Open Electricity Market: Should You Make The Switch?

By
/ EdgeProp
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January 11, 2019 11:32 PM SGT
Starting 1 November 2018, Open Electricity Market (OEM) will be extended to all consumers across Singapore by zones. Over 1.4 million households and business accounts will have the option of buying electricity from a retailer on a price plan that best meets their needs.
OEM will give consumers more choice and flexibility, while enjoying the same supply through the national power grid.
Consumers can also choose to remain with SP Group and buy electricity at the regulated tariff, and no further action is needed on their part. It is not compulsory to switch to a retailer, and there is no deadline for switching.
1) Nationwide rollout of Open Electricity Market (OEM)
The nationwide launch of Open Electricity Market (OEM) will be rolled out progressively in four geographical zones, as detailed below:
* Schedule is accurate as of 21 September 2018, but may be subject to further changes. ^ Consumers in Jurong (postal codes 60-64) have been able to buy electricity from a retailer since 1 April 2018
Source: Open Electricity Market
With the advent of January 2019, consumers in areas like Bishan and Ang Mo Kio now have the option of switching to their electricity retailer of choice. The main question on everyone’s minds is what are the potential cost savings of doing so?
In this article, we will compare various pricing plans offered by these new electricity retailers to help you with your financial decisions.
2) How much electricity do Singaporeans consume?
Below is a snapshot of how much electricity Singapore households consume on average on a monthly basis, based on data from SP Group.
Average consumption is based on total consumption divided by total number of accounts in the respective premises types. The figures exclude electricity charges for pay-as-you-use (PAYU) customers.
Average Electricity Consumption (kWh)
Source: SP Group