Note: This post has been updated for accuracy and comprehensiveness.
Singapore used to have a sole provider of electricity, Singapore Power (SP Group) for the residential applicants. Before this, residential consumers have only one option which is to get their electricity supply from the SP Group at the regulated tariff, where the price of electricity is fixed every quarter. Recently, the Singapore government decided to open up the electricity market by inviting more players into the scene to keep the prices and services competitive. The Open Electricity Market initiative will be launched in phases across Singapore, with my housing unit having the chance to switch electricity retailers from 1 January 2019.
At the time of writing, we have stayed in our current unit for only 4 months. The average cost of our electricity bill is $40 per month. Taking that into account, I did my research on the plans that may be suitable for us.
Note: it is not compulsory to switch electricity providers.
Electricity Retailers available for Residential Consumers:
1. Best Electricity Supply Pte Ltd
2. ES Power (by Environmental Solutions (Asia) Pte Ltd)
3. iSwitch Pte Ltd
4. Keppel Electroc Pte Ltd
5. Ohm Energy Pte Ltd
6. PacificLight Energy Pte Ltd
7. Sembcorp Power Pte Ltd
8. Senoko Energy Supply Pte Ltd
9. Geneco (by Seraya Energy Pte Ltd)
10. SingNet Pte Ltd
11. Tuas Power Supply Pte Ltd
12. Union Power Pte Ltd
For Business Consumers (minimum average monthly consumption of 2000 kWh, refer to link for retailers available)
6, 12 or 24 months
Plan types on Offer by the Retailers:
1. Fixed Price Plan
– For consumers who prefer a constant electricity rate throughout the contract duration
– Tariffs rates are reviewed every quarter. Consumers can refer to Historical Electricity Tariffs to see the average rates and decide which plan is suitable for them. Having said that, the past prices does not predict the future price trend.
2. Discount Off Regulated Tariff Plan
– Provides a Fixed Discount off the regulated tariff
– But the electricity rate will change alongside with the Regulated Tariff
3. Peak and Off- Peak Plan
– Peak: 7am to 11pm
– Off Peak: 11pm to 7am
Third Party Charges
– look out for these hidden costs when deciding on a plan
1. Transmission Loss Factor – Ohm Energy and Geneco absorbs the charges
2. Market Development and Systems Charge – aka miscellaneous fee
3. Carbon Tax – the cost is most likely to be passed onto consumers
1. Cumulative Meter
– Residential consumers usually uses this type of meter
– SP group personnel will read off the meters outside your housing unit every 2 months
– SP Group will estimate the month’s consumption on the month where the meter is Not read based on a methodology approved by the Energy Market Authority
2. Advanced Meter (Smart Meters)
– Electricity is measured at half hourly intervals
– No need for manual readings taken off the meter and estimation
Things to Look out for before you sign the Contract
1. Contract Price
2. Duration of Contract
3. Security Deposit
4. Early Termination Charges
5. Auto Renewal clauses
6. Retain the existing meter or switch to Advanced meter – $40 (before GST) installation charges
Fixed price tariff at 17.30 cents/kWh from Seraya Energy (Geneco) seems to be the most suitable plan for our household. This price plan is only valid till 10 Oct 2018. I will have to review when it is my turn to choose a retailer.
1. Contract Price – $34.60 estimated monthly bill. Which translates to a savings of $6 per month.
2. Duration of Contract – 24 months
3. Security Deposit – N/A
4. Early Termination Charges – Yes
5. Auto Renewal clauses – N/A
6. Other fees and charges – $5 processing fee for change of contract
7. Absorbs the Transmission Loss Factor charges
I am happy to say that since the publication of this article, I have chosenas my preferred electricity retailer.
iSwitch provides electricity at an affordable, competitive rate. Since electricity is a good that cannot be differentiated, how iSwitch stands out to me is theirinitiative. iSwitch customers can offset their carbon emissions footprint that comes from their electricity use. I personally like companies like them come up with CSR initiatives for environment sustainability.
The graphics by iSwitch explains this process.
Sign up via my Referral Code: LIM4gr9b
Disclaimer: I will earn a SGD $50 bill rebate for every successful referral.