In 2018, Singapore introduced the Open Electricity Market (OEM), an initiative by the Energy Market Authority (EMA) to encourage healthy competition in the electricity market, providing more choices and cost savings for households and businesses across the country. But how exactly does the OEM benefit you, and what do you need to look out for before making the switch? In this guide, we’ll break down the basics of the OEM and walk you through a step-by-step comparison process to help you find the best plan for your needs.
1. Understanding the Open Electricity Market (OEM)
The Open Electricity Market (OEM) allows Singapore households and businesses to purchase electricity from retailers other than the SP Group. This enables households and businesses to select electricity plans that best suit their needs, offering alternatives to the standard regulated tariff provided by SP Group.
How Does the OEM Benefit You?
- Greater Choice: You can now compare different retailers and choose one that best suits your usage patterns and budget.
- Competitive Pricing: With more players in the market, retailers compete by offering promotional rates, flexible contracts, or green energy options.
- Potential Savings: Many consumers find that switching to the right retailer leads to significant savings on their monthly bills.
To give you a good idea of the Open Electricity Market (OEM), below are several electricity retailers and their offered plans as of January 2025:
| Retailer | Plan Name | Contract Length | Rate (incl. GST) |
| Geneco | Get It Fixed 12 | 12 months | 28.87¢/kWh |
| Get It Fixed 24 | 24 months | 28.87¢/kWh | |
| Keppel Electric | Fixed24 | 24 months | 28.88¢/kWh |
| Fixed12 | 12 months | 29.68¢/kWh | |
| PacificLight | Savvy Saver 36 | 36 months | 28.44¢/kWh |
| Savvy Saver 24 | 24 months | 28.87¢/kWh | |
| Savvy Saver 12 | 12 months | 29.68¢/kWh | |
| Sembcorp Power | Fixed Price 12 | 12 months | 29.68¢/kWh |
| Sunshine Plan 12 | 12 months | 42.31¢/kWh | |
| Senoko Energy | LifePower12 | 12 months | 28.87¢/kWh |
| LifePower24 | 24 months | 28.87¢/kWh | |
| LifePower36 | 36 months | 28.87¢/kWh | |
| Tuas Power | PowerFix 36 | 36 months | 28.87¢/kWh |
| PowerFix 24 | 24 months | 28.87¢/kWh | |
| PowerFix 18 | 18 months | 29.63¢/kWh | |
| PowerFix 12 | 12 months | 29.68¢/kWh |
Note: Rates are inclusive of GST and are subject to change. It's advisable to check the latest rates on the respective retailers' websites or the OEM's official price comparison tool.
2. Regulated Tariff vs. Competitive Retailer Plans
To decide whether you should switch, it’s important to first understand the key differences between SP Group’s regulated tariff and competitive retailer plans.
1. Pricing Structure
- Regulated Tariff: This is set quarterly by the EMA, based on the cost of producing and delivering electricity.
- Competitive Retailer Plans: These can be fixed rate (you pay a constant rate throughout your contract) or discount off the regulated tariff (you pay a certain percentage less than the regulated tariff).
2. Contract Flexibility
- Regulated Tariff: No contract – you’re essentially ‘on’ until you choose to switch.
- Competitive Retailer Plans: You may have contract terms ranging from 6 months to 3 years. Early termination usually carries fees, so make sure to read the fine print.
3. Green Energy Options
- Regulated Tariff: The electricity you receive from SP Group may not specifically come from renewable sources.
- Competitive Retailer Plans: Some retailers offer plans that include a percentage of renewable energy or carbon offset options, which might be more environmentally friendly but could come at a slightly higher cost.
3. How to Compare Electricity Plans Step-by-Step
Choosing the right plan depends on several factors: contract flexibility, budget, environmental preferences, and promotional rates! Here’s a simple process you can follow:
1. Determine What Type of Plan Suits You:
- Fixed Rate: Stability and predictability – you pay a fixed rate regardless of market changes.
- Discount Off Regulated Tariff: A variable rate that gives you a guaranteed percentage discount off the regulated tariff (which changes quarterly).
2. Consider Contract Length:
- Short-term contracts may offer greater flexibility but could have higher rates.
- Longer contracts might lock in promotional rates for more savings but be mindful of early termination fees.
3. Explore Green Energy Options:
- If sustainability is a priority, compare retailers offering renewable energy plans or carbon-offset options.
4. Don’t Miss Out on Promotional Rates
Many competitive retailers frequently run promotional campaigns, especially if you’re signing up as a new customer or during festive seasons. These special rates, rebates, and discounts can translate into significant savings on your monthly bill. Keep an eye out for:
- Credit Card Discounts: Some retailers partner with banks or credit card issuers to offer exclusive discounts, cashback, or rebates if you pay your electricity bill using a specific credit card.
- Seasonal Discounts: Look out for limited-time promotions during festive periods such as Chinese New Year, National Day, or Christmas.
- Loyalty Rebates: Certain retailers reward loyal customers with standard rebates, additional bill credits, and even KrisFlyer miles!
- Referral Credits: If you refer a friend or family member, both of you could enjoy credits on your next bill.
5. Your Next Step: Use BestPlan.com to Compare
Ready to find the best electricity plan for your home? Bestplan makes it simple:
Filter: Narrow down your search by price and contract length to see only the deals that fit your budget and preference.
Sort: Arrange the results by price or contract length to quickly identify the offers that match your priorities.
Compare: Compare multiple electricity plans to view a side-by-side comparison, making it easier to evaluate differences in pricing, contract terms, and other features.
By leveraging BestPlan.com’s comprehensive comparison tools, you can easily make informed decisions and choose an electricity plan that best fits your household.
Conclusion
With the Open Electricity Market, Singaporeans can now tailor their electricity plans to better suit their needs and budgets. By understanding the available options and actively comparing plans, you can unlock real savings.
Don’t let great promotions pass you by! Head over to Bestplan.com now to filter and sort your way to the best electricity plan for your home. A few minutes of research could lead to big savings on your monthly bill.
Ready to make the switch? Click here to get started!