facebookOpen Electricity Market Price Comparison: Cheapest Plans in Singapore (Apr 2022)


070422 Open Electricity Market Price Comparison_ Best Plans in Singapore (Apr 2022)

Open Electricity Market Price Comparison: Cheapest Plans in Singapore (Apr 2022)

profileMing Feng

Electricity Tariff in Singapore Q2 2022 

The electricity tariff for Q2 2022 (1 April – 30 June 2022) will be increased from 25.44 cents to 27.94 cents per kilowatt-hour (kWh). This is a 9.9% increase from Q1 2022 (1 Jan to 31 March 2022), and the fifth quarter in a row, the electricity tariff has increased.

This amounts to 29.90 cents per kWh if you factor in the prevailing 7% Goods and Services Tax (GST).

This is not the best news for us all…

We’re pretty sure that the Open Electricity Market (OEM) retailers will be adjusting their prices accordingly as well, which means a more expensive electricity bill…

Source: Giphy

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.


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 April 2022. 

TL;DR: Singapore Electricity Price Comparison: Which Is the Cheapest Open Electricity Market (OEM) Plan in Singapore?

Cheapest Fixed Price Plan

Contract Length For Fixed Price PlanWho provides the cheapest plan?
(Incl. GST)
No ContractSingapore Power (SP):
$0.2990 cents/kWh
6 MonthsGeneco
$0.2900 cents/kWh
1 YearKeppel Electric
2 YearsSenoko Energy

Cheapest Discount Off Regulated Tariff Plan

Contract Length For Discount Off Tariff PlanWho provides the cheapest plan?
1 YearSenoko Energy: 
6% off

Click to Teleport

Which Is The Cheapest Electricity Retailer In Singapore?

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.


Besides utilities, if you’re looking to save on your daily expenses, go and redeem your CDC vouchers and save yourself $100 worth of expenses now!

What Is the Open Electricity Market (OEM)?

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.

So… Who Are the Electricity Retailers in the OEM?

There are currently eight 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. Sunseap Energy Pte Ltd 
  7. Tuas Power Supply Pte Ltd
  8. Union Power Pte Ltd 

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What Types of Electricity Price Plans Do They Offer?


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 prices 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.

Because SP Group’s price plan is always determined by EMA’s regulated tariff.

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

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Which Electricity Retailer’s Fixed Price Plan Is The Cheapest?

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.

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

CompanyCheapest Fixed Rate Plan
No Contract/Short Contract6 Months1 Year Contract2 Years Contract
Singapore Power (SP)$0.2990 cents/kWh

Monthly Bill: $104.35
Geneco$0.2900 cents/kWh

Monthly Bill: $101.21
$0.2900 cents/kWh

Monthly Bill: $101.21
$0.2900 cents/kWh

Monthly Bill: $101.21
Keppel Electric$0.2688/kWh

Monthly Bill: $93.81

Monthly Bill: $93.81
PacificLight$0.2968/kWh (+ $0.50 daily fee)

Monthly Bill: $103.58

Monthly Bill: $94.61

Monthly Bill: $93.57
Sembcorp Power$0.2988/kWh

Monthly Bill: $104.28
Senoko Energy$0.2700/kWh

Monthly Bill: $94.23

Monthly Bill: $93.53

Monthly Bill: $145.64
Tuas Power$0.2979/kWh

Monthly Bill: $103.97

18 Months: $0.2979/kWh

Monthly Bill: $103.97

Monthly Bill: $103.97
Union Power$0.4500/kWh

Monthly Bill: $157.05

Note: Prices inclusive of GST. Monthly bill based on the electricity consumption of an average HDB 4-room flat in Singapore of ~349 kWh a month.

Also, here are the cheapest fixed OEM plans based on contract length:

  • No Contract Plans:
    • Singapore Power: $0.2990 cents/kWh | Monthly Bill: $104.35
  • Six Month Plan:
    •  Geneco: $0.2900/kWh | Monthly Bill: $101.21
  • One Year Plan:
    • Keppel Electric: $0.2688/kWh | Monthly Bill: $93.81
  • Two Year Plan: 
    • Senoko Energy: $0.2680/kWh | Monthly Bill: $93.53

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Which Electricity Retailer’s Discount Off The Regulated Tariff (DORT) Plan Is The Cheapest?

If you’d like to take a bet on the electricity tariff, then the DORT plan might be more your thing.

DORT plans charge you by taking a percentage of the cost from the EMA stipulated electricity tariff for the quarter.

CompanyCheapest Discount Off Tariff Plan
No Contract6 Months1 Year Contract2 Years Contract
Singapore Power (SP)$0.2990 cents/kWh

Monthly Bill: $104.35
Senoko Energy6% off

Monthly Bill: $98.09
Tuas Power
Union Power
Keppel Electric
Sembcorp Power

Note: Prices inclusive of GST. Monthly bill is based on the electricity consumption of an average HDB 4-room flat in Singapore of 349 kWh a month.

Also, here are the cheapest DORT OEM plans based on contract length:

  • One Year Plan:
    • Senoko Energy: 6% off | Monthly Bill: $98.09

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SP Wholesale Electricity Plan

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 that you can switch back to the SP regulated tariff plan or sign up for an OEM plan without any penalty.

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

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 WEP:

Source: Singapore Power (SP) | Lowest and highest half-hourly wholesale electricity prices* in 2019.

For instance, in February 2019, the half-hourly WEP ranged between $0.14/kWh and a crazy $1.56/kWh

Thus, you should carefully consider this WEP as it is the more unstable and riskier option due to the price fluctuations.

There is more certainty if you buy electricity from an electricity retailer under a Fixed Price or Discount Off the Regulated Tariff price plan.

To illustrate this, let’s look at this real-life example from someone working at WhatCard:

Source: WhatCard

Please ignore the many lines in the bill and focus on the person’s total electricity consumption and how much he paid for his electricity bill.

If you subtract the one-off security deposit cost of $98, the person only paid ~$85 for his electricity. Divide this over his electricity usage (801.34 kWh) and you’ll find that he is only paying $0.106/kWh which is way lower than the fixed discounted tariff rates offered by the OEM retailers.

But on balance, this past performance is not indicative of future returns and you may not always enjoy such a low rate. 

For the uninitiated, global energy costs have been soaring recently.

In an interview with The Straits Times, Energy economist David Broadstock, a senior research fellow at the National University of Singapore’s (NUS) Energy Studies Institute, mentioned that:

the extreme wholesale market prices in October were not sustained for the whole month, and that the higher prices were mainly experienced in the first half.

Asked reasons for the volatility, he pointed to the global energy crunch.

From around end-September, the world entered a global gas crunch, driven by multiple factors, including higher demand from post-pandemic economic activity and the need for heating during winter months.

Yet, at the same time, severe weather events and a series of gas production outages have disrupted supplies of the fuel.

The global energy crunch has not yet dissipated. As such, the generation side of the power market, which needs to source natural gas from the international markets, still suffers heightened cost uncertainty.

This has trickled down to the electricity tariff which has increased for four straight quarters.

So much so that the average wholesale market rate rocketed up to about 50 cents per kWh in October 2021.

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Average Electricity Consumption and Electricity Bill of Singaporeans

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

We will be using the current Q2 2022 electricity tariff rate of $0.2990 (including GST) and the latest data from SP (as of February 2022):

Property TypeNational Average Electricity Consumption Per Month (kWh)
(As of 1H 2021)
Average Cost of Electricity Per Month (Incl. GST)
HDB 1-Room135$40.37
HDB 2-Room182$54.42
HDB 3-Room253$75.64
HDB 4-Room349$104.35
HDB 5-Room408$121.99
HDB Executive498$148.90

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How Much Do Singaporeans Spend on Electricity Every Month?

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

For Q2 2022, the electricity tariff is 27.94 cents per kWh (excluding GST)

With GST, the electricity tariff is 29.90 cents per kWh.

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

Electricity Tariff ComponentsPriceHow 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)0.40 cents/kWhAnnually
Network Cost5.77 cents/kWhAnnually
Energy Costs21.71cents/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.

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Some Commonly Asked Questions About The OEM

1. Why Are Electricity Retailers Able Charge Lower 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.

The rates offered by retailers, on the other hand, 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

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.

Not to mention that Geneco charges an early termination fees as follows:

  • HDB 1 or 2 rooms: $60
  • HDB 3, 4 or 5 rooms / HDB Executive: $130
  • Executive Condominium / Condominium / Private
    Apartment: $180
  • Terrace House/ Semi-Detached House: $350
  • Bungalow: $720

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

2. When Can I Start Applying?

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

But as with anything that has to do with 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.

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.

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Wanna Switch But Don’t Know Which?

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!

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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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