If you reside in Singapore, you’ve probably heard quite a lot about the Open Electricity Market (OEM) buzz lately. But in case you haven’t, here’s a little bit of background info:
The Open Electricity Market, or OEM is an initiative by the Energy Market Authority (EMA) to enable homeowners and business consumers to purchase electricity from a retailer with a price plan that best meets their needs. Since 2001, EMA has progressively deregulated the retail electricity market to bring about competitive pricing, enhanced services, and innovative offers from retailers. This flexibility of choice, however, is only available for business consumers with an average monthly consumption of at least 2,000 kWh, up until 1 April 2018, following the soft launch of OEM in Jurong.
Luckily for us, OEM will be progressively extended to the rest of Singapore starting from November 2018, allowing the remaining 1.3 million households to have the freedom to purchase their electricity either from SP Group at regulated prices, or from a retailer at a more competitive rate.
Refer to the rollout schedule below if you’d like to check your eligibility to switch.
Now that the electricity tariffs for the period of October to December 2018 has increased by another 2.1% compared to the previous quarter, perhaps the burning question that most of us have is this: how much will I save?
Assuming the number of residents and average electricity usage in both households is the same, Stephanie and Christine have potentially saved over $20 a month just by switching providers; and that’s not even considering the different price plans that work best in their favour, which we will cover in more detail in the upcoming articles. This is true for most plans, except renewable energy.
However, with over 10 electricity Retailers and more than 50 electricity plans to choose from, making sure you’re getting the bang for your buck could be challenging. The Open Electricity Market may have granted you the liberty to choose how you electrify your home, but scanning through a long list of retailers to find the right fit isn’t exactly efficient.
Electrify strives to put that power of choice at your fingertips, by simplifying the comparison process. Stay tuned to find out how you can use our platform to your best advantage, or visit ELECTRIFY.SG to learn more.
If you’d like more tips on saving beyond just electricity bills, follow Money Kinetics. They started with the goal of helping Singaporeans achieve financial freedom and attain financial literacy by breaking down terms and policies so that they are easy to understand. Money Kinetics will help you weigh the costs and risks and provide you with unbiased solutions to make your money work for you.