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070124 Best & Cheapest Electricity Price Comparison Singapore 2024

Open Electricity Price Comparison: Best & Cheapest Electricity Plan in Singapore (2024 Jan - Mar)

profileMing Feng

Electricity Rates in Singapore Q1 2024: What Is the Electricity Rate in SP Group 2024?

The electricity tariff for Q1 2024 (1 Jan – 31 Mar) has increased from 28.70¢ per kilowatt-hour (kWh) in Q1 2024 to 29.89¢/kWh:

Source: Channel News Asia

This amounts to 32.58¢/kWh if you factor in the prevailing 9% Goods and Services Tax (GST).

But in case you were unaware, you could potentially save more on your electricity bill due to the Open Electricity Market (OEM).

If you’re wondering, “What is OEM?”

Just know that it means that you can switch to an electricity retailer and save money on your electricity bill

Interested?

Find out who is the cheapest electricity retailer and how to make the switch!

Do note that prices and promotions are subject to change without prior notice. Information is accurate as of 6 Jul 2023. 


TL;DR: Ultimate Electricity Retailer Comparison (2024 Jan – Mar) — Find Cheap Electricity in Singapore

Cheapest Electricity Plan in Singapore for 2024 (Fixed Price Plans)

Contract Length For Fixed Price PlanWho provides the cheapest plan?
(Incl. GST)
No ContractSingapore Power (SP):
32.58¢/kWh
6 MonthsGeneco:
30.16¢/kWh
12 MonthsGeneco/Keppel:
29.79¢/kWh
18 MonthsTuas Power:
29.79¢/kWh
24 MonthsNo Difference Between Retailers That Offer 24 Month Plans:
29.79¢/kWh
36 MonthsPacificLight
28.95¢/kWh

This article was last updated on 7 January 2024. Figures are taken from Open Electricity Market. Do note that prices and promotions are subject to change without prior notice. 

Save on Your Electricity Bill in Singapore: Click to Teleport


Who Has the Cheapest Electricity Rates in Singapore: An Electricity Plan Comparison

Well… if there’s one thing that Singaporeans care deeply about.

It’s saving money.

Especially when it comes to utilities like electricity.

In fact, when we first wrote this article and made a price comparison between the OEM electricity retailers, even The Straits Times picked it up:

#weirdflexbutokay

Open Electricity Market (OEM) Explained: Finding the Best Electricity Plan in Singapore

In October 2017, the Electricity Market Authority (EMA) first announced the Open Electricity Market (OEM) initiative in a bid to liberalise and encourage innovation in the power industry.

Fast forward to May 2019, all households in Singapore can choose to switch from the Singapore Power (SP) Group to their preferred electricity provider.

Compare Price Electricity: How Many Electricity Retailers Are There in Singapore?

There are currently seven surviving electricity retailers in Singapore:

  1. Geneco (by Seraya Energy Pte Ltd)
  2. Keppel Electric Pte Ltd
  3. PacificLight Energy Pte Ltd
  4. Sembcorp Power Pte Ltd
  5. Senoko Energy Supply Pte Ltd
  6. Tuas Power Supply Pte Ltd
  7. Union Power Pte Ltd

PSA: Sunseap has exited the Open Electricity Market.

Back to top

What Types of Electricity Price Plans Do Electricity Companies in Singapore Offer?

Ah…

Now you’re asking the right questions.

Most OEM retailers offer a selection of two different price plans.

Fixed Price Plan

This is similar to SP Group’s electricity plan.

You sign a contract with them and pay a fixed rate for whatever amount of power is used.

For obvious reasons, all electricity retailers are offering fixed-price plans that are competitively priced (read: lower than SP).

Discount Off Regulated Tariff (DORT) Plan

The price you pay is pegged to the regulated tariff announced by EMA, albeit at a discount.

SP Group’s price plan is always determined by EMA’s regulated tariff, and DORT plans charge you by taking a percentage of the cost from the EMA stipulated electricity tariff for the quarter.

This means that you’ll always be paying less than what SP Group would charge you if you’re on a DORT plan.

However, there are no DORT plans offered in Q1 2024.

Back to top


Which Singapore Electricity Retailer Has the Cheapest Electricity Rates in Singapore?

With so many retailers, choosing one can be quite a chore.

But we’re here to help by comparing all the plans they have for households.

If this is your first time choosing an electricity retailer, kWh stands for kilowatt per hour, i.e., the amount of energy used per hour. 

In general, we noted that Fixed Price Plans are cheaper than what you would pay if you’re paying SP based on the current electricity tariff.

CompanyCheapest Fixed Rate PlanPromotions (Terms & Conditions Apply)
No Contract6-Months12 & 18 Months Contract≥24-Months

Singapore Power (SP) Price Plans

No contract:
32.58¢/kWh
Average 4-room Monthly Bill (367kWh): $119.57

Geneco Price Plans & Geneco Promos

Give Us A Try:
30.16¢/kWh
Monthly Bill: $110.69


Promotion & referral codes are not applicable
Get It Fixed 12:
29.79¢/kWh
Monthly Bill: $109.33
Get It Fixed 24:
29.79¢/kWh
Monthly Bill: $109.33
Get It Fixed 12:
Use promo code 'GOLDEN20' ($10 bill rebate + $10 eCapitaVoucher, limited sign-ups).

Get it Fixed 24:
Use promo code 'GOLDEN88' ($60 bill rebate + $28 eCapitaVoucher, limited sign-ups)​.

Additional Rebates:
-$20 referral rebate
-Up to $45 additional rebate with
Maybank Credit Cards
-Up to $40 additional rebate with
Citibank Credit Cards
-Up to $35 additional rebate with
HSBC Credit Cards

Price match guarantee

Keppel Electric Price Plans & Keppel Electric Promos 2024

FIXED12:
29.79¢/kWh
Monthly Bill: $109.33


ecoGreen12:
38.88¢/kWh
Monthly Bill: $142.69
FIXED24:
29.79¢/kWh
Monthly Bill: $109.33


ecoGreen24:
38.88¢/kWh
Monthly Bill: $142.69
FIXED 12 & FIXED 24:
Sign up now and get up to $30^ Bill Rebate when you sign up with promo code 'CITI30'

ecoGreen
Sign up for ecoGreen plan and get up to S$40^ Bill Rebate when you sign up with promo code 'CITI40'

PacificLight Price Plans & PacificLight Promos

Easy Peasy:
28.06¢/kWh (+ 55¢ daily charge)
Monthly Bill: $119.75

9 to 9:
-16.95¢/kWh (9pm - 9am)
-39.57¢/kWh (9am - 9pm)
-$1.01 daily charge
Monthly Bill: Depends on usage
Savvy Saver 12:
30.07¢/kWh
Monthly Bill: $110.36

Sunny Side-Up 12m (Green Plan):
30.40¢/kWh
Monthly Bill: $111.57
Savvy Saver 24:
29.79¢/kWh
Monthly Bill: $109.33


Stack It UP 24:
(i) Stack 1 - First 300kWh @30.16¢/kWh
(ii) Stack 2 - Usage between 301 to 600kWh @27.88¢/kWh
(iii) Stack 3 - Above 600kWh @27.08¢/kWh
Monthly Bill: $109.16

Save While Sleeping:
-20.05¢/kWh (11pm - 7am)
-37.34¢/kWh (7am - 11pm)
Monthly Bill: Depends on usage

Savvy Saver (36 Months):
28.95¢/kWh
Monthly Bill: $106.25


Classic 60 (60 Months):
32.58¢/kWh
Monthly Bill: $119.57
Recommend PacificLight to your loved ones. You’ll get an additional $30 reward and your friend will get $20 rebate off the electricity bill!

Classic 60 Exclusive
Tailored for Long-Term Brilliance. Receive a $220 boost on your electricity bills!

Glide with UOB Savings
Get up to $130 rebate for all UOB Cardholders

Enjoy Rebates with DBS
Get up to $110 rebate off your bill when you sign up via DBS Home & Living Marketplace!

Exclusive to HSBC Cardholders
Extra rebate of up to $90 when set up Recurring Bill Payment using HSBC Credit Cards!

NTUC Family Benefits
Enjoy more with your loved ones as an NTUC Family Member. Get up to $90 off electricity bills!

Rewarding U
Because You've Worked Hard and Deserve the Best Deal in Town! Enjoy $90 off your bills when you sign up for any 24-month plan as an NTUC Union member

Receive up to 8,000 KrisFlyer miles & stand a chance to win 10,000 KrisFlyer miles!

Note that these promos exclude any credit card sign up promos or promos where you have to refer someone
Sembcorp Power12M Fixed Price Home:
29.98¢/kWh
Monthly Bill: $110.03

12M Sunshine Plan:
41.73¢/kWh
Monthly Bill: $153.15
Earn up to 2% cash rebates with POSB Everyday Card
Set up recurring bill payment with your POSB Everyday Card now!

Enjoy 3% cashback with OCBC 365 Credit Card
Simply set up recurring bill payment with OCBC 365 Credit Card to enjoy 3% cashback on your electricity bill
Senoko EnergyLifePower12:
30.07¢/kWh
Monthly Bill: $110.36
LifePower24
29.79¢/kWh
Monthly Bill: $109.33


LifeGreen24:
30.30¢/kWh
Monthly Bill: $111.20
Stack on a referral code to get an additional $20 bill rebate!

Enjoy up to $130 rebate with Citi Credit Card
- Use promo code 'CITIWATTS130' for 24-month plans.
- Use promo code 'CITIWATTS20' for 12-month plans

Enjoy up to $130 rebate with HSBC Credit Card
- Use promo code 'HSBCWATTS130' for 24-month plans
- Use promo code 'HSBCWATTS20' for 12-month plans

Enjoy up to $120 rebate with any Trust card
Use promo code 'TBWATTS120' for 24-month plans

Maybank credit card promo fully redeemed do note that ALL credit card promos have a limited quantity per month
Tuas PowerPowerFIX 12 Month (Same SP Bill):
29.98¢/kWh
Monthly Bill: $110.03

PowerFIX 18 Month (Same SP Bill):
29.79¢/kWh
Monthly Bill: $109.33
PowerFIX 24 Month (Same SP Bill):
29.79¢/kWh
Monthly Bill: $109.33


PowerFIX 36 Month (Same SP Bill):
29.57¢/kWh
Monthly Bill: $108.52
Free 12 months Singlife’s insurance protection#. Choose from Home Content, Dengue Aid or Utilities Relief plan for ALL plans

PowerFIX24:
Up to $80 Grocery e-vouchers*

PowerFIX36:
Up to $120 Grocery e-vouchers*

*Terms & conditions apply. Valid from 4 Dec 2023 - 14 Jan 2024. Limited to the first 200 successful sign-ups
Union PowerPlease email Union Power for customised rates
Previous rates charged were 48.60¢/kWh for a 6 month plan

Note: Prices inclusive of GST and rounded up to the nearest hundredth. The monthly bill is based on the electricity consumption of an average HDB 4-room flat in Singapore at 367 kWh (based on the latest data for Sep 2023).

Also, here are the cheapest fixed OEM plans (inclusive of GST) based on contract length:

Contract Length For Fixed Price PlanWho provides the cheapest plan?
(Incl. GST)
No ContractSingapore Power (SP):
32.58¢/kWh
6 MonthsGeneco:
30.16¢/kWh
12 MonthsGeneco/Keppel:
29.79¢/kWh
18 MonthsTuas Power:
29.79¢/kWh
24 MonthsNo Difference Between Retailers That Offer 24 Month Plans:
29.79¢/kWh
36 MonthsPacificLight
28.95¢/kWh

To save more, make sure to get referral codes and take advantage of the various credit card promotions available!  

Back to top


SP Wholesale Electricity Plan: How Much Does 1 kWh Cost in Singapore?

On top of the regulated tariff, the SP Group offers a non-standard price plan where customers can buy electricity directly from the wholesale electricity market.

The good thing about this price plan is that there is no lock-in period or contract.

This means you can switch back to the SP-regulated tariff plan or sign up for an OEM plan without penalty.

However, note that the wholesale electricity price (WEP) varies every half hour depending on Singapore’s wholesale electricity market’s prevailing demand and supply situation.

Thus, you will have to bear the risk of price fluctuations if there are any abrupt changes in electricity demand and supply.

You can refer to the chart below to get an idea of the fluctuation of WEP:

Just in the months of October and November 2021, the half-hourly prices ranged between $0.069/kWh and $4.42/kWh!

Source: Singapore Power (SP)

Back to top


Electricity Bill Singapore Guide: Average Electricity Consumption of Households in Singapore

If you’d like to know how much you can potentially save if you switch to an OEM retailer, let’s look at how much Singaporean households spend on electricity per month, on average.

We will be using the current Q1 2024 electricity tariff rate of 32.58¢/kWh (including GST) and the latest data from SP (as of Sep 2023):

Property TypeNational Average Electricity Consumption Per Month (kWh)
(As of May 2023)
Average Cost of Electricity Per Month (Incl. GST)
Rounded up to nearest hundredth
HDB 1-Room143$46.59
HDB 2-Room189
$61.58
HDB 3-Room269
$87.64
HDB 4-Room367$119.57
HDB 5-Room427
$139.12
HDB Executive528$172.02
Apartment515
$167.79
Terrace859
$279.86
Semi-Detached1,150
$374.67
Bungalow2,298
$748.69
Note: The figures exclude electricity consumption for PAYU customers and customers who are not purchasing electricity at the regulated tariff

Back to top


How Are Electricity Tariffs Calculated?

Singaporeans are subjected to Electricity Tariff, which is regulated by EMA.

For Q1 2024, the electricity tariff is 29.89¢/kWh (excluding GST).

With 9% GST, the electricity tariff is 32.58¢/kWh.

For context, the Electricity Tariff is made up of four main components:

Electricity Tariff ComponentsPrice (Before GST)How Often Is It Reviewed?
Market Administration and Power System Operation Fee

(Paid to Energy Company and Power System Operator)
0.06 cents/kWhAnnually
Market Support Services Fee (MSS)0.43 cents/kWhAnnually
Network Cost6.25 cents/kWhAnnually
Energy Costs23.15 cents/kWhQuarterly
Source: SP Group

The sum of the four components makes up your Electricity Tariff, which will be what the consumer pays for their monthly electricity bill.

Back to top


Some Commonly Asked Questions About OEM Electricity Providers in Singapore

1. Cost of Electricity in Singapore: Why Are Electricity Retailers Able Charge for Electricity Compared to SP Group?

You’re probably going, “WALAO, has SP Group been overcharging me ALL THESE YEARS?!”

Not exactly.

The regulated tariff considers the cost of producing and delivering electricity, which includes the cost of building and operating power plants and maintaining the power grid.

On the other hand, the rates offered by retailers reflect current market conditions and the short-term costs of producing electricity.

If the current market conditions see excess supply compared to demand, the price of electricity will naturally be lower.

These retailers can then go into the wholesale market and buy electricity in bulk from power generation companies.

Of course, these prices offered by retailers are only fixed during your contract.

So they can adjust their prices and discounts over time.

But fret not; you can always switch back to buying electricity at the regulated tariff from SP Group at any time – after you complete your contract of course, unless you wish to pay the early termination fee and early account closure fees

Speaking of early termination fees, please keep a lookout for them before you put pen to paper and sign the contract. 

For example, OEMs like Tuas Power charge a $200 (including GST) early termination fee for their plans.

Apart from early termination fees, be sure to take note of the hidden fees or terms & conditions when choosing your electricity retailer!

2. How Do I Switch to Electricity Retailer?

As of today, you can switch to an Open Electricity Market retailer anytime.

But as with anything related to money, take the time to understand the OEM before you switch.

The retailers might be throwing promo codes around like Oprah Winfrey and shouting out how they’re the cheapest in town.

Source: imgflip

But you really should take the time to understand the other stuff which electricity retailers don’t usually talk about, like:

  • Administrative fee
  • AMI meter installation fee
  • Auto-renewal of contract clause
  • Carbon tax
  • Early termination charges
  • Late payment fee
  • Paper bill
  • Security deposit
  • Transmission loss factor
  • U-Save GST Voucher.

Read more: Hidden Fees And T&Cs To Take Note When Choosing An Electricity Retailer.

3. What Are Transmission Loss Factors (TLF)?

To put it simply, it’s a scaling factor that has been applied at the metering point to account for network and transformer loss.

Think of it this way: To get you one unit of electricity, the retailer needs to send two units of electricity to account for the possible loss of one unit of electricity when electricity travels across such a vast distance from the power plant to your home. That’s the TLF that they need to factor in when charging you.

Most of us fall under the 230kv/400kV load category:

Source: OEM

SP Group should have already adjusted this to reflect the actual consumer use, so retailers will adhere to SP Group’s recommended TLF and bill you accordingly.

Back to top


What Is the Best Electricity Plan Singapore in 2024 (Fixed)?

With so many options in the market, it’s hard to decide which to switch to.

Besides comparing prices, why not find out what real users have to say about the various electricity retailers through our SeedlyReviews?

Find Me The Best Electricity Plan Now!

Utility Bills Singapore Credit Card Guide

Given that the prices would likely increase further, you can also consider using a credit card that helps you earn cashback as you’re paying for utilities.

 

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About Ming Feng
A stint in Bloomberg gifted me with a beer belly, which only grew larger when I moved on to become a Professional Trader. Now I turn caffeine into digestible finance-related content.
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