As per the recent information, the electricity tariff in Singapore is supposed to increase to 24.11 cents per kilowatt-hour (kWh) in the fourth quarter of 2021. If the GST factor is included, it will go up to 25.80 cents per kilowatt-hour (kWh).
When talking in simple language, it boils down to increased electricity bills. However, for humble households, the open electricity market is a ray of hope in this situation. Hopefully, they will adjust prices to enable the masses to buy cheap electricity.
Who are the top players in the open electricity market?
Earlier, SP Group (Singapore Power Group) was a dominant player in the Singaporean electricity market. They lit most of the homes in the country. However, with the introduction of OEM in 2018, things changed. Today, almost half of the households in Singapore buy electricity from retailers other than the SP Group.
Here is a list of retailers which will make the open electicity market comparison easier.
- Best Electricity Supply
- Diamond Electric
- Geneco by Seraya Energy
- iSwitch
- Keppel Electric
Which retailers provide the cheapest plans?
To carry out the open electricity market comparison, understand the prices and plans of different retailers.
In terms of prices:
- The SP Group provides the cheapest plan with no fixed contract.
- Sembcorp Power has the cheapest plan for a fixed period of 6 months.
- For a fixed plan of 1,2, and 3 years, Senoko Energy has the lowest prices.
- In terms of discounts on the regulated tariff plans:
- Keppel Electrics has the cheapest plan with no fixed contract or a short contract of 3 months.
- Tuas Power has the cheapest plan for a fixed period of 6 months.
- For a fixed plan of 1 and 2 years, Senoko Energy has the lowest prices.
As customers have been granted more freedom in purchasing electricity, they are becoming aware of their consumption patterns. It has enabled them to consume electricity more responsibly.
The open electricity market has helped the people of Singapore to consume electricity more cautiously and save money. Comparing the plans and prices of all the major players is a key to making more informed decisions and saving money. The dominance of SP Group has decreased. It made room for healthy competition and innovation that follows along. Further, competition and innovation are always beneficial for customers as they get improved products or services and better prices.
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