Open Electricity Market (OEM) Singapore: Complete Guide for 2025 Q1

●

02 Jan 2025

Electricity Rates in Singapore Q1 2025: What Is the Electricity Rate in SP Group 2025?

The electricity tariff for Q1 2025 (1 Jan – 31 Mar 2025) is 28.12¢/kWh, a 3.4% or 0.98¢ decrease from the previous quarter, when it was 29.10¢/kWh:

This amounts to 30.65¢/kWh if you factor in the prevailing 9% Goods and Services Tax (GST).

But if you were unaware, you could 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 you can switch to an electricity retailer and save money on your electricity bill.

Interested?

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

TL;DR: Ultimate Open Electricity Market (OEM) Singapore 2025 Q1 Guide – Open Electricity Market Promotions & More

Cheapest Electricity Plan in Singapore for 2025

Contract Length For Fixed Price Plan	Who provides the cheapest plan? (Incl. GST)
Fixed Plan
No Contract	PacificLight: 27.80¢/kWh+55¢ Daily Charge
6 Months	Geneco Give Us A Try 6: 29.87¢/kWh
12 Months	Geneco + Senoko: 28.87¢/kWh
18 Months	Tuas Power: 29.63¢/kWh
24 Months	Geneco + Senoko + Pacific Light + Tuas Power" 28.87¢/kWh
36 Months	PacificLight: 28.44¢/kWh
Discount Off Regulated Tariff
60 Months	PacificLight: 3% off regulated tariff

This article was last updated on 3 Jan 2025. Figures are taken from the Open Electricity Market (OEM) Singapore. Do note that prices and promotions are subject to change without prior notice.

Save on Your Electricity Bill in Singapore: Click to Teleport

What Is the Open Electricity Market (OEM)?
So… Who Are the Electricity Retailers in the OEM?
What Types of Electricity Price Plans Do They Offer?
Which Electricity Retailer’s Fixed Price Plan Is The Cheapest?
Which Electricity Retailer’s Discount Off The Regulated Tariff (DORT) Plan Is The Cheapest?
SP Wholesale Plan?
Average Electricity Consumption and Electricity Bill of Singaporeans
How Much Do Singaporeans Spend on Electricity Every Month?
Some Commonly Asked Questions About The OEM

Who Has the Cheapest Electricity Rates in Singapore: Compare Open Electricity Market

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 Open Electricity Market (OEM) Singapore., 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, when all households in Singapore can choose to switch from the Singapore Power (SP) Group to their preferred electricity provider.

Singapore Open Electricity Market Retailers

There are currently six surviving electricity retailers in Singapore:

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.

For Q1 2025, there is only one DORT plan from Pacific Light.

Pacific Light Classic 60 DORT Plan

The 60 month Classic 60 plan offers you 3% off the regulated tariff an an extra 5% prompt payment discount. You’ll also get up to $200 bill rebates with promo + referral code.

But do note that monthly reccuring payment can only be done via Giro.

Which Singapore Electricity Retailer Has the Cheapest Electricity 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-hours, which is the amount of energy used per hour.

In general, we noted that fixed-price plans, which are the only types of plans available, are cheaper than you would pay if you’re paying SP based on the current electricity tariff.

Company	No Contract	6-Months	12 Months	24 Months	≥36 Months	Promotions
Singapore Power (SP)	No contract: 30.65¢/kWh Average 4-room Monthly Bill (365kWh): $111.87	—				—
Geneco	—	Give Us A Try 6: 29.87¢/kWh Monthly Bill: $109.03	Get It Fixed 12: 28.87¢/kWh Monthly Bill: $105.38	Get It Fixed 24: 28.87¢/kWh Monthly Bill: $105.38	—	Up to $158 in Rebates + Up to $20 eCapitaVoucher Enjoy $20 bill rebate for each referral Plus, be our top 8 referrers from now till 28 February and walk away with $888 bill rebate!
Keppel Electric	—	—	FIXED12: 29.68¢/kWh Monthly Bill: $108.33	FIXED24: 28.88¢/kWh Monthly Bill: $105.41	—	Sign up with any 24-month plan & receive up to $180* Bill Rebate + Be rewarded with $30 rebate* when you set up recurring bill payments at Keppel Electric with UOB Cards! Sign up for BTO Package to stand a chance to win OSIM uDiva SOFA (worth $5,699) & get access to exclusive offers from our partners!
Keppel Electric	—	—	ecoGreen12: 41.97¢/kWh Monthly Bill: $153.19	ecoGreen24: 41.41¢/kWh Monthly Bill: $151.15	—
PacificLight	9 TO 9: 16.68¢/kWh (9pm - 9am) & 39.14¢/kWh (9am - 9pm) Daily Charge of $1.01/day Monthly Bill: Varies	—	Savvy Saver 12: 29.68¢/kWh Monthly Bill: $108.33	Savvy Saver 24: 28.87¢/kWh Monthly Bill: $105.38	Savvy Saver 36: 28.44¢/kWh Monthly Bill: $103.80	PacificLight: Get up to $188 bill rebates when you sign up for a home plan! Receive up to 9,000 KrisFlyer miles for a limited period of time. Get up to S$168 rebate off your bill when you sign up via DBS Home Marketplace! Get up to $118 bill rebates by signing up for a new home plan with Maybank cards! Get up to $120 bill rebates with NTUC Link card by Trust! Open to all PacificLight 24M and 36M customers! Simply register to redeem a $20 bill rebate! Refer Pacific Light to your loved ones: You’ll get $30 reward and your friend will get $20 rebate off the electricity bill
	Easy Peasy: 27.80¢/kWh + Daily Charge of 55¢ Monthly Bill: $118.25	—	Sunny Side-Up 12M (Green Plan): 30.01¢/kWh Monthly Bill: $109.54	Stack It Up 24M: (i) Stack 1 - First 300kWh @29.62¢/kWh (ii) Stack 2 - Usage between 301 to 600kWh @27.34¢/kWh (iii) Stack 3 - Above 600kWh @26.54¢/kWh Monthly Bill: $106.63	—
	—	—	—	Save While Sleeping 24: 20.00¢/kWh (11pm - 7am) 36.50¢/kWh (7am - 11pm) Monthly Bill: Varies	—
Sembcorp Power	—	—	12M Fixed Price Home: 29.68¢/kWh Monthly Bill: $108.33	—	—	Enjoy one consolidated bill from SP in 2024 Exclusive MyRepublic broadband promotions Up to $20 bill rebate on Sembcorp Power’s plans
Sembcorp Power	—	—	12M Sunshine Price Plan: 42.31¢/kWh Monthly Bill: $154.43	—	—
Senoko Energy	—	—	LifePower12: 28.87¢/kWh Monthly Bill: $105.38	LifePower24 28.87¢/kWh Monthly Bill: $105.38	—	Enjoy up to $150 bill rebate with GIRO payments or Enjoy up to $60 bill rebate with 12 and 24 mth plans without GIRO Make 3 consecutive bill payments with any Trust card to get a Philips NA210/09 Air Fryer Set up GIRO recurring payments to snag a Dreame Hair Gleam High-speed Hair Dryer (assorted colours) Set up GIRO recurring payments to get a PRISM+ Aura Air Purifier (in Alphine White) Set up GIRO recurring payments to get a Tefal IT3280 Garment Steamer Set up GIRO recurring payments to get a Xiaomi Robot Vacuum S20 EU (in White)
				LifeGreen24: 29.75¢/kWh Monthly Bill: $108.59
				LifeSavvy24: Off-Peak (11pm to 7am) - 20.05¢/kWh & Peak (7am to 11pm) - 36.95¢/kWh Monthly Bill: Varies
Tuas Power	—	—	PowerFIX 12 Month: 29.68¢/kWh Monthly Bill: $108.33	PowerFIX 24: 28.87¢/kWh Monthly Bill: $105.38	PowerFIX 36: 28.87¢/kWh Monthly Bill: $105.38	Up to $210 Bill Rebate Campaign (ONHOORAY) Free 12 Months Insurance Protection Refer A Friend Promo: Refer a friend and get up to $40 referral rebates Enjoy one consolidated bill from SP
Tuas Power	—	—	PowerFIX 18 Month: 29.63¢/kWh Monthly Bill: $108.15	—	—

Note: Prices include GST and are 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 365 kWh (based on the latest data for Nov 2024).

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

SP Wholesale Electricity Plan: A Singapore Electricity Price Chart

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!

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 2025 electricity tariff rate of 30.65¢/kWh (including GST) and the latest data from SP (as of November 2024):

Property Type	National Average Electricity Consumption Per Month (kWh) As of Nov 2024	Average Cost of Electricity Per Month (Incl. GST) Rounded up to nearest hundredth
HDB 1-Room	142	$43.52
HDB 2-Room	186	$57.01
HDB 3-Room	266	$81.53
HDB 4-Room	365	$111.87
HDB 5-Room	429	$131.49
HDB Executive	523	$160.30
Apartment	519	$159.07
Terrace	851	$260.83
Semi-Detached	1,141	$349.72
Bungalow	2,190	$671.24
Note: The figures exclude electricity consumption for PAYU customers and customers who are not purchasing electricity at the regulated tariff

How Are Electricity Tariffs in Singapore (2025) Calculated?

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

For Q1 2025, the electricity tariff is 28.12¢/kWh (excluding GST).

With 9% GST, the electricity tariff is 30.65¢/kWh.

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

Electricity Tariff Components	Price (Before GST)	How Often Is It Reviewed?
Market Administration and Power System Operation Fee (Paid to Energy Company and Power System Operator)	0.07¢/kWh	Annually
Market Support Services Fee (MSS)	0.23¢/kWh	Annually
Network Cost	6.46¢/kWh	Annually
Energy Costs	21.36¢/kWh	Quarterly

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

FAQs About OEM Electricity Providers in Singapore

Cost of Electricity in Singapore: How Does the Singapore Energy Market Work?

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 look for them before you put pen to paper and sign the contract.

For example, OEMs like Tuas Power charge an early termination fee of $200 (including GST) 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 an Open Electricity Market 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.

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.

3. What Are Transmission Loss Factors (TLF)?

To put it simply, it’s a scaling factor 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 to account for the possible loss of one unit of electricity when electricity travels 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:

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

How Long Does it Take to Turn on Electricity in Singapore?

According to Singapore Power, your utilities account will be activated on your preferred date. You may be required to arrange a turn-on appointment during the application. Please allow a one week lead time from your application date for your turn-on appointment.

What Is the Best Electricity Plan Singapore in 2025?

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 will likely increase further, you can also consider using a credit card that offers cashback when you payfor utilities.

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.

You can contribute your thoughts like Ming Feng here.