Open Electricity Market Retailer For Residential

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Open Electricity Market and which provider should you choose?


What is Open Electricity Market?

The Open Electricity Market is an initiative by the Energy Market Authority (EMA) that allows you to enjoy more choices and flexibility when buying electricity.

With Open Electricity Market, you can benefit from competitive pricing and innovative offers from retailers.

When will it be make available for me?

Starting from 1st Nov 2018, Nationwide will be roll out progressively in four geographical zones.

Image from openelectricitymarket.sg

Image from openelectricitymarket.sg
Timeline for implementation

What are the choices available and contract period

There are 3 plans you can choose which is Fixed Price Plan, Discount Off Tariff Plan and Peak and Off Peak Plan. The length of the contract typically is at 6, 12 and 24 months while some provider is able to offer a no contract or 3 months contract and even 36 months contract but I personally find It not worth as they will give you a worse rate than the typical period contract.

However I shall not cover the latter plan as I find it the most unpopular plan of all. Lets focus on the 2 key plans and what is the different.

Fixed Price Plan mean that you are paying a fix price throughout the contract period. Base on the photo below shown, It mean that if SP Traiff is 25 cents per kWh, you are paying 20 cents per kWh regardless SP Traiff is going higher or lower.

Image from openelectricitymarket.sg

Discount Off Tariff Plan will fluctuate with SP Tariff as below shown If you took up 20% off Tariff Plan. I personally like this plan reason regardless how much SP is charging, I am paying a discounted rate as compared to fixed rate shall the price drop but you are still paying the same premium.

Image from openelectricitymarket.sg

Fixed Price Plan Rates

Currently, there are 13 retailers competing for market shares and their pricing can be quite confusing with all the different figures. Seedly have tabulated the price table and I will update it quarterly as SP will adjust the rates every quarter.

For the 1st quarter 2019, the SP Tariff is $0.2552 per kWh

Company6 Months1 Year Contract2 Years Contract3 Years ContractAdditional Fees/Rebates
Sunseap$0.1803/kWh$0.1848/kWh$0.1798/kWh

$0.2161/kWh
(50% Clean Energy)

$0.2301/kWh
(100% Clean Energy)
NANA
GenecoNA$0.2033/kWh$0.1798/kWh$0.1788/kWh$10.70 account
closure fee charged
by SP Services (e.g.
change of account
holder name,
relocation)
Sembcorp PowerNA$0.1856/kWh $0.1798/kWhNAPaper Bill $1.07
Keppel ElectricNA$0.1871/kWh$0.1798/kWh$0.1798/kWh$2.14/bill for Paper Bill

$42.80 for AMI Meter Installation (Optional)
Pink Notice Fee $0.54 (if applicable)
Senoko EnergyNA$0.1894/kWh$0.1795/kWhNAPaper Bill $1.07

$42.80 for AMI Meter Installation (Optional)

PacificLightNA$0.2008/kWh$0.1892/kWhNARate inclusive of 5% PPD is as low as $0.1908/kWh

^PPD - 5% off invoiced electricity charge. PPD will be reflected in next bill after full payment has been received by the due date of the current bill

E-bill discount – $1.07 off monthly bill when opt for e-bill. No paper bill will be sent once opt in for e-bill
Environmental SolutionsNA$0.1945/kWh$0.1814/kWhNA$2.14/bill for Paper Bill

$42.80 for AMI Meter Installation (Optional)
Ohm Electricity$0.1835/kWh

No Contract: $10.70 per month + $0.1792/kWh)
$0.1803/kWh$0.1798/kWhNAFee for CO2 Offset: 0.54 cents/kWh (Optional)
Best Electricity$0.1958/kWh$0.1900/kWh$0.1798/kWhNA$42.80 for AMI Meter Installation (Optional)

$21.40 for Ad-Hoc Meter Reading
Tuas PowerNANA$0.1798/kWh$0.1798/kWh$42.80 for AMI Meter Installation (Optional)

$21.40 for Ad-Hoc Meter Reading
iSwitchNA$0.1765/kWh$0.1754/kWhNAService fee: $5.297/month

Paper Bill $1.07
Union PowerNANA$0.1800/kWhNAService fee: $3.21/month

$42.80 for AMI Meter Installation (Optional)
Diamond ElectricNo Fix Plan
  • Sunseap leads the table for 6 months contract at $0.1803/kWh.
  • Iswitch leads the table for 1-year contract at $0.1765/kWh.
  • Iswitch leads the table for 2-year contract at $0.1754/kWh.
  • Lastly is 3 years fix contract, Geneco lead at $0.1788/Kwh.

Discount Off Tariff Plan

For those that want to have a fix percentage of savings every month regardless SP Tariff goes up or down. This is the plan for you.

Company6 Months1 Year Contract2 Years Contract
Sunseap Energy23% off23% off23% off

15% off
(50% Clean Energy)

10% off
(100% Clean Energy)
Ohm Electricity25% off25% offNA
Environmental SolutionNA21.80% off22% off
Diamond Electric18% off22.5% offNA
Geneco20% off20% off22% off
Sembcorp PowerNA21% off21.8% off
Best ElectricityNA15% off21% off
Keppel ElectricNANA22% off
iSwitchNA22.8% off23% off
Senoko EnergyNA14.5% off17.25% off
PacificLightNA21% off21% off
Tuas Power18% offNA21% off
Union PowerNA19% off21% off
  • Ohm Electricity leads the table for 6 months contract with 25% off.
  • Ohm Electricity leads the table for 1-year contract with 25% off.
  • Sunseap Energy and ISwitch leads the table for 2-year contract with 23% off.

Conclusion

Recently I took up I-Switch 2 years contract with 21% off SP tariff. It is consider one of the top percentage discounted plan for 2 year. The highest is 21.8% a difference of 0.8% doesn’t have a sinificate impact in the long run.

What i like from I-Switch is they offer me a sign on gift as below

  • $100 Gain City Cash Vouchers.
  • Air con servicing for 2 FCU.
  • One year personal accident insurance plan.
  • $20 off first bill.

Author: The Financial Guy

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