Wholesale Electricity Price

Consumers can choose to buy electricity from the wholesale electricity market via SP Group. In doing so, they will be paying for electricity at prices that vary every half-hour, depending on the demand and supply situation in the market. This is also known as the Wholesale Electricity Price (WEP).

The WEP would typically rise due to reasons such as an increase in electricity demand and/or an outage of power generating units. 

Consumers are advised to consider the WEP plan carefully given that the electricity rate that they pay is uncertain and volatile. In the recent months of 2023, wholesale electricity prices have remained elevated and volatile. Consumers who are buying electricity at wholesale prices could pay significantly more for their electricity, compared to those buying electricity at the regulated tariff from SP Group or via a retail contract with an electricity retailer.

For greater price certainty, households are advised to consider these options instead:

1. Buy electricity at the Regulated Tariff from SP Group, where the cost is linked to long-term fuel prices and adjusted quarterly. View the latest regulated tariff rates.
2. Buy electricity from a retailer in the Open Electricity Market. Start by comparing the standard price plans offered by electricity retailers using the Price Comparison Tool.
3. Here are more details on how one can switch from WEP to the regulated tariff (if eligible) or a retailer.

For consumers who still wish to buy electricity from SP Group at the wholesale electricity price, please read through SP Group’s Fact Sheet and Consumer Advisory which summarises the key contractual terms before doing so.