You would have known by now, but the Open Electricity Market (OEM) initiative has been in full swing since 1 May 2019. If you haven’t already considered switching, now’s a good time to look at the plans the various companies offer since you’re spending more time at home with the WFH situation.
The OEM is a turning point in Singapore history. Up until 1 Nov 2018, electricity was provided by SP (Singapore Power) and all we had to do was pay our bills.
But now, there are 12 electricity retailers with published prices offering 2 standard pricing models… that means more than 20 electricity packages to compare. Naturally, there’s some analysis paralysis…
To get you started, here are 3 steps to picking an electricity retailer:
Step 1: Decide if you want a (a) fixed rate plan or (b) discount off the regulated tariff. Some retailers have non-standard plans as well.
Step 2: Decide how long you want your contract to be — it can be as short as 6 months to as long as 3 years.
Step 3: Finally, compare the prices and choose your preferred power soulmate.
Before your eyes start twitching and your brain starts short-circuiting, we’re here to play cupid with a comprehensive comparison of all the current retailers.
There’s an official OEM comparison tool which lets you easily estimate your electricity bills and compare providers. You just need to input your type of residence, average consumption, and preference for pricing models (fixed or discount off regulated tariff).
Using that calculator, let’s find out what are the cheapest retailers for a 4-room HDB flat with an assumed average consumption of 360 kWh / month.