Welcome to Bedok, a vibrant town in the eastern part of Singapore that not only boasts a thriving community but also embraces the opportunities presented by the open electricity market. In this article, we will delve into the realm of electricity in Yishun, exploring the advantages of the open electricity market, the process of choosing an electricity supplier, the ease of switching providers, and the benefits of utilizing energy brokers.
Understanding the Open Electricity Market
The Open Electricity Market, launched in November 2018, is a groundbreaking initiative in Singapore that has shifted the electricity market from a regulated structure to a competitive one.
Prior to the OEM, Singapore Power (SP Group) was the sole provider of electricity. However, under the OEM framework, residential and business consumers are no longer tied to a single electricity provider. They have the freedom to select a retailer that offers pricing plans, services, and benefits that best suit their individual needs and preferences. This shift from a regulated market to a competitive one aims to promote greater efficiency, innovation, and customer-centricity in the electricity sector.
By introducing competition, the OEM encourages electricity retailers to offer competitive pricing, innovative services, and value-added benefits to attract and retain customers. Consumers can compare and choose from various retailers based on factors such as pricing, contract terms, renewable energy options, customer service, and additional perks.
The implementation of the OEM has not only given consumers greater choice and control but has also spurred competition among retailers, leading to improved services, more competitive pricing, and increased adoption of renewable energy sources.
History of the Electricity Market in Singapore
Early Years and Formation of Singapore Power:
Singapore’s electricity market traces its roots back to the early years of nation-building. In 1869, the Singapore Electric Light Company was established, becoming the first company to provide electricity to the city. Over the years, several power companies emerged, leading to a fragmented market.
To address the challenges posed by this fragmented market and ensure a more coordinated and efficient electricity supply, the Singapore government established the Singapore Power (SP) Corporation in 1995. SP Corporation became the holding company for three key entities: PowerGas Ltd., PowerSeraya Ltd., and Singapore Power Services Pte Ltd. This consolidation aimed to enhance operational synergy and promote a more integrated electricity market.
The Introduction of the Wholesale Electricity Market:
In 2003, Singapore took a significant step towards liberalizing its electricity market by launching the Wholesale Electricity Market (WEM). The WEM aimed to introduce competition in the wholesale market segment, where electricity producers could sell their generated power to retailers.
Under the WEM framework, market participants could trade electricity through the Singapore Electricity Pool, a transparent and competitive platform that facilitated the buying and selling of electricity. This move towards a wholesale market allowed for more efficient price discovery and enhanced competition among electricity generators.
Best Electricity Retailer in Bedok
How is Bedok, Singapore?
When it comes to selecting the best electricity retailer in Bedok, there are several factors to consider.
Bedok is home to a significant number of businesses, ranging from small enterprises to larger companies. While it is primarily known as a residential town, it also features commercial and industrial areas that support various businesses and economic activities.
Bedok’s commercial areas, such as Bedok Central and Bedok North, house a variety of shops, restaurants, cafes, and service providers. These areas cater to the needs of residents and attract customers from both within and outside Bedok. There are also numerous commercial buildings and office spaces within the town, accommodating businesses across different industries.
Choosing a Supplier in Bedok
In Bedok, Singapore, businesses have the option to choose from various electricity suppliers that cater specifically to their needs. These business electricity suppliers offer competitive pricing plans, tailored services, and additional benefits to meet the energy requirements of commercial and industrial establishments. Here are some prominent business electricity suppliers in Bedok, Singapore:
- Sembcorp Power: Sembcorp Power is a leading electricity retailer that serves both residential and business customers. They offer customized electricity plans for businesses, including fixed-price plans, non-standard price plans, and discount off regulated tariff plans. Sembcorp Power focuses on providing reliable and sustainable energy solutions to businesses of all sizes.
- Keppel Electric: Keppel Electric is a reputable electricity retailer that offers dedicated services to businesses. They provide competitive pricing plans, including fixed-rate plans, which offer price stability over a specific contract duration. Keppel Electric emphasizes clean energy options and environmental sustainability.
- Senoko Energy: Senoko Energy is a well-established electricity retailer in Singapore that caters to both residential and business customers. They offer tailored electricity plans for businesses, including fixed-rate plans and discount on regulated tariff plans. Senoko Energy places a strong emphasis on energy efficiency and environmental responsibility.
- Geneco: Geneco is a popular electricity retailer known for its competitive pricing plans. They provide dedicated services for businesses, offering customized electricity plans such as fixed-rate plans and discount on regulated tariff plans. Geneco is committed to delivering sustainable energy solutions and empowering businesses to make environmentally conscious choices.
- Tuas Power: Tuas Power is a trusted electricity retailer that serves businesses in Singapore. They offer a range of electricity plans, including fixed-price plans and discount off regulated tariff plans, tailored to meet the specific requirements of commercial and industrial establishments. Tuas Power focuses on delivering reliable and cost-effective energy solutions to businesses.
What are the cheapest electricity tariffs and price plans?
Short-term contracts historically used to offer the cheapest prices — possibly to encourage you to give these electricity retailers a try. (The Geneco plan is literally called “Give Us A Try”.) However, these trial plans are no longer the cheapest. Instead, the cheapest electricity prices these days come from the 24-month plans. If you’re new to the OEM, these 6-month plans will help mitigate any commitment issues or fear that you might have.
| Electricity Retailer | 6 Months Fixed Price Plan | Price (per kWh) |
| Geneco | Give Us A Try | $0.293 |
| Sunseap | One 6 Months | $0.4212 |
| Union Power | Union Saver 6 | $0.486 |
How Do I Switch Electricity Providers as a Business?
Switching electricity providers as a business in Singapore is a relatively straightforward process. Here’s a step-by-step guide to help you navigate through the switch:
- Research and Compare: Start by researching and comparing the offers and pricing plans available from different electricity retailers in Singapore. Consider factors such as pricing, contract terms, additional services, customer reviews, and any specific requirements or preferences your business may have.
- Select a New Electricity Retailer: Once you have identified a suitable electricity retailer that meets your business needs, contact them to express your interest in switching. They will guide you through the process and provide the necessary information and documents.
- Prepare Required Documents: The new electricity retailer will typically require certain documents for the switch. These may include your business registration details, proof of address, identification documents, and any existing electricity supply information. Ensure you have these documents ready for submission.
- Contract and Agreement: Review the contract and agreement provided by the new electricity retailer. Pay close attention to the pricing, contract duration, terms and conditions, and any other specific details. Seek clarification on any areas that are not clear to ensure you fully understand the agreement before signing.
- Notify Current Electricity Provider: Once you have signed the agreement with the new retailer, inform your current electricity provider of your intention to switch. Provide them with the necessary notice period as stipulated in your existing contract. This will vary depending on the terms of your current agreement.
- Meter Reading and Transition: Before the switch, the new retailer will coordinate with the current provider to arrange for a meter reading. This ensures an accurate calculation of your electricity consumption up to the switch date. The transition should be seamless, with no disruption to your electricity supply.
- Final Billing: After the switch, your new electricity retailer will start billing you based on the agreed pricing plan and contract terms. Your previous provider will issue a final bill, accounting for your electricity consumption up until the switch date. Review both bills to ensure accuracy.
Will My Electricity Supply Be Disrupted During the Switch?
During the switch, consumers may have concerns about potential disruptions to their electricity supply.
Rest assured, the Energy Market Authority (EMA) has implemented measures to ensure a smooth transition.
The physical supply of electricity to your premises remains unaffected, as the switch only involves the change of your retailer. You can expect a seamless transition without any interruption in your electricity supply.
How Will I Be Billed for My Electricity if I Switch Retailer?
After switching retailers, your new retailer will take over the billing process.
You will receive your electricity bill directly from the new retailer, reflecting the new pricing plan and contract terms. It is important to review your bill carefully to ensure accuracy and address any discrepancies promptly.
What are the Benefits of a Business Energy Broker like us?
Navigating the electricity market can be complex, especially for businesses with specific energy requirements. This is where a business energy broker can play a valuable role.
A business energy broker acts as an intermediary between businesses and electricity retailers, providing expert advice and assistance in selecting the most suitable retailer and pricing plan.
Using a business energy broker can offer several benefits to your organization. Here are some advantages of working with a business energy broker:
- Expertise and Market Knowledge: Business energy brokers have specialized knowledge of the energy market, including regulatory changes, pricing trends, and supplier offerings. They stay up to date with industry developments, which can help you make informed decisions and optimize your energy procurement strategy.
- Cost Savings: Energy brokers can help you find the best energy deals and negotiate favorable contract terms with suppliers. Their market insights and negotiation skills can potentially result in cost savings for your business. They can analyze your energy consumption patterns, identify areas for efficiency improvements, and recommend strategies to reduce energy costs.
- Time and Resource Savings: Managing energy procurement and contracts can be time-consuming and resource-intensive. By outsourcing these tasks to a broker, you can free up your internal resources to focus on core business operations. The broker takes care of energy-related tasks, such as supplier research, contract negotiations, and ongoing monitoring, saving you time and effort.
- Access to a Wide Supplier Network: Business energy brokers typically have established relationships with multiple energy suppliers. This gives you access to a wider range of options and ensures competitive pricing. The broker can leverage their network to obtain competitive bids, secure favorable pricing, and recommend the most suitable suppliers for your business’s specific energy needs.
- Risk Mitigation: Energy markets can be volatile, with fluctuating prices and regulatory changes. A business energy broker can help you navigate these uncertainties and mitigate risks. They can provide market insights, recommend risk management strategies, and advise on hedging options to protect your business against price fluctuations and minimize exposure to market risks.
- Energy Efficiency and Sustainability: Many business energy brokers offer additional services such as energy audits and sustainability consulting. They can assess your energy consumption patterns, identify areas for energy efficiency improvements, and recommend sustainable practices. By optimizing your energy usage, you can reduce costs, enhance your environmental credentials, and meet sustainability goals.
- Ongoing Support and Account Management: A dedicated account manager from the energy broker can provide ongoing support and act as a single point of contact for your energy-related queries and needs. They can handle billing inquiries, resolve issues with suppliers, and provide regular reports and insights on your energy usage and costs.
- Power Generation: Brokers can guide businesses through generating their own power for their businesses.