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....