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Electricity Retail Market


General


1.
What is Open Electricity Market about and how will it benefit consumers?
In the past, consumers in Singapore could only buy electricity from SP Group at the regulated tariff. The Energy Market Authority (EMA) has been progressively opening up the electricity market to allow larger business consumers more choices and flexibility in their electricity purchases.

With Open Electricity Market, the remaining 1.4 million consumer accounts in Singapore, mainly households, will also have the option to buy electricity from a retailer, and stand to enjoy competitive pricing and innovative offers from retailers.
2.
Why did the Government only open the electricity market to residential and small business consumers now?
The intent has always been to eventually allow all consumers in Singapore to be able to enjoy more choices and flexibility when buying electricity. To roll out an initiative of this scale and impact, the Government has taken a phased approach to progressively open up the electricity market in Singapore, and is now opening the electricity market to the remaining 1.4 million consumers, mainly households.
3.
What does Open Electricity Market mean for consumers in Singapore?

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:

  • Fixed Price Plans are more suitable for consumers who prefer a constant electricity rate throughout the contract duration. The electricity rate may be higher or lower than the regulated tariff during the contract duration, as the regulated tariff is reviewed every quarter.
  • Discount Off the Regulated Tariff Plans provide a fixed discount off the regulated tariff, but the electricity rates will change in tandem with the regulated tariff. These plans are more suitable for consumers who do not mind changes in electricity rates every quarter so long as it is lower than the regulated tariff. 

4.
Will my electricity supply be affected if I switch to an electricity retailer?
Your electricity supply stays the same whether you switch to a retailer or not. This is because SP Group will continue to operate the national power grid and deliver electricity to everyone.
5.
Why are retailers able to offer rates that are different from the regulated tariff?

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.

6.
When will Open Electricity Market be available for consumers?

The Open Electricity Market will be rolled out by zones, starting 1 November 2018.

ZonePostal Codes Starting With...To be launched from*
158 - 78^1 November 2018
253 - 57, 79 - 80, 82 - 831 January 2019
334 - 52, 811 March 2019
401 - 331 May 2019

* 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.

7.
Why is Open Electricity Market rolled out by zones?
A zonal approach allows EMA and the electricity retailers to provide a better consumer experience through more focused public engagement and education efforts, to help residents understand their options before making a decision.
8.
What happens if an electricity retailer ceases operations?
In the event that your retailer ceases operations, your account will be transferred to SP Group. The following default supply arrangements will apply:

  • Businesses with an average monthly consumption of less than 4,000 kWh and all households will buy electricity from SP Group at the regulated tariff;
  • Businesses with an average monthly consumption of at least 4,000 kWh will buy electricity indirectly from the wholesale electricity market through SP Group at wholesale electricity prices.

If you do not wish to be transferred to the default supply arrangement, please approach your preferred retailer, who will submit a transfer request and work with SP Group to make the switch for you.

There will be no disruption to your electricity supply at any time. You will continue to receive your electricity supply through the national power grid operated by SP Group.
9.
Can consumers buy electricity from a retailer of their choice?

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 choice@spgroup.com.sg or 1800-233-8000 for assistance.


 
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