From 1st April 2018, households & businesses in Jurong (postal code beginning with 60, 61, 62, 63 or 64) can choose to buy electricity from a retailer with a price plan that best meets their needs. This soft launch of the Open Electricity Market will provide consumers with more choice and flexibility in their electricity purchases. The Open Electricity Market will be opedn to the rest of the households/business in the second half of 2018.
There are currently 14 participating retailers and we have tabulated them to find out which operator gives the best discounts compared to Singapore Power’s current rates of 21.56 cents per kWh.
Generally, all retailers offer three types of plans, some are a fixed percentage off the SP Tariff rate, the second is a fix rate irregardless of whether SP Tariff rises or drops based on different factors. Thirdly, there are different pricing structure for Peak and Off Peak hours.
The following table compares 14 retailers – Diamond Electric
Best Electricity, Hyflux, iSwitch, Keppel Electric, Ohm, Pacific Light, Red Dot Power, SembCorp Power, Senoko, Geneco, Sun Electric, SunSeap, Tuas Power.
From what we observer, Keppel Electric seems to offer the best package at fixed rate and fixed % off the SP tariff. iSwitch 6 mths trial is also cheaper but the discount stops after the first 6 months.
As for off peak / peak hour plans, Pacific Light seems to be a good option too. Normal rate is 21% off SP Tariff rate. This option is best for those who turn on the air con overnight.
So, which operator will you choose ?
The plans compared are based on 24 months contract unless otherwise stated. The pricing is also subjected to changes, please refer to the operators individual website for the latest updates. Pricing is correct as at 25 Mar 2018.