Hottest topic : Open Electricity Market (OEM)

(Updated on 29 Apr 2021)

Source: https://www.ema.gov.sg/Residential_Electricity_Tariffs.aspx

 

Source: https://www.spgroup.com.sg/what-we-do/billing

For more information on the components that affect the Electricity tariff, please visit EMA or SPGroup.




As of 29 Apr 2021, there are 12 retailers which you can switch to in the Open Electricity Market (OEM).
You blur, I also blur >.<

The purpose of this blog is to help you to filter and shortlist 2 - 3 retailers that suit you best.



Fixed or Discount Plan?

The above chart is the Electricity Tariff from 2014 till Jan 2019.
Row 2:           If it is green in colour, it mean the % DROP compare to previous price (Row 4)
                      If it is red in colour, it mean the % INCREASE compare to previous price (Row 4)
Row 4:          The Electricity Tariff from SP Group
Row 5 to 12: If the cell is green in colour, it mean Discount plan is BETTER than fixed rate plan
                      If the cell is red in colour, it mean Discount plan is WORST than fixed rate plan


Based on the colour cell:
 - If the DISCOUNT plan is lesser than or equal to 24%, you should take FIXED plan.
 - If you going to sign 12 months contract, you should take FIXED plan. Reason being Electricity tariffs are revised quarterly. Taking the highest Discount plan on the market currently (OHM 25%), for the rate to be lower than Fixed plan, the SP Group electricity tariff need to drop to 24.03 cents/kWh. That is a 5.84% drop from current 25.52 cents/kWh. Since July 2016, that would take a minimum of 2 quarters if you are lucky enough.
- If you going to sign for 24 months, you can consider either FIXED OR DISCOUNT plan that is equal or higher than 25%. As of 1st Mar, the highest discount plan for 24 months is only 23%


Which retailers?

Fixed 24/36 months: Even thou iSwitch have the lowest rate, but do note that they charge monthly service fees.
Fixed 18 months: Tuas Power look good for those who intent to sign up for the 24 months plan. You are been tied up for shorter contract period with comparable 24 months plan rate.

Based on the above colour cell table:
i) You should take FIXED plan for contract lesser than 12 months.
ii) As Discount 24 mth plan is lower than 25% too, so not recommending too.


As there is no one size fit all or so call the BEST of the best retailers, you can apply some of the below filter before research indepth of each retailer.
Same SP billing: Best Electricity, OHM, Tuas Power
Free hardcopy bill: Best Electricity, OHM, Tuas Power
No security deposit: Best Electricity, Diamond Electric, Geneco, OHM, Keppel Electric, Senoko Energy, Sunseap, Tuas Power, Union Power
Free trial: Diamond Electric, Geneco, OHM
AMEX Card:  Geneco, Pacific Light, Sembcorp Power
Citibank Card: Sembcorp Power
Maybank Card: Geneco, Sembcorp Power
OCBC Card: Geneco, Keppel Electric, Senoko Energy, Sembcorp Power
POSB Card: Best Electricity, Geneco, iSwitch, Keppel Electric, Sunseap, Tuas Power, Union Power
UOB Card: Diamond-Electric, Geneco, iSwitch, Keppel Electric, Pacific Light, Sembcorp Power,  Senoko Energy, Sunseap
M1: Keppel Electric
NTUC Linkpoints: Geneco, Keppel Electric, Senoko Energy, Tuas Power
Singtel: Geneco



After you have shortlisted 2 - 3 retailers, do look out for their sign up promotion online or roadshow.

One thing for sure is you are paying more if you continue to stay put with SP Group.



What is my choice?

I went ahead with Tuas Power Fixed 18months 17.98cents/kWh plan.

Reasons being:
1) 21% saving in monthly electricity bills (Paying just 17.98cents/kWh instead of 22.55cents/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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