fbpx
Light bulb from Shutterstock.com

Energy Market Authority announces open electricity market in Jurong from 1 April

Energy Market Authority (EMA) has announced that starting from 1 April 2018, residential and small business consumers in Jurong will have the power to choose who they wish to buy electricity from under the Open Electricity Market initiative.

EMA stated that if the postal code of the residential or business premises in Jurong starts with 60, 61, 62, 63 or 64, then members of the public can buy electricity from any of these 14 retailers participating in the soft launch of Open Electricity Market.

They are Best Electricity Supply Pte Ltd, Diamond Energy Merchants Pte Ltd, Hyflux EnergyPte Ltd, iSwitch Pte Ltd, Keppel Electric Pte LtdOhm Energy Pte Ltd, PacificLight Energy Pte LtdRed Dot Power Pte LtdSembcorp Power Pte LtdSenoko Energy Supply Pte LtdSeraya Energy Pte LtdSun Electric Power Pte LtdSunseap Energy Pte Ltd, and Tuas Power Supply Pte Ltd.

Before making the switch to buy electricity from a retailer, residential consumers need to consider to decide on a price plan and choose a type of electricity meter, before signing up.

Source: EMA.

EMA stated that there are three standard price plans that members of the public can choose from, which are Fixed Price Plan, Discount Off the Regulated Tariff Plan, and Peak and Off-peak Plan.

When picking Fixed Price Plan, consumers pay a fixed rate (e.g. 20 cents/kWh) for electricity throughout the contract duration.

Those picking Discount Off the Regulated Tariff Plan, enjoy a discount off the prevailing regulated tariff (e.g. 5%) throughout the contract duration. The regulated tariff is reviewed by SP Group quarterly and approved by EMA.

While those who pick to use Peak and Off-peak Plan, enjoy different rates during different periods (e.g. 25 cents/kWh for peak period, from 8am to 8pm; 15 cents/kWh for off-peak period, from 8pm to 8am). Check with your retailer on the peak and off-peak timings.

EMA also noted that retailer may either bill members of the public directly or via SP Group. The billing arrangement will depend on the retailer whom they choose.

Currently, consumers id using a cumulative electricity meter, which is read once every two months.

EMA then noted that if members of the public choose the Fixed Price Plan or Discount Off the Regulated Tariff Plan, they may not need a smart meter and can continue to use the existing meter.

However, if they choose a Peak and Off-peak Plan, they may consider installing a smart meter for tracking your electricity consumption every half-hour. A meter installation fee of $40 (before GST) will apply.

Meanwhile, business consumers with an average monthly consumption of at least 2,000 kWh (approximately $400 in electricity bill) can buy electricity from any licensed electricity retailer.

Business owners can also pick the plans as the residential consumers. However, EMA noted that as a business consumer, they will need to install a smart meter if they switch to a retailer.

A smart meter will allow them to measure and remotely read your electricity consumption every half-hour. A meter installation fee of $40 (before GST) will apply.

EMA spokesperson said, "The amount of savings that consumers may achieve will depend on several factors including the amount of electricity they use, their consumption patterns and their preferred price plan," adding that this soft launch will allow EMA, SP Group and retailers to gather feedback and fine-tune processes where necessary, before extending it to the rest of Singapore in the second half of this year.

Those who wish to learn more may visit EMA website.