plans, consumers had the opportunity to select the best electricity rates, ensuring cost efficiency. The open electricity market promoted healthy competition among retailers, leading to the availability of the cheapest electricity plans and discounts off regulated tariffs. Fixed-price plans provided consumers with stability in their monthly bills, while variable-rate plans allowed them to take advantage of market fluctuations for potential savings.
Moreover, green energy enthusiasts found plans that aligned with their sustainability goals, contributing to a greener and more environmentally-conscious energy landscape. Cashback rewards, promotions, and the choice between standard and non-standard pricing structures further enriched the selection.
As the electricity market expanded, consumers benefited from increased transparency and options for their electricity plans. This period marked a dynamic shift towards consumer-centricity, promoting energy conservation, and cost management.
| Period | Average (c / kWh) | % Change |
|---|---|---|
| Oct – Dec 2021 | 24.11 | – |
| Jan – Mar 2022 | 25.44 | +5.51% |
| Apr – Jun 2022 | 27.94 | +9.80% |
| Jul – Sep 2022 | 30.17 | +8.00% |
| Oct – Dec 2022 | 29.74 | -1.42% |
| Jan – Mar 2023 | 28.95 | -2.65% |
| Apr – Jun 2023 | 27.43 | -5.25% |
| Jul – Sep 2023 | 27.74 | +1.13% |
The Cheapest Fixed OEM Plans Based On Contract Length
In the dynamic electricity market of Singapore in 2023, consumers are presented with a range of fixed OEM plans, each tailored to specific contract lengths. The open electricity market, launched to enhance consumer choice, has spurred various electricity retailers to offer competitive price plans, catering to different preferences.
Among the myriad of options, the cheapest fixed OEM plans based on contract length have garnered attention. These plans provide consumers with the advantage of predictable monthly bills over their chosen contract duration. By capitalizing on the flexibility offered by the open electricity market, consumers can select plans that align with their consumption patterns and financial goals.
Price comparison tools and platforms further empower consumers to make informed decisions. Whether opting for shorter-term plans to capitalize on changing market conditions or committing to longer-term contracts for stability, the abundance of choices underscores the market’s commitment to meeting diverse customer needs.
From household electricity bills to renewable energy aspirations, these plans offer a strategic approach to managing energy costs and contributing to a sustainable future. As the market continues to evolve, Singaporeans have an unprecedented opportunity to navigate the electricity landscape and select the best options that resonate with their preferences and priorities.
| Contract Length | Cheapest Provider | Price (Incl. GST) |
|---|---|---|
| No Contract | Singapore Power (SP) | 31.27¢/kWh |
| 6 Months | Geneco | 31.17¢/kWh |
| 12 Months | Geneco/Senoko | 30.86¢/kWh |
| 24 Months | Geneco/Senoko | 30.66¢/kWh |
The Best Fixed Rate Electricity Contracts In Singapore
In the bustling energy landscape of Singapore in 2023, the search for the best fixed-rate electricity contracts has become paramount. With the advent of the open electricity market, consumers are met with a plethora of electricity retailers offering diverse price plans tailored to individual needs.
Amidst this array of choices, the focus on finding the optimal fixed-rate electricity contracts persists. These contracts provide stability and predictability, shielding consumers from market fluctuations and ensuring consistent monthly bills. From household consumption patterns to green energy preferences, the best fixed-rate contracts offer an avenue for consumers to align their energy choices with their priorities.
Price comparison tools play a pivotal role in aiding consumers to identify the top contenders. By evaluating and comparing the offerings from various electricity retailers, consumers can make informed decisions that match their financial constraints and consumption habits.
In a market driven by innovation and competition, the pursuit of the best fixed-rate electricity contracts reflects the evolution of Singapore’s energy landscape. As consumers navigate through a myriad of choices, they not only secure favorable terms but also contribute to the collective goal of a sustainable and energy-efficient future.
| Company | Cheapest Fixed Rate Plan |
|---|---|
| Singapore Power | No Contract: 29.96¢/kWh |
| Geneco | Get It Fixed 12: 28.98¢/kWh |
| Get It Fixed 24: 28.98¢/kWh | |
| Keppel Electric | FIXED12: 28.98¢/kWh |
| ecoGreen12: 37.98¢/kWh | |
| FIXED24: 28.98¢/kWh | |
| ecoGreen24: 37.98¢/kWh | |
| PacificLight | Easy Peasy: 27.80¢/kWh |
| 9 to 9: 16.20¢*/kWh | |
| Savvy Saver 12: 28.98¢/kWh | |
| Sunny Side-Up 12m: 29.30¢/kWh | |
| Savvy Saver 24: 28.98¢/kWh | |
| Stack It UP 24: | |
| Stack 1: 29.88 ¢/kWh | |
| Stack 2: 27.63 ¢/kWh | |
| Stack 3: 26.83 ¢/kWh | |
| Save While Sleeping: | |
| 11pm – 7am: 19.86¢/kWh | |
| 7am – 11pm: 37.00¢/kWh | |
| Sembcorp Power | 12M Fixed Price Home: 29.46¢/kWh |
| 12M Sunshine Plan: 39.18¢/kWh | |
| Senoko Energy | LifePower12: 29.31¢/kWh |
| LifePower24: 29.31¢/kWh | |
| LifeGreen24: 29.74¢/kWh | |
| Tuas Power | PowerFIX 12 Month: 29.52¢/kWh |
| PowerFIX 24 Month: 29.52¢/kWh | |
| Union Power | Union Saver 6: 48.60¢/kWh |
Average Electricity Consumption Of Singaporean Households
As the open electricity market flourishes, households are presented with an array of electricity price plans tailored to suit their specific needs and preferences.
With the introduction of the open electricity market, households have the freedom to choose the best electricity price plan that aligns with their consumption patterns and financial constraints. The availability of various plans, including fixed-price electricity plans and regulated tariff electricity plans, empowers consumers to make informed decisions that optimize their energy usage and expenditure.
Amidst the diverse options, conducting a price comparison across retailers has become a crucial practice. This aids consumers in identifying the best offers, which may include discounts off regulated tariffs, cashback incentives, or competitive fixed rates. By examining these offerings and understanding the nuances of each plan, households can secure a deal that suits their requirements and preferences.
With sustainability in mind, many households are also exploring green energy options and the utilization of renewable sources to power their homes. As Singapore moves towards a greener future, the electricity market’s transformation continues to provide households with a wealth of options, making the selection of the best plan an essential aspect of optimizing energy usage and expenditure.
| Property Type | National Average Electricity Consumption Per Month (kWh) | Average Cost of Electricity Per Month (Incl. GST) |
|---|---|---|
| HDB 1-Room | 142 | $42.54 |
| HDB 2-Room | 185 | $55.43 |
| HDB 3-Room | 270 | $80.89 |
| HDB 4-Room | 367 | $109.95 |
| HDB 5-Room | 428 | $128.23 |
| HDB Executive | 528 | $158.19 |
| Apartment | 543 | $162.68 |
| Terrace | 867 | $259.75 |
| Semi-Detached | 1,182 | $354.13 |
| Bungalow | 2,303 | $689.98 |
How Are Electricity Contracts Calculated?
Electricity retailers offer a diverse array of price plans, each designed to cater to different consumer preferences and needs.
These price plans encompass various components, including fixed rates, regulated tariff discounts, and cashback incentives, contributing to the calculation of the overall contract cost. To determine the best electricity plan, consumers can engage in a comprehensive price comparison, evaluating offerings from different retailers based on their electricity consumption patterns.
The electricity rate is a key component in contract calculation, varying between fixed-rate plans and regulated tariff plans, which are subject to market fluctuations. Fixed-price electricity plans offer stability over the contract period, while regulated tariff plans may reflect market price changes.
Discounts off regulated tariffs, cashback incentives, and promotions also impact contract calculation. Consumers are advised to assess these factors, along with their electricity consumption patterns and preferences, to identify the plan that best aligns with their needs and financial goals.
As Singapore’s households navigate the diverse price plans offered by retailers such as Tuas Power, Senoko Energy, and others, they can optimize their contract selection by considering variables like fixed rates, discounts, and other incentives within the context of their electricity consumption and preferences. This approach ensures that households make informed decisions, maximizing cost savings and energy efficiency.
| Electricity Tariff Components | Price (Before GST) | How Often Is It Reviewed? |
|---|---|---|
| Market Administration and Power System Operation Fee | 0.06 cents/kWh | Annually |
| Market Support Services Fee (MSS) | 0.43 cents/kWh | Annually |
| Network Cost | 6.25 cents/kWh | Annually |
| Energy Costs | 21 cents/kWh | Quarterly |