Personal Finance
Is OEM (Open Electricity Market) retailers the cheapest option FOR ELECTRICITY? hEARD OF wHOLESALE ELECTRICITY PRICE?
By Finance 4 U and Me  •  September 13, 2020
The liberalisation of Singapore’s electricity market started on 1st April 2018. Dubbed the Open Electricity Market (OEM), it allows the consumers to choose their electricity retailer. When it started many electricity retailer started to dangle carrots with freebies and rebates to attract consumers. According to EMA, as of 1st March 2020, 46% of household accounts has signed up and below is the breakdown of the retailers. Souce: EMA Are OEM retailers really the cheapest? However, have you ever wondered whether OEM is the cheapest? Other than the regulated tariff, SP Group actually offers wholesale electricity price (https://www.spgroup.com.sg/what-we-do/billing/helping-you-change-and-save). Personally, I have signed up for wholesale electrity price with SP and below are costs for my last six months. Source: Finance4UandMe analysis; EMA data There is a fixed fee for “Meter Ready & Data Mgmt Fees” of $2.18 (before GST). I compared my savings against regulated tariffs rates and I saved between 38% and 53% each month....
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By Finance 4 U and Me
Naro is my online moniker which I have been using for many years but I cannot remember how I came up with it. I strongly believe that financial knowledge is important for everyone. It is not about how much you earn, but how you manage your finances which is more important. Hence, I started this blog, finance for u and me, and I hope to use this blog to share my views on personal finance matters and attempt to explain it in an easy to understand manner. Hope you enjoy and please feel free to contact me regarding anything with respect to this blog or anything!
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