040724 Best & Cheapest Electricity Price Comparison Singapore 2024

Best Electricity Price Comparison Singapore (Q3 2024): Find the Best & Cheapest Electricity Plan

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03 Jul 2024

Electricity Rates in Singapore Q2 2024: What Is the Electricity Rate in SP Group 2024?

The electricity tariff for Q3 2024 (1 Jul—30 Sep 24) is 29.88¢/kWh, a 0.3% or 0.09¢ increase from the previous quarter, when it was 29.79¢/kWh:

This amounts to 32.57¢/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 Electricity Price Comparison Q3 2024 – Which is the Cheapest Electricity Supplier in Singapore

Cheapest Electricity Plan in Singapore for 2024

Contract Length For Fixed Price Plan	Who provides the cheapest plan? (Incl. GST)
No Contract	PacificLight: 28.06¢/kWh+55¢ Daily Charge
6 Months	Geneco: 27.80¢/kWh
12 Months	Geneco/Senoko: 29.68¢/kWh
18 Months	Tuas Power: 30.83¢/kWh
24 Months	Geneco/Senoko/Tuas Power/Keppel Electric: 29.42¢/kWh
36 Months	Tuas Power: 28.95¢/kWh
60 Months	PacificLight: 32.47¢/kWh

This article was last updated on 4 July 2024. Figures are taken from the 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

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: 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, when 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:

PSA: Sunseap has exited the Open Electricity Market.

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 Q2 2024.

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: 32.57¢/kWh Average 4-room Monthly Bill (396kWh): $128.98	—				—
Geneco	—	Give Us A Try 6: 27.80¢/kWh Monthly Bill: $110.09 [LIMITED TIME ONLY] Exclusive rate for the first 1,000 sign-ups. Promotion and referral codes are not applicable	Get It Fixed 12: 29.68¢/kWh Monthly Bill: $117.53	Get It Fixed 24: 29.42¢/kWh Monthly Bill: $116.50	—	Up to $115 Card Rebates + $15 eCapitaVoucher + Price Match Guarantee
Keppel Electric	—	—	FIXED12: 29.98¢/kWh Monthly Bill: $118.72	FIXED24: 29.42¢/kWh Monthly Bill: $116.50	—	Up to $30 Card Rebate
Keppel Electric	—	—	ecoGreen12: 40.33¢/kWh Monthly Bill: $159.71	ecoGreen24: 39.77¢/kWh Monthly Bill: $157.49	—	Up to $30 Card Rebate
PacificLight	9 TO 9: 16.95¢/kWh (9pm - 9am) & 39.57¢/kWh (9am - 9pm) Daily Charge of $1.01/day Monthly Bill: Varies	—	Savvy Saver 12: 30.07¢/kWh Monthly Bill: $119.08	Savvy Saver 24: 29.53¢/kWh Monthly Bill: $116.94 Stack It Up 24M: (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: $117.24	Savvy Saver 36: 28.95¢/kWh Monthly Bill: $114.64	Up to $310 in Card Rebates + Choose rebates or earn KrisFlyer miles for certain plans
PacificLight	Easy Peasy: 28.06¢/kWh + Daily Charge of 55¢ Monthly Bill: $127.89	—	Sunny Side-Up 12M (Green Plan): 30.40¢/kWh Monthly Bill: $120.38	Save While Sleeping 24: 20.05¢/kWh (11pm - 7am) 37.34¢/kWh (7am - 11pm) Monthly Bill: Varies	Classic 60: 32.47¢/kWh Monthly Bill: $128.58
Sembcorp Power	—	—	12M Fixed Price Home: 31.32¢/kWh Monthly Bill: $124.03	—	—	Receive up to S$208 bill & bank rebates
Sembcorp Power	—	—	12M Sunshine Price Plan: 42.31¢/kWh Monthly Bill: $167.55	—	—	Receive up to S$208 bill & bank rebates
Senoko Energy	—	—	LifePower12: 29.68¢/kWh Monthly Bill: $117.53	LifePower24 29.42¢/kWh Monthly Bill: $116.50 LifeSavvy24: Off-Peak (11pm to 7am) - 20.05¢/kWh & Peak (7am to 11pm) - 36.95¢/kWh Monthly Bill: Varies	—	Up to $120 bill rebate or gifts worth up to $299
Senoko Energy	—	—	LifePower12: 29.68¢/kWh Monthly Bill: $117.53	LifeGreen24: 29.75¢/kWh Monthly Bill: $117.81 LifeSavvy24: Off-Peak (11pm to 7am) - 20.05¢/kWh & Peak (7am to 11pm) - 36.95¢/kWh Monthly Bill: Varies	—	Up to $120 bill rebate or gifts worth up to $299
Tuas Power	—	—	PowerFIX 12 Month: 31.48¢/kWh Monthly Bill: $124.66	PowerFIX 24: 29.42¢/kWh Monthly Bill: $116.50	PowerFIX 36: 29.30¢/kWh Monthly Bill: $116.03	Up to $160 Grocery e-Vouchers + Free 12 months Singlife’s insurance protection + Same SP Bill
Tuas Power	—	—	PowerFIX 18 Month: 30.83¢/kWh Monthly Bill: $122.08	—	—
Union Power	Please email Union Power for customised rates Previous rates charged were 48.60¢/kWh for a 6 month plan

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 396 kWh (based on the latest data for May 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 Q3 2024 electricity tariff rate of 32.57¢/kWh (including GST) and the latest data from SP (as of May 2024):

Property Type	National Average Electricity Consumption Per Month (kWh) As of May 2024	Average Cost of Electricity Per Month (Incl. GST), Rounded up to nearest hundredth
HDB 1-Room	152	$49.50
HDB 2-Room	199	$64.81
HDB 3-Room	285	$92.82
HDB 4-Room	396	$128.98
HDB 5-Room	466	$151.78
HDB Executive	568	$185.00
Apartment	573	$186.62
Terrace	900	$293.13
Semi-Detached	1,224	$398.65
Bungalow	2,360	$768.65
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 (2024) Calculated?

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

For Q3 2024, the electricity tariff is 29.88¢/kWh (excluding GST).

With 9% GST, the electricity tariff is 32.57¢/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)	0.06 cents/kWh	Annually
Market Support Services Fee (MSS)	0.43 cents/kWh	Annually
Network Cost	6.25 cents/kWh	Annually
Energy Costs	23.15 cents/kWh	Quarterly

Source: SP Group

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: Why Are Electricity Retailers Able to Charge more for Electricity than 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 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 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.

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.

What Is the Best Electricity Plan Singapore in 2024?

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.

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