Published on: 07/06/2017
There’s a certain buzz in the air these days. You may have heard some of the rumours and gossip: that you don’t need to buy electricity from the government anymore; that you can buy cheap electricity and even compare electricity prices before you buy. Like how you’d go online to shop for a new pair of shoes or the latest new sneakers, you’re supposed to be able to buy electricity in Singapore as easily as if you were using Google. How is this possible? Can this really be happening? And what will happen to SP?
Well, it’s no rumour. In 2015 Minister for Trade and Industry, S Iswaran announced that Singapore’s electricity market will be fully liberalised by the second half of 2018. That means all consumers including households will be able to choose their own electricity retailers after June next year! The Energy Market Authority (EMA) is working hard with different bodies in the industry to make Open Electricity Market, or OEM as it’s commonly referred to, a reality. There will be an expected 1.3 million more consumers, mainly households, who will gain flexibility and choice in their electricity consumption.
This liberalisation of the electricity retail market has been going on since 2001, albeit in small steps. Up until now, some 33,000 commercial and industrial consumers consuming above 2,000kWh are already contestable and able to buy electricity directly from one of the 25 electricity retailers from the list below:
These electricity retailers offer cheaper electricity prices than the regulated tariff that’s offered by SP Services. But they do have contract terms and you’d have to do your research carefully. It’s confusing enough to have to scan through this long list of retailers, but just getting the right prices to fit your level of consumption is going to be another challenge! What’s the use of freedom if you can’t effectively use it? How do you compare electricity prices in Singapore with ease? If you’re reading this, you already know the answer: ELECTRIFY.SG.
Any contestable consumer right now can go to ELECTRIFY.SG and get an instant quotation in just TWO easy steps. And after OEM, every Singaporean consumer will have this same freedom to choose too! While EMA’s liberalisation of the energy market is giving you the freedom to choose, ELECTRIFY.SG puts the power of choice right at your fingertips.