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The Ultimate Comparison (as of 21 Sept 2018): Which Electricity Retailer Is The Cheapest In Singapore? (Updated with the latest Electricity Tariff)

TL;DR: Ultimately Singaporeans will get cheaper electrical bills (As of 21 September 2018)

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Cheapest electricity retailer Singapore Open Market

  • Starting 1st April 2018, 108,000 households and 9,500 business in Jurong will get the chance to choose an electricity retailer that best suits their needs.
  • Average electricity usage has a declining trend since last year.
  • There are a total of 12 players and 3 most distinct types of price plans available.
  • New players in the residential market, SingNet, Union Power and Environmental Solutions have yet to release their plans.
  • For Fixed Price Plan:
    Best Electricity is the cheapest for 6 months.
    Sembcorp Power and Keppel Electric is the cheapest for a 1-year contract.
    Geneco is the cheapest for a 2-year contract.
    Tuas Power is the only one with a 3-years contract plan.
    Ohm Electricity has a No Contract Plan for this category.
  • For Discount Off Tariff Plan:
    Geneco has the cheapest 6 months contract plan.
    Ohm Electricity
     is the cheapest when it comes to 1-year contract.
    Sembcorp Power is the cheapest for a 2 years contract.
  • For peak and off-peak plans:
    PacificLight has the cheapest peak hours usage rate.
    Geneco and Keppel Electricity are the cheapest for off-peak rates.

3 Tips on choosing the best electricity plan!

  • Always download the factsheet of the plans you are considering from the retailer’s website. (Look out for the fine print!)
  • For user experience, customer service, billing issues and other possible pros and cons of a retailer, it will be good to rely on insights from Singaporeans who have been there done that.
    Reviews on electricity retailers in SingaporeRead the reviews before making a decision.
  • Tip: Last we heard, Discount off tariff is the most popular plan simply because it is a sure win from whatever the tariff may be.

How much Singaporeans spend on electricity bill every month?

Singaporeans are subjected to Electricity Tariff, which is regulated by the Energy Market Authority (EMA).

This Electricity Tariff is updated every quarterly, and as of Q3 2018, which is from 1 July 2018 to 30 September 2018, the Electricity Tariff is at 23.65 cents/kWh (25.31 cents/kWh with GST)

The Electricity Tariff is made up of 4 components:

  • Market Administration and Power System Operation Fee – 0.05 cents/kWh
    Paid to Energy Company and Power System Operator. Reviewed annually.
  • Market Support Services Fee (MSS) – 0.40 cents/kWh
    Reviewed annually.
  • Network Cost – 5.31 cents/kWh
    Reviewed annually.
  • Energy Cost – 17.89 cents/kWh
    Reviewed quarterly.

The sum of the 4 components makes up your Electricity Tariff, which will be what consumer pays for their monthly electricity bill.

Average Electricity Consumption And Electricity Bill Of Singaporeans

To give a good judgment on how the new scheme of using private electricity retailers will affect our electricity bills, we went on to find out on average, how much Singaporeans spend on electricity.

First, we find out the amount of electricity an average Singaporean consumes:

Property TypeAug 2017Sep 2017Oct 2017Nov 2017Dec 2017Jan 2018Average Electricity Consumption (kWh)
HDB 1-Room138135137137132125134
HDB 2-Room196191190193180175187.5
HDB 3-Room278273278278258249269
HDB 4-Room380371373379348336364.5
HDB 5-Room443432434442406386423.8
HDB Executive535530540545492481520.5
Apartment541543545540513479526.8
Terrace938938927898850804892.5
Semi-Detached1239123512201200111711021185.5
Bungalow2452246924452499226323582414.3

Credit: SP Group

Now that we have a good estimation of how much electricity (in kWh) is being consumed for each property type, we went on to give an estimation of the cost (inclusive of GST):

Property TypeAverage Electricity Consumption per month(kWh)Average Cost of Electricity per month
HDB 1-Room134S$33.92
HDB 2-Room187.5S$47.46
HDB 3-Room269S$68.08
HDB 4-Room364.5S$92.26
HDB 5-Room423.8S$107.27
HDB Executive520.5S$131.74
Apartment526.8S$133.34
Terrace892.5S$225.90
Semi-Detached1185.5S$300.05
Bungalow2414.3S$611.06

Open Electricity Market in Singapore

As of 1st April 2018, households and businesses in Jurong will have the option to purchase electricity from a retailer. This reduces the reliant on SP group (SP Services) for electricity, where cost is based on a regulated tariff that changes every quarter.

By 1 November 2018, Open Electricity Market will launch this initiative across the whole Singapore.

12 electricity retailers are authorised at the moment with some of their

To make comparison easier for everyone, we are going to focus on what matters the most, residential plans.

Residential plans offered by electricity retailers

Brushing away all the marketing gimmick and getting down to business, most electricity retailer has 3 main types of plan for the Singaporeans.

  • Fixed Price Plan
    Fixed Price plan for electricity retailer Singapore

    Pay a fixed rate throughout your contract

  • Discount Off Regulated Tariff Plan
    Discount off tariff electricity retail plan Singapore

    Enjoy percentage off the Regulated Tariff (updated quarterly), throughout your contract

  • Peak and Off-peak Plan
    Peak and off-peak plan for electricity retailer Singapore

    Pays more for electricity during the peak period.
    Pays lesser for electricity during the off-peak period.

The Ultimate Comparison: Electricity Retailers in Singapore (Fixed Price Plan)

With 14 retailers, choosing one can be quite a chore, but we are here to help by comparing all the plans they have for households.

For easy reference, the SP Regulated Tariff Rate is at $0.253/kWh this quarter. All the fixed rates that private retailers provide is cheaper than the current tariff.

CompanyFixed Rate Plan
6 Months1 Year Contract2 Years Contract3 Years Contract
Best Electricity $0.1628/kWh$0.175/kWh$0.1638/kWh
-
Sembcorp Power-$0.1680/kWh0.1650/kWh-
Keppel Electric$0.1707/kWh$0.1680/kWh$0.1650/kWh-
Geneco-$0.1780/kWh$0.1620/kWh-
Tuas Power--$0.188/kWh
(First 2 months FREE)
$0.168/kWh
Ohm Electricity $0.1815/kWh

No Contract: $10 per month + $0.1535/kWh)
$0.1795/kWh$0.1695/kWh-
iSwitch-$0.178/kWh$0.175/kWh-
Senoko Energy-$0.1799/kWh$0.1718/kWh
(Online promo
-
PacificLight--$0.1778/kWh-
SingNetHave yet to release price plan
Union PowerHave yet to release price plan
Environmental SolutionsHave yet to release price plan
  • Ohm Electricity provides a No Contract plan at $0.1535/kWh with a monthly fixed cost of $10.
  • Best Electricity has the cheapest 6 months plan at $0.1628/kWh
  • Sembcorp Power and Keppel Electric are the most economical when it comes to 1-year plan at $0.168/kWh.
  • Geneco is the most economical when it comes to 2 years at $0.1620/kWh
  • Tuas Power is the only one providing 3 years contract at $0.168/kWh

The Ultimate Comparison: Electricity Retailers in Singapore (Discount Off Regulated Tariff Plan)

If you are not a fan of fixed rate and would like to add a bit of spice to life, “betting” on electricity tariff can be the new thing for you.

Discount Off Regulated Tariff Plans charge by taking away a percentage of the cost from your usual electricity tariff. Hence, it is pegged to the electricity tariff which changes every quarterly.

CompanyDiscount Off Tariff Plan
6 Months1 Year Contract2 Years Contract
Geneco23.8% off19% off21% off
Ohm Electricity 20%22%-
Sembcorp Power-20% off23.5% off
Best Electricity -18% off23% off
Keppel Electric--21% off
iSwitch-19% off
18% off
(clean energy)
20% off
Senoko Energy-14.5% off17.25% off
PacificLight--21% off
Tuas Power10% off
(First month Free)
-16% off
(First Month Free)

or
53% off
(first 6 months)
10% off
(subsequent 18 months)
SingNetHave yet to release price plan
Union PowerHave yet to release price plan
Environmental SolutionHave yet to release price plan
  • For short-term 6 months contract, Geneco is the cheapest with 23.8% off.
  • Ohm Electricity is the cheapest for 1-year contract with 22% discount off tariff.
  • For 2 year contract, Sembcorp Power is the cheapest with 23.5% off.

The Ultimate Comparison: Electricity Retailers in Singapore (Peak and off-peak plans)

Assuming peak period is defined as the time where most Singaporeans are at home. Hence, if you have working hours which are away from the norm, this might be the plan for you given that your electricity usage will be during off-peak.

We see less company is having the Peak and off-peak plans mainly due to possible extra meter needed to be fixed at the household to monitor the electrical activity.

CompanyPeak and off-peak plans
PeakOff Peak
PacificLight$0.1807/kWh
or
16% off tariff
(7am to 11pm)
$0.1667/kWh
or
26% off tariff
(11pm to 7am)
Keppel Electric$0.1880/kWh
(7am to 11pm)
$0.1538/kWh
(11pm to 7am)
Geneco5% off Tariff
(6am - 12am)
53% off Tariff
(12am-6am)
Sembcorp Power$0.2/kWh
(7am - 7pm)
$0.2365/kWh
(7pm - 7am)
Tuas Power$0.202/kWh
(7am to 6.59pm)
$0.19/kWh
(7pm to 6.59am)
iSwitchDoes not offer Peak and off-peak plans
Best Electricity Does not offer Peak and off-peak plans
Senoko EnergyDoes not offer Peak and off-peak plans
Ohm Electricity Does not offer Peak and off-peak plans
SingNetHave yet to release price plan
Union PowerHave yet to release price plan
Environmental SolutionHave yet to release price plan
  • PacificLight offers the cheapest price when it comes to peak hours usage.
  • Geneco, on the other hand, is cheapest for off-peak with a 53% off tariff.
  • For fixed price, Keppel Electricity is the cheapest for off-peak
  • Should a consumer chooses to go with Peak and Off-peak plan, installing a smart meter is necessary to track your electricity consumption every half an hour.
  • The meter installation fee costs $40 (before GST).

Further Reading:

Transmission Loss Factors (TLF)

  • Scaling factors that are already applied at the metering point to account for network and transformer losses.
  • Residential customers fall under the 230.400V category when it comes to TLF
  • SP Group should have already adjusted this to derive the usage of consumers, hence, private retailers will simply take the information from SP Group and bill accordingly.

Transmission Loss Factors Singapore april 2018

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