Open Electricity Market (OEM) Singapore: Complete Guide For 2024

• What is Open Electricity Market?
  • Which is the best electricity retailer in Singapore?
  • How are electricity tariffs calculated every quarter?
  • What should I watch out for when choosing an electricity retailer?
  • How do I switch electricity providers?
  • Will my electricity supply be disrupted during the switch?
  • Will I incur extra fees for switching electricity retailers?
  • What happens if I change my mind after switching retailer?
  • How will I be billed for my electricity if I switch retailer?
• Best Fixed Price Plans in Singapore 2024
• Best credit cards for paying utility bills

Last updated on 21 August 2024. Prices and promotions are subject to change at any time.

What is Open Electricity Market?

Open Electricity Market (OEM) is an initiative by the Energy Market Authority (EMA) to liberalise and open the electricity market to new players. For the end consumer, that means you enjoy more options and flexibility when buying electricity, with the end goal of lowering your monthly electricity bills.

From 1 November 2018 to 1 May 2019, the OEM was gradually rolled out nationwide to all consumers, mainly households, by zones. All households can now switch to their preferred OEM retailer and choose a price plan that best meets their needs. Alternatively, they can choose to stay with the incumbent provider, SP Group.

Currently, there are nine OEM retailers offering competitive pricing and promotions that help lower your monthly electricity bills. 

Which is the best electricity retailer in Singapore?

Before choosing an OEM retailer, you need to understand how quarterly tariff prices are set by SP Power, and what factors contribute to price fluctuations. Then, you can pick the plan that best suits how your household consumes electricity. There is also no pressure to switch to a new retailer if you’re undecided or are happy with the incumbent provider, SP Group.

There are three main types of OEM plans:

• Fixed Price Plans
• Discount Off Regulated Tariff Plans
• Peak/Off-Peak Plans

The “best” electricity retailer really depends on your household’s electricity consumption. For example, if your household consumes electricity mostly during non-peak hours, you can take advantage of Peak/Off-Peak Price Plans. If your consumption is lower than the national average, check out the Discount Off Regulated Tariff Plan.

When choosing your electricity retailer, you don't always have to go for the cheapest option. Consider other factors such as credit card rebates, referral and promo codes, and each retailer's unique value proposition.

You may also compare the best electricity price plan using the Open Electricity Market price comparison tool.

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How are electricity tariffs calculated every quarter?

The tariff set by SP Services is reviewed each quarter and regulated by the Energy Market Authority (EMA) to reflect the actual cost of electricity. This tariff comprises two key components: fuel cost and non-fuel cost.

Fuel costs are tied to natural gas prices, which are indexed to oil prices by commercial contracts. These prices change depending on global market conditions. About 95% of Singapore's electricity is generated by imported natural gas, which means that the price of electricity is closely tied to global conditions and oil prices.

Non-fuel costs are the cost of generating and delivering electricity to homes, such as:

• Power Generation Cost: the manpower and maintenance costs of running the power stations
• Grid Charge: the cost of transporting electricity through the power grid
• Market Support Services (MSS) Fee: the costs of billing and meter readings
• Power System Operation and Market Administration Fees: costs related to operating the power system and administering the wholesale electricity market

The current tariff price is 32.58 cents per kWh (incl. GST) (January to March 2024).

What should I watch out for when choosing an electricity retailer? 

Be sure to read the fine print before committing to any plan. Beyond the competitive prices advertised, ask for a Fact Sheet and Consumer Advisory so that you can check on:

• Paper bill fee
• Security deposit
• Administrative fees
• AMI meter installation fees
• Auto-renewal clauses
• Carbon tax
• Early termination charges
• Late payment fees
• Transmission loss factor
• Eligibility for using U-Save GST vouchers

You can also ask for any partner benefits when signing up for a particular retailer.

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How do I switch electricity providers?

Step 1: Check out and compare price plans that OEM retailers are offering using the super handy Price Comparison Tool.

Step 2: Contact your preferred OEM retailer and ask for more information on the price plan you're interested in. Be sure to ask for a Fact Sheet and Consumer Advisory.

Step 3: Once you’ve decided on a price plan, sign up with your preferred OEM retailer who will work directly with SP Group to initiate the switch.

Will my electricity supply be disrupted during the switch? 

Your electricity supply will not be disrupted if and when you decide to switch OEM retailer. Regardless of who you buy your electricity from, your electricity supply will stay the same because the SP Group operates the national power grid and delivers electricity to consumers.

Will I incur extra fees for switching electricity retailers?

If and when you decide to switch from the SP Group to your preferred OEM retailer, you will not incur any extra fees or additional charges.

What happens if I change my mind after switching energy supplier? 

In case you change your mind after switching from the SP Group to your current OEM retailer, your current OEM retailer will coordinate with the SP Group to make the switch. But take note of any terms and conditions for early termination charges on lock-in contracts when you sign up for a new OEM retailer. 

How will I be billed for my electricity if I switch retailers?

Your billing arrangement depends on your chosen electricity retailer. If the retailer bills you directly, you should receive 2 utility bills every month: 1 for electricity, and 1 for water, gas, and refuse.

If your retailer bills you through SP Group, nothing much will change and you will get 1 consolidated bill covering electricity, water, gas, and refuse charges.

If you're unsure, check with your retailer on their billing arrangement.

Here's an example of a monthly statement from PUB (based on a two-adult household). You can see electricity and water services are consolidated into one statement, so if you switch retailers, the electricity services component will come as a separate statement.

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Best Fixed-Price Plans in Singapore 2024

A Fixed Price Plan offers a flat rate per kilowatt hour (kWh) for a designated lock-in or contract period – this flat rate can change once your contract is over. This is why some retailers are advertising longer lock-in periods as a way for you to ‘book’ lower promo rates.

During the lock-in period, your household is not subject to quarterly fluctuations that may be higher or lower than the regulated tariff over time.

If you prefer certainty over price fluctuations in your monthly bill, Fixed Price Plans may be the best choice for you.

Cheapest no-contract plans

Cheapest fixed-price plans for 6-month contracts

Cheapest fixed-price plans for 12-month contracts

Cheapest fixed-priced plans for an 18-month contract

Cheapest fixed-price plans for 24-month contracts

Cheapest fixed-price plans for 36-month contracts

When choosing your electricity retailer, don’t always go for the cheapest option. Take into account other factors such as promotional rates, credit card rebates, referral codes, and each retailer’s unique value proposition.

You may find the latest promotions offered by the various electricity retailers (including credit card promos) below.

Ongoing promotions by OEM providers

Seneko Energy

Standard Promo

Enjoy up to S$60 bill rebate when you use the code <BBOL60> for any 24-month plans. Use the code <BBOL10> to get $10 off any 12-month plans.

HSBC

If you're an HSBC credit card member, you can get up to a S$120 rebate if you're among the first 156 who sign up for 24-month plans and first 20 who sign up for 12-month plans.

Use  promo code <HSBCBBOL120 > to enjoy a S$120 bill rebate on any 24-month electricity plan and promo code <HSBCBBOL20 > to enjoy a S$20 bill rebate on any 12-month electricity plan. Stack on a referral code to get up to a total of S$163 bill rebate. More details here.

Geneco

Geneco is currently offering a S$65 bill rebate and S$20 worth of eCapitaVoucher when you sign up with their 'Get It Fixed' 24-month plan with promo code "GSS85" and up to S$10 bill rebate and S$10 eCapitaVoucher with promo code "GSS25" when you sign up with their 'Get It Fixed' 12-month plan.

On top of that, you get to enjoy additional rebates for different credit cards.

For Maybank credit card members, you can enjoy up to S$55 bill rebate (S$35 if you sign up for their plan and set up recurring bill payments, and a further S$15 rebate with Power Eco Add-on).

The Maybank Family & Friends Card offers up to S$125 cashback per month for categories such as groceries, transport, dining and food delivery, streaming services, utilities, and more.

UOB is also offering a S$20 bill rebate when you sign up for a Get It Fixed 24 plan and set up recurring bill payment with a UOB Card!

Lastly, POSB Everyday credit card members can enjoy 3% cash rebates for recurring bill payments. 

PacificLight Energy

DBS credit cardholders can enjoy up to S$140 bill rebate via Home & Living Marketplace if they sign up for a 24-month plan with the code <DBS80> or a 36-month plan with promo code <DBS90>. You'll get an additional S$20 referral rebate if you apply a referral code.

HSBC cardholders can also enjoy up to S$310 rebates. Apply <HSBC90> for S$90 bill rebates on 36-month plans or <HSBC80> for S$80 bill rebates on 24-month plans, and set up recurring bill payment using HSBC credit cards.

Sembcorp Power

Sembcorp Power is offering 2% and 3% cash rebates for POSB Everyday and OCBC 365 holders. 

POSB Everyday Card members can also enjoy 2% cash rebates when they set up recurring bill payments for the 12-month plan.  

Tuas Power

You can get up to 3% cash rebate when you set up recurring bill payments with your POSB Everyday Card, and up to 4.33% cashback if you have a UOB One Credit Card. View the T&Cs here. 

Best credit cards for paying utility bills

Credit Card	Rebate	Eligible partners	Min. spend and Cashback cap
OCBC 365 Card Apply Now	3%	Senoko Energy, Sembcorp Power and Geneco.	Min. spend: S$800/month (less gets flat 0.3% cashback) Cap: S$80/month
UOB One Card Apply Now	Up to 4.33% rebate on your SP utility bills	SP	Min. spend: S$500 per month per quarter Cap: S$200 per quarter
POSB Everyday Card Apply Now	Up to 3%	SP Group, Geneco, Sembcorp Power Union Power, Tuas Power, Keppel Electric, Senoko Energy	Min. spend: None Cap: Cash rebate is capped at maximum POSB Daily$3 per calendar month for electricity bills and a maximum of POSB Daily$3 per calendar month for telco bills
Standard Chartered Simply Cash Card Apply Now	1.5%	All expenditure	Min. spend: None Cap: Unlimited
UOB Absolute Cashback Card Apply Now	1.7%	All expenditure	Min. spend: None Cap: Unlimited

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Bottom Line

It may seem obvious to make a dash for the cheapest OEM plan in the market but hold your horses. First, consider other factors like your household’s electricity consumption patterns.

Also, check for additional charges, as mentioned above, like (hidden) administrative fees, auto-renewal clauses, early termination fees, and carbon taxes.