The Open Electricity Market (OEM) will be extended to all consumers across Singapore by zones starting from 1 November 2018.
In a press release on Friday (21 September), Energy Market Authority (EMA) stated that about 1.4 million household and business accounts, comprising about 1.3 million household accounts and 67,000 business accounts, will have the option of buying electricity from a retailer on a price plan that best meets their needs.
The authority noted that OEM gives consumers more choice and flexibility when buying electricity, while being provided with the same electricity supply through the national power grid.
Consumers can buy electricity from any of the 12 authorised retailers, which are Best Electricity Pte Ltd, Environmental Solutions (Asia) Pte Ltd, Geneco (by Seraya), ISwitch Pte Ltd, Keppel Electric Pte Ltd, Ohm Energy Pte Ltd, PacificLight Energy Pte Ltd, Sembcorp Power Pte Ltd, Senoko Energy Pte Ltd, SingNet Pte Ltd, Tuas Power Supply Pte Ltd, and Union Power Pte Ltd.
Alternatively, members of the public can remain with SP Group and buy electricity at the regulated tariff, and no further action is needed on their part.
It is not compulsory to switch to a retailer and there is no deadline for switching, EMA noted.
The authority stressed that the zonal rollout will allow the Energy Market Authority (EMA) and the retailers to provide a better consumer experience.
EMA and electricity retailers will be better able to focus efforts on engaging and educating consumers, and help them understand their options before making a decision, it added.
Prior to each zonal rollout, consumers will receive a notification package and information booklet. Members of the public can also visit price comparison tools to help consumers compare the standard price plans offered by retailers.
The authority noted that the soft launch of OEM in Jurong in April 2018 – involving about 120,000 household and business accounts – has been well-received.
“Jurong residents benefitted from more choices and flexibility. Those who switched paid an electricity rate which was on average about 20% lower than the regulated tariff. We now hope to bring the benefits of competitive pricing and innovative offers to the rest of Singapore,” said Mr Ngiam Shih Chun, Chief Executive of EMA.
Since 2001, EMA noted that it has progressively opened up the electricity market to competition, starting with larger businesses with higher electricity consumption. OEM is the final phase where about 1.4 million accounts, mainly households, will get to enjoy the same options and benefits. Visit Open Electricity Market website for more information on OEM.