Open Electric Market Singapore
Since 2001, the Energy Market Authority (EMA) has been opening up the retail electricity market to competition. This is to increase competitiveness and also give more choices to consumers. It is for you to choose what make sense for you. There are some rumors out there which I would like to put to rest (especially for point 3)....In April 2018, Singapore decided to open up the electric market to allow retailers to provide electricity to households. There are cost savings yet the adoption rate wasn’t very high. In June 2019, around 34% of household consumers have made the switch. In Oct 2020, 48 per cent of all households have switched to a retailer. This means that there is still >50% of household that have not made the switch. If news of this haven’t reached you, let this year be a cost saving one for you.
