The energy landscape in Singapore has undergone a significant transformation in recent years, with the introduction of the Open Electricity Market (OEM). This initiative has revolutionized the electricity market, empowering consumers to choose their retailer. In this article, we will explore the concept of the OEM, delve into the history of the electricity market in Singapore, identify the best retailer in Woodlands, analyze the current rates in the region and guide businesses through the process of switching electricity providers.
What is 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 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 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 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. This move towards a wholesale market allowed for more efficient price discovery and enhanced competition among electricity generators.
Which is the Best Electricity Retailer in Woodlands?
What is Woodland like?
Woodlands Singapore is a vibrant and diverse planning area located in the northern part of the island. It is primarily a residential neighborhood known for its well-planned and green residential areas. The town offers a mix of public and private housing estates, providing a range of housing options for residents. Woodlands is equipped with numerous amenities and facilities to cater to the needs of its residents, including shopping malls, supermarkets, restaurants, healthcare facilities, and recreational centers.
Choosing the best supplier in Woodlands
Determining the best electricity retailer for businesses in Woodlands, Singapore depends on various factors, including pricing plans, contract terms, customer service, reliability, and additional benefits.
While individual preferences may vary, here are a few electricity retailers known for their services and competitive offerings in Singapore:
- Sembcorp Power: Sembcorp Power is a leading retailer that serves both residential and business customers. They offer tailored 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 retailer known for its competitive pricing plans and customer-centric approach. They provide dedicated services to businesses, offering customized electricity plans such as fixed-rate plans and discount off regulated tariff plans. Keppel Electric emphasizes clean energy options and environmental sustainability.
- Senoko Energy: Senoko Energy is a well-established retailer in Singapore that caters to both residential and business customers. They offer tailored electricity plans for businesses, including fixed-rate plans and discount off regulated tariff plans. Senoko Energy places a strong emphasis on energy efficiency and environmental responsibility.
- Geneco: Geneco is a popular retailer known for its competitive pricing plans and customer satisfaction. They provide dedicated services for businesses, offering customized electricity plans such as fixed-rate plans and discount off regulated tariff plans. Geneco is committed to delivering sustainable energy solutions and empowering businesses to make environmentally conscious choices.
What are the cheapest electricity price plans and rates?
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.