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050423 - Open Electricity Retailers Price Comparison_ Find the Best Electricity Plan in Singapore (April 2023)

Open Electricity Retailers Price Comparison: Cheapest Electricity Plan in Singapore (April 2023)

profileMing Feng

Electricity Tariff in Singapore Q2 2023: What Is the Electricity Rate in SP Group 2023?

The electricity tariff for Q2 2023 (1 Apr – 30 Jun 2023) has fallen about 5.4 per cent from 28.95 to 27.43 cents per kilowatt-hour (kWh) before GST:

Source: Channel News Asia

This amounts to 29.62 cents per kWh if you factor in the prevailing 8% 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 5 Apr 2023. 


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

Cheapest Fixed Price Plan: Who Has the Cheapest Electricity in Singapore at the Moment?

Contract Length For Fixed Price PlanWho provides the cheapest plan?
(Incl. GST)
No ContractSingapore Power (SP):
31.27¢/kWh
6 MonthsGeneco:
31.17¢/kWh
12 MonthsGeneco/Senoko:
30.86¢/kWh
24 MonthsGeneco/Senoko:
30.66¢/kWh

What Is the Cheapest Electricity To Use: Click to Teleport


Who Has the Cheapest Electricity Rates in Singapore? Who Has the Cheapest Electricity per kWh?

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

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.

How Many Electricity Retailers Are There in Singapore?

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?

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 2023.

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Who 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
No Contract6-Month12 Month Contract24-Month Contract
Singapore Power (SP)No contract:
29.62¢/kWh

Average Monthly Bill: $91.53
GenecoGive Us A Try:
29.30¢/kWh

Monthly Bill: $90.54
Get It Fixed 12:
28.98¢/kWh


Monthly Bill: $89.55
Get It Fixed 24:
28.98¢/kWh


Monthly Bill: $89.55
Get It Fixed 12:
Use promo code FIVESTA25
($25 bill rebate, limited sign-ups)

Get It Fixed 24:
Use promo code FIVESTA85
($50 bill rebate + ​$35 eCapitaVoucher, limited sign-ups)
Keppel ElectricFIXED12:
31.10¢/kWh

Monthly Bill: $96.10

ecoGreen12:
37.10¢/kWh

Monthly Bill: $114.64
FIXED24:
30.66¢/kWh

Monthly Bill: $94.74

ecoGreen12:
36.66¢/kWh

Monthly Bill: $113.28
12 months:
- Citi: Enter promo code CITI10 for 1-year plan to enjoy $10 Bill Rebate when you set up for recurring bill payment with your Citi Credit Card
Limited to 1st 500 sign-ups, one redemption per sign up

24 months:
- Citi: Enter promo code CITI30 for 2-year plan to enjoy $30 Bill Rebate when you set up for recurring bill payment with your Citi Credit Card
Limited to 1st 500 sign-ups, one redemption per sign up

- UOB: Enter promo code UOB20 for 24-month plan to enjoy $20 Bill Rebate when you set up for recurring bill payment with your UOB Credit Card
PacificLightEasy Peasy:
30.56¢/kWh (+ 55¢ daily charge)

Monthly Bill: $104.23

9 to 9:
16.20¢*/kWh (+$1 daily charge)
-16.20¢/kWh (9pm - 9am)
-38.88¢/kWh (9am - 9pm)

Monthly Bill: Depends on usage
Sunny Side-Up 12m (Green Plan) / Savvy Saver 12:
30.86¢/kWh

Monthly Bill: $95.36
Savvy Saver 24:
30.66¢/kWh

Stack It UP 24:
(i) Stack 1 - First 300kWh @32.01¢/kWh
(ii) Stack 2 - Usage between 301 to 600kWh @29.31¢/kWh
(iii) Stack 3 - Above 600kWh @28.51¢/kWh

Monthly Bill: Depends on usage

Monthly Bill: $94.74

Save While Sleeping:
21.60¢*/kWh
-21.60¢/kWh (11pm - 7am)
-38.88¢/kWh (7am - 11pm)

Monthly Bill: Depends on usage
Glide with UOB Savings
Get up to S$120 rebate for all UOB Cardholders!

Enjoy Rebates with DBS
Get up to S$88 rebate off your bill when you sign up via DBS Home & Living Marketplace!

NTUC Family Benefits
Enjoy more with your loved ones as an NTUC Family Member. Get up to S$75 off electricity bills!

Exclusive to HSBC Cardholders
Extra rebate of up to S$30 when set up Recurring Bill Payment using HSBC Credit Cards!

Rewarding U
Because You've Worked Hard and Deserve the Best Deal in Town! Enjoy S$70 off your bills when you sign up for any 24-month plan as an NTUC Union member

Recommend PacificLight to your loved ones. You’ll get $30 reward and your friend will get $20 rebate off the electricity bill!
Sembcorp Power12M Fixed Price Home:
29.61¢/kWh

Monthly Bill: $91.49

12M Sunshine Plan:
39.33¢/kWh

Monthly Bill: $121.53
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

Get rewarded and make your loved ones love you even more! As a Sembcorp Power Customer, you will have your very own Referral Code that you can share with your friends and family

Earn $20 bill rebates with every successful referral, and your FRIEND will earn $20 bill rebates too! Bill rebates will be used to offset your monthly electricity bills
Senoko EnergyLifePower6 (29.30)
29.30¢/kWh

Monthly Bill: $90.54
LifePower12 (28.98):
28.98¢/kWh


Monthly Bill: $89.55
LifePower24 (28.98):
28.98¢/kWh


Monthly Bill: $89.55

LifeGreen24 (29.44) (Up to $110 rebate):
29.44¢/kWh

Monthly Bill: $90.97
Use the promo code LIVE20 to get a $20 bill rebate on any 12-month plan

Use the promo code LIVE60 to get a $60 bill rebate on any 24-month plan

Use the promo code LIVEGIRO30 to get a $30 bill rebate when you set up GIRO Payment for any 12-month price plan

Use the promo code LIVEGIRO70 to get a $70 bill rebate when you set up GIRO Payment for any 24-month price plan

Be a Lobang King or Queen! Earn a $20 bill rebate for yourself & an extra $20 rebate for your friend when they switch to Senoko Energy

Enjoy $50 rebate with any Trust card
Use promo code TBLIVE50 for 12-month plans

Get up to $90 bill rebate when you sign up with Senoko Energy and set up recurring payment arrangement with your Citi card within 1 month upon sign up.

Up to $90 rebate with Citi Credit Cards
Use promo code CITILIVE90 for 24-mth plans and CITILIVE10 for 12-mth plans

Up to $80 rebate with UOB Credit Cards
Use promo codes UOBLIVE80 for 24-month plans and UOBLIVE40 for 12-month plans

Limited signups per month
SunseapSUNSEAP ONE 6M:
42.12¢/kWh

Monthly Bill: $130.15

Sunseap-100 6M:
45.36¢/kWh

Monthly Bill:
$140.16
Tuas PowerPowerFIX 12 Month (Same SP Bill):
29.52¢/kWh

PowerFIX 18 Month (Same SP Bill):
29.52¢/kWh

Monthly Bill: $91.22
PowerFIX 24 Month (Same SP Bill):
29.52¢/kWh

PowerFIX 36 Month (Same SP Bill):

Monthly Bill: $91.22
Share your referral code and get rewarded!

Referrers and Referees will each get a $20 bill rebate for each successful referral! Limited to the online referrals only.
Union PowerUnion Saver 6
48.60¢/kWh

Monthly Bill: $150.17

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 309 kWh (based on the latest data for Feb 2023).

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

  • No Contract/Shortest Plan:
    • Singapore Power: 29.62¢/kWh | Monthly Bill: $91.53
  • Six-Month Plan:
    • Geneco: 29.30¢/kWh | Monthly Bill: $90.54
  • 12-Month Plan:
    • Geneco/Senoko: 28.98¢/kWh | Monthly Bill: $89.55
  • 24-Month Plan: 
    • Geneco/Senoko: 28.98¢/kWh | Monthly Bill: $89.55

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

However, 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 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)

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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 have a look at how much Singaporeans spend on electricity per month, on average.

We will be using the current Q2 2023 electricity tariff rate of 29.62 cents (including GST) and the latest data from SP (as of Nov 2022):

Property TypeNational Average Electricity Consumption Per Month (kWh)
(As of Feb 2023)
Average Cost of Electricity Per Month (Incl. GST)
Rounded up to nearest hundredth
HDB 1-Room121$35.84
HDB 2-Room158$46.80
HDB 3-Room226$66.94
HDB 4-Room309$91.53
HDB 5-Room363$107.52
HDB Executive443$131.22
Apartment425$125.89
Terrace727$215.34
Semi-Detached962$284.94
Bungalow1,938$574.04.31

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How Are Electricity Tariffs Calculated?

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

For Q2 2023, the electricity tariff is 27.43 cents per kWh (excluding GST).

With GST, the electricity tariff is 29.62 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)0.43 cents/kWhAnnually
Network Cost6.25 cents/kWhAnnually
Energy Costs20.69 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.

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Some Commonly Asked Questions About OEM Electricity Providers in Singapore

1. Cost of Electricity in Singapore: Here’s Why 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 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 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.

Back to top


What Is the Best Electricity Fixed Plan in Singapore? Find Out With the Best Electricity Plan Singapore Reviews

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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