What is Open Electricity Market?

In a nutshell, an open electricity market means Singaporeans can shop around for an electricity retailer of their choice. Just like how we choose telcos.

Previously, we all get our power from SP Group.

Is this a good thing?

Of course. Competition is always good. There are already reports from the Open Electricity Market pilot launch in April in Jurong that prices are slashed and freebies are thrown in.

Great! Sign me up now!

Good things are worth the wait.

In a written response to a parliamentary question by MP Desmond Choo, Minister for Trade and Industry Chan Chun Sing said the rest of Singapore -- 1.3 million accounts (mainly households) -- will see the extension of a fully liberalised power market in the fourth quarter of this year.

For now, only Jurong residents and businesses can shop around.

How come Jurong first? How can dis ? allow?

As with most new things, a trial period is needed. Since April 1 this year, 108,000 household and 9,500 business accounts in Jurong can choose their electricity retailer.

And signs have been encouraging.

Minister Chan also explained:

“Energy Market Authority of Singapore (EMA) has progressively introduced competition into our electricity market since the 1990s, so that companies would strive to be more cost-effective and offer better service in competing for customers.” 

Who can I choose?

Other than the usual suspect that is SP Group, some players include:

• Ohm Energy
• PacificLight Energy
• Tuas Power Supply
• Best Electricity Supply
• Sunseap
• Red Dot Power
• iSwitch
• Keppel Electric
• Sembcorp Power
• Senoko Energy Supply
• Seraya
• Sun Electric
• Diamond Energy Merchants

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So many retailers, so little time.

Top photo via