Tuesday, June 2, 2020

Why I continue to renew with Tuas Power instead of other electricity retailers

I switched out from Singapore Power (SP) to Tuas Power almost 17 months ago.

As i signed up for Fixed plan 18 months contract 17.98cents/kWh (w GST), so this mean my contract will be ending next month.

I wrote an article about Open Electricity Market (OEM) and why we should choose Fixed plan instead of Discount Plan (Link).

Fast forward to today, I had made the correct choice.

Source: https://www.spgroup.com.sg/wcm/connect/spgrp/e0b9800a-c39b-4f41-8664-2bbe8e2ca826/Historical%2BElectricity%2BTariff_Oct+18%28w+GST%29.xls?MOD=AJPERES

All the 12 retailers are offering between 18% ~ 25.5% (Depending on the duration of your contract) for Discount Plan. 
For illustration purposes, assuming you managed to sign up for a 25.5% discount plan, the rate will be 18.35cents.

Thus, if you managed to sign up for a FIXED plan with rate lower than 18.35 cents, you had made a right choice.
There are many FIXED plan with rate of 17.98 cents and lower currently. 

Click here to read my previous post if you want see more statistic why Fixed plan is better than Discount plan.

OIL made headline in April 2020 when the price fell to NEGATIVE $37.63 (Link).
This is the first time in history that Oil turned negative.

As per EMA (Energy Market Authority), there is a portion of the tariff is tie with oil price (Link).

Before you got too excitied, WTI oil had went back up to current price of USD36.  

Due to COVID, alot of us are Working From Home / Staying at Home for longer hours than pre-COVID. 
Although the Circuit Breaker had ended today (YAY!!!!!!!!!), but the number of hours we going to stay in our home will be longer in this "New Normal" era.

So, if you have not switch out from SP Group to any one of the 12 retailers, this mean you are paying as high as 27% MORE for your electricity.

Do yourself a favour by switching out now especially when the economy is so bad at this moment.

What is my choice?

I will go ahead to renew with Tuas Power Fixed 36months 17.98cents/kWh plan.

Reasons being:
1) 14% saving in monthly electricity bills (Paying just 17.98cents/kWh instead of 20.97cents/kWh to SP Group)
2) I want to be able to deduct my Electricity + Gas + Water usage using U-Save voucher.
3) I want hardcopy bill free of charge
4) I do not want to pay for security deposit
5) Better value for money option
(i) I do not mind signing for a 24months contract. However, since Tuas Power have a 18months contract offering the same attractive rate (17.98cents/kWh) as other majority retailers who required to lock you down for 24 months
(ii) Given the shorter contract period, I will be able to jump to another retailers to enjoy "sign up bonus" and "attractive market rate" if Tuas Power failed to retain me as their customer. This is similar to our Telco mobile phone plans. For example: Singtel, M1, StarHub offering attractive port in bonus for you to jump ships to them (Sign up bonus) and ability to change from Combo plan to SIM only plan (Attractive market rate) only when your existing contract ended .
6) I am a Linkpoints customer. Tuas Power provide 1 linkpoint per every 8kWh usage. I love such recurring benefit.
7) I am a POSB Everyday cardholder. This allow me to get 1% cash rebate on my monthly bill.
8) 3 tiers of Referral program "Refer A Friend+".
The credit will offset directly to your monthly SP bill.
Tier 1: When you refer your friend Alice (Tier 1), you will get $20.
Tier 2: When Alice refers her friend Bernice (Tier 2), you will get $10.
Tier 3: When Bernice refers another friend Calvin (Tier 3), you will get $5.
9) Bonus Treats & Deals in your member portal "T+ Members".

Considering signing up with Tuas Power?
Please enjoy your extra $20 bill rebate if you use my referral code RCF2364 for online signup in TuasPower website
You will get $0 bill rebate if you did not key in any referral code. 

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