CompoundingDividendxDividend: Hottest topic : Open Electricity Market (OEM) Oct2021 Update

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

As of 20 Oct 2021, only 9 electricity retailers companies left which you can switch out from SP Group for your house electricity. (Update 19 Oct: Best Electricity exit wef 21 Oct)

Ohm energy & iSwitch had just announced they will exit and all customers signed under the company will be transfer back to SP Group wef 20 Oct & 12 Nov respectively (Link).

Due to the recent spike in electricity rates, expecting more electricity retailer to exit soon (High potential are Best Electricity as they seem to stop new signup and Diamond Electric as the only plan they have is 0% discount).

The Business Times 18 Oct 2021

To sign up for FIXED or DISCOUNT plan?

My recommendation is to sign up for FIXED plan.

If you need statistics data, please refer to my old post here.

I believe those on Discount plan will tell you how much higher they are paying since the tariff rate have been revised upward (Everything up except salary never up :p)

Which retailers?

If you prefer 1 combine bill with SP Group (Water + Gas), then your only option now is Tuas Power.

If you dont mind to have a separate bill for your electricity, then any retailer which marked with green have one of the lowest rate for your consideration.

Geneco rate is higher than SP Group rate of 25.80cents. There is no reason to jump to Geneco.

If you still prefer Discount plan (not recommended), then Senoko Energy / Keppel Electric look good now.

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

The Straits Times 20 Oct 2021

What is my recommendation?

Go with Tuas Power Fixed 18 months plan.

Reason being:

1) Given the recent spike in electricity rate, all the retailers had increase their rate. Therefore, not worth to sign 24months or more at this moment. Experts interviewed in above articles estimate it will remain high till end of 2022. Thus, 18 months plan is the best sweet spot to go for.

2) Only retailer which able to deduct Electricity + Gas + Water bill using U-Save voucher directly due to 1 single SP Group billing.

3) Only retailer which provide hardcopy bill free of charge (Other retailer charge $1-$2 for each hardcopy bill)

4) Do not need to pay for security deposit

5) 3 tiers of Referral program "Refer A Friend+".

Only retailer which referral credit able to 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.

6) Bonus Treats & Deals in your member portal "T+ Members".