060723 Open Electricity Retailers Price Comparison_ Find the Best Electricity Plan in Singapore (Jul 2023)

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

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06 Jul 2023

Electricity Tariff in Singapore Q3 2023: What Is the Electricity Rate in SP Group 2023?

The electricity tariff for Q3 2023 has increased by about 1.2% from 27.43¢ per kilowatt-hour (kWh) in Q2 2023 to 27.74¢/kWh:

This amounts to 29.96¢/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 6 Jul 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 Plan	Who provides the cheapest plan? (Incl. GST)
No Contract	Singapore Power (SP): 31.27¢/kWh
6 Months	Geneco: 31.17¢/kWh
12 Months	Geneco/Senoko: 30.86¢/kWh
24 Months	Geneco/Senoko: 30.66¢/kWh

What Is the Cheapest Electricity To Use: 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? 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 seven surviving electricity retailers in Singapore:

PSA: Sunseap has exited the Open Electricity Market.

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 Q3 2023.

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.

Company	Cheapest Fixed Rate Plan				Promotions
	No Contract	6-Month	12 Month Contract	24-Month Contract	—
Singapore Power (SP)	No contract: 29.96¢/kWh Average Monthly Bill (367kWh): $109.95	—			—
Geneco	—	Give Us A Try: 29.30¢/kWh Monthly Bill: $107.53 Promotion and referral codes are not applicable	Get It Fixed 12: 28.98¢/kWh Monthly Bill: $106.36	Get It Fixed 24: 28.98¢/kWh Monthly Bill: $106.36	Get It Fixed 24: Use promo code POWER80 ($50 bill rebate + $30 eCapitaVoucher, limited sign-ups) -Up to $50 additional rebate with HSBC Credit Cards -Up to $45 additional rebate with Maybank Credit Cards -Up to S$40 additional rebate with Citibank Credit Cards -Get $20 additional rebate with UOB Cards
Keppel Electric	—	—	FIXED12: 28.98¢/kWh Monthly Bill: $106.36 ecoGreen12: 37.98¢/kWh Monthly Bill: $139.39	FIXED24: 28.98¢/kWh Monthly Bill: $106.36 ecoGreen24: 37.98¢/kWh Monthly Bill: $139.39	Sign up now and get up to $30^ Bill Rebate when you sign up with promo code CITI30 Be rewarded with S$20 rebate* when you set up recurring bill payments at Keppel Electric with UOB Cards! Get $20 additional rebate with UOB Cards Refer your friends to Geneco and you'll each get a $20 rebate on your electricity bill, T&Cs apply
PacificLight	Easy Peasy: 27.80¢/kWh (+ 55¢ daily charge) Monthly Bill: $102.02 9 to 9: 16.20¢*/kWh (+$1 daily charge) -16.20¢/kWh (9pm - 9am) -37.00¢/kWh (9am - 9pm) Monthly Bill: Depends on usage	—	Savvy Saver 12: 28.98¢/kWh Monthly Bill: $106.36 Sunny Side-Up 12m (Green Plan): 29.30¢/kWh Monthly Bill: $107.53	Savvy Saver 24: 28.98¢/kWh Monthly Bill: $106.36 Stack It UP 24: (i) Stack 1 - First [email protected] ¢/kWh (ii) Stack 2 - Usage between 301 to 600kWh @ 27.63 ¢/kWh (iii) Stack 3 - Above [email protected] ¢/kWh Monthly Bill: $108.15 Save While Sleeping: 19.86¢/kWh -19.86¢/kWh (11pm - 7am) -37.00¢/kWh (7am - 11pm) Monthly Bill: Depends on usage	Glide with UOB Savings Get up to $120 rebate for all UOB Cardholders Enjoy Rebates with DBS Get up to $100 rebate off your bill when you sign up via DBS Home & Living Marketplace! Enjoy a good $70 off your bills when you sign up for a 24-month home plan NTUC Family Benefits Enjoy more with your loved ones as an NTUC Family Member. Get up to $75 off electricity bills! Exclusive to HSBC Cardholders Extra rebate of up to $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 $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 an additional $30 reward and your friend will get $20 rebate off the electricity bill!
Sembcorp Power	—	—	12M Fixed Price Home: 29.46¢/kWh Monthly Bill: $108.12 12M Sunshine Plan: 39.18¢/kWh Monthly Bill: $143.79	—	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 Energy	—	—	LifePower12: 29.31¢/kWh Monthly Bill: $107.57	LifePower24 29.31¢/kWh Monthly Bill: $107.57 LifeGreen24: 29.74¢/kWh Monthly Bill: $109.15	Enjoy up to $130 rebate with Citi credit cards: - Use promo code CITILUV130 for 24-month plans - Use promo code CITILUV20 for 12-month plans Enjoy up to $130 rebate with Maybank credit cards: - Use promo code MBLUV130 for 24-month plans - Use promo code MBLUV30 for 12-month plans Enjoy up to $120 rebate with UOB credit cards - Use promo code UOBLUV120 for 24-month plans - Use promo code UOBLUV40 for 12-month plans Enjoy $120 rebate with any Trust card Use promo code TBLUV120 for 24-month plans
Tuas Power	—	—	PowerFIX 12 Month (Same SP Bill): 29.52¢/kWh PowerFIX 18 Month (Same SP Bill): 29.52¢/kWh Monthly Bill: $108.34	PowerFIX 24 Month (Same SP Bill): 29.52¢/kWh PowerFIX 36 Month (Same SP Bill): Monthly Bill: $108.34	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 Power	—	Union Saver 6 48.60¢/kWh Monthly Bill: $178.36	—	—	—

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 367 kWh (based on the latest data for May 2023).

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

No Contract/Shortest Plan:
- Singapore Power: 29.96¢/kWh | Monthly Bill: $109.95
Six-Month Plan:
- Geneco: 29.30¢/kWh | Monthly Bill: $107.53
12-Month Plan:
- Geneco/Keppel/Pacific Light: 28.98¢/kWh | Monthly Bill: $106.36
24-Month Plan:
- Geneco/Keppel/Pacific Light: 28.98¢/kWh | Monthly Bill: $106.36.

To save more, make sure to get referral codes and take advantage of the various credit card promotions available! Currently, PacificLight is offering the best deal as their rates for their electricity are tied with Geneco and Keppel, and they are offering up to $120 in bill rebates for UOB Card holders and $100 with DBS Travel Marketplace.

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 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 Singaporeans spend on electricity per month, on average.

We will be using the current Q3 2023 electricity tariff rate of 29.96¢/kWh (including GST) and the latest data from SP (as of May 2023):

Property Type	National Average Electricity Consumption Per Month (kWh) (As of May 2023)	Average Cost of Electricity Per Month (Incl. GST) Rounded up to nearest hundredth
HDB 1-Room	142	$42.54
HDB 2-Room	185	$55.43
HDB 3-Room	270	$80.89
HDB 4-Room	367	$109.95
HDB 5-Room	428	$128.23
HDB Executive	528	$158.19
Apartment	543	$162.68
Terrace	867	$259.75
Semi-Detached	1,182	$354.13
Bungalow	2,303	$689.98
Note: The figures exclude electricity consumption for PAYU customers and customers who are not purchasing electricity at the regulated tariff

How Are Electricity Tariffs Calculated?

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

For Q3 2023, the electricity tariff is 27.74¢/kWh (excluding GST).

With GST, the electricity tariff is 29.96¢/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	21 cents/kWh	Quarterly

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

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.

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 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 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 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.

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.

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.

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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