Retailers have the flexibility to vary their prices and business strategies, to adapt to current market conditions and the level of competition in the electricity market. They also have the flexibility to select the consumers they prefer to serve (e.g. large families, business consumers, etc.), to customise their price plans (e.g. by bundling other services/products) and to impose terms such as contract lock-in periods or early termination charges.
On the other hand, SP Group is required by the Government to supply electricity to all consumers in Singapore, including those who are not supplied by retailers for any reason. SP Group has no flexibility to pick and choose its customers, or to freely change its electricity prices, which are regulated by EMA to recover the long-term costs of producing and delivering electricity to consumers. SP Group also has to bear the risks from having an uncertain customer base, as it does not tie its customers down to any contract period or charge any early termination fees.
In the Open Electricity Market, consumers will be able to buy electricity from retailers of their choice at price plans that best meet their needs. Those who prefer to stay with SP Group to buy electricity at the regulated tariff can continue to do so.
Switching to a retailer is not compulsory, and there is no deadline to switch to a retailer.
Consumers can use the Price Comparison Tool on the Open Electricity Market website to compare the standard price plans offered by retailers.
There are two types of standard price plans:
Starting 1 November 2018, Open Electricity Market will be extended to consumers across Singapore by zones. View the rollout schedule to find out when you can make the switch.
Business consumers with an average monthly consumption of at least 2,000 kWh (equivalent to a monthly electricity bill of at least $400) can also buy electricity from a retailer of their choice.
Visit the Open Electricity Market website for more information on when you can switch and your electricity purchase options. You may also wish to contact SP Group at email@example.com or 1800-233-8000 for assistance.
The Open Electricity Market will be rolled out by zones, starting 1 November 2018.
* Schedule is accurate as of 21 September 2018, but may be subject to further changes.^ Consumers in Jurong (postal codes 60-64) have been able to buy electricity from a retailer since 1 April 2018.