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The Ultimate Comparison (as of 3 July 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 3 July 2018)

  • 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 14 players and 3 most distinct types of price plans available.
  • For Fixed Price Plan:
    Sun Electric has a 3 months contract plan
    Best Electricity is the cheapest for 6 months.
    Sembcorp Power is the cheapest for a 1-year contract.
    Geneco is the cheapest for a 2-year contract.
    Ohm Electricity has a No Contract Plan for this category.
  • For Discount Off Tariff Plan:
    Geneco has the cheapest 3 months contract plan.
    iSwitch
    is the cheapest when it comes to contracts more than 6 months.
    Sembcorp Power is the cheapest when it comes to 1-year contract while Best Electricity, for a 2 years contract.
  • For peak and off-peak plans: PacificLight dominates this category.

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 Jurong

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.

Should this be a success, Singaporeans may go under this new initiative.

To kick-start this new initiative, 14 electricity retailers are authorised to start offering their plans for Jurong.

The 14 retailers are:

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

    Pay a fixed rate throughout your contract

  • Discount Off Regulated Tariff Plan

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

  • Peak and Off-peak Plan

    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 Contract
Keppel Electric$0.1707/kWh$0.1680/kWh$0.1650/kWh
Geneco-$0.1780/kWh$0.1599/kWh
Best Electricity $0.1628/kWh$0.175/kWh$0.1638/kWh
Senoko EnergyOnly provides Discount Off Regulated Tariff Plan$0.1699/kWh$0.1649/kWh
iSwitch$0.170/kWh$0.1690/kWh$0.1690/kWh
Sembcorp Power-$0.1780/kWh0.1730/kWh
Sun Electric0.1750/kWh
(3 months, up to 5% solar)
--
PacificLight--$0.1678/kWh
Ohm Electricity $0.1815/kWh$0.1795/kWh-
No Contract: $10 per month + $0.1535/kWh)
Red Dot Power-$0.1858/kWh$0.1788/kWh
Diamond Electric-$0.1888/kWh-
Tuas Power--$0.188/kWh
SunseapOnly provides Discount Off Regulated Tariff Plan
  • Sun Electric has the cheapest 3 months plan.
  • Best Electricity has the cheapest 6 months plan.
  • Sembcorp Power is the most economical when it comes to 1 year.
  • Geneco is the most economical when it comes to 2 years at S$0.1599/kWh
  • Ohm Electricity actually provides a No Contract plan at $0.1535/kWh with a monthly fixed cost of $10.
  • Senoko Energy, Sun Electric and Sunseap only does Discount Off Regulated Tariff Plan (refer to the definition at the top).

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
Best Electricity -18% off23% off
Sembcorp Power-21% off22% off
Senoko Energy-20% off22% off
Geneco23.8% off
(3 Months)
19% off21% off
Keppel Electric--21% off
PacificLight--21% off
iSwitch23% off20% off
18% off
(clean energy)
20% off
Diamond Electric18% off
20% off-
Ohm Electricity 20%--
Sunseap--20% off
Sun Electric-17% off
(up to 5% solar)
13% off
(at least 5% solar)
18.8% off
(up to 5% solar)
15% off
(at least 5% solar)
Red Dot Power-15% off18% off
Tuas Power--10% off
(Free 2 months)
  • For short-term 3 months contract, Geneco is the cheapest with 23.8% off.
  • iSwitch is the cheapest for 6 months contract with 23% discount off tariff, followed by Ohm Electricity.
  • For 1 year contract, Sembcorp Power is the cheapest with 21% off.
  • As for 2 Years Contract Best Electricity the cheapest at 23% 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)
Tuas Power$0.202/kWh
(7am to 6.59pm)
$0.19/kWh
(7pm to 6.59am)
Hyflux EnergyOnly available upon requests
GenecoDoes not offer Peak and off-peak plans
Red Dot PowerDoes not offer Peak and off-peak plans
Best Electricity Does not offer Peak and off-peak plans
SunseapDoes not offer Peak and off-peak plans
Sun ElectricDoes not offer Peak and off-peak plans
Diamond ElectricDoes not offer Peak and off-peak plans
Sembcorp PowerDoes not offer Peak and off-peak plans
Senoko EnergyDoes not offer Peak and off-peak plans
iSwitchDoes not offer Peak and off-peak plans
Ohm Electricity Does not offer Peak and off-peak plans
  • PacificLight charges the cheapest for Peak period whereas Keppel Electric is cheapest when it comes to Off-peak.
  • Consumers should look at their electric usage timing closer should they want to be on a peak and off-peak plan.
  • Do take note that Geneco and PacificLight offer peak and off-peak discount off tariff plans which might be attractive to consumers.
  • 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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