1. What are the price plans that I can choose from?
There are 3 standard price plans that you can choose from:
a. Fixed Price Plan
b. Discount Off the Regulated Tariff Plan
c. Peak and Off-peak Plan
Retailers may also offer incentives as well as bundled products and services as part of their standard price plans.
Visit https://compare.openelectricitymarket.sg to compare the standard price plans offered by retailers.
Retailers may also offer non-standard price plans, such as price plans indexed to the half-hourly wholesale electricity prices or oil prices. Please speak to your retailer if you wish to find out more about such plans.
2. How is it that retailers can offer different rates from the regulated tariff?
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 reasons. SP Group thus 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 cost 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.
On the other hand, 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. For instance, in the UK, retail prices have been observed to fall and rise by as much as 27% within a short time in recent years. Retailers 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.
3. How will the Open Electricity Market affect the regulated tariff?
The methodology for determining the regulated tariff will remain unchanged.
4. Are electricity retailers allowed to offer pre-payment packages (similar to mobile pre-paid cards) to consumers?
To safeguard the interests of households, retailers that wish to offer prepayment packages to households are required to obtain EMA’s written approval. EMA will review such proposals on a case-by-case basis.