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:
What are the measures taken to safeguard Singapore's electricity supply?
Singapore’s overall gas supplies remain sufficient. Earlier this year, EMA appointed two new term LNG importers, on top of the existing two, to provide gas users in Singapore with more options to procure the gas they require. Nevertheless, given the developments in the global energy sector, EMA is working with industry stakeholders on three pre-emptive measures to further secure our fuel and electricity supply:
First, we will establish standby fuel facilities which gencos can draw upon if needed to generate electricity. We are working closely with all gencos to track their fuel supply levels and generating capacity, and will provide the standby fuel to them if gas supplies are affected or there is a need to ensure reliable electricity supply to consumers in Singapore.
Second, to complement the standby fuel facilities, EMA has informed gencos to contract sufficient fuel to at least meet the demands of customers of their retail arms. To help gencos who have not contracted enough gas, EMA has informed gencos which are looking to sell their excess natural gas supply to provide other gencos and EMA with the first right of refusal, before they can divert or onsell the excess gas to other parties.
Third, EMA has been working with gencos and will direct them to generate electricity using fuel from the standby facilities if needed to maintain system stability. EMA is monitoring the Singapore Wholesale Electricity Market closely and will intervene if necessary.
The three measures are necessary to pre-empt energy security risks due in part to high and volatile gas prices. EMA will review the market conditions and other factors in order to determine whether to maintain this measure after 31 March 2022.
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 firstname.lastname@example.org or 1800-233-8000 for assistance.