All households in Singapore will be able to choose their preferred electricity price plans from as many as 12 providers from November 2018 onwards.
Similar to a telecom service provider, nationwide roll-out of the Open Electricity Market, home owners can choose to buy electricity other than from Singapore Power which is at a regulated tariff.
From 1st Nov, residents and business owners with post codes 58-78 will be able to switch. This will be followed by 53-57, 79-80, 82-83 next January, 34-52 and 81 from March, and lastly, the zone with postal codes starting with 01-33 from May 2019.
Currently Geneco offers the best price for a fixed rate of 16.20 cents per kWh for a 24 months contract. Current SP Tariff is 23.65 cents per kWh. That is a 46% discount from the current rate.