Effective from November, consumers under zone 1 can have the flexibility to choose their preferred electricity price plans. They can choose from 12 different retailers instead of buying from SP Group at a quarterly regulated tariff. It is not compulsory for the switch. Hence, consumers can stay with SP Group if they do not wish to switch.
But, if you are a Jurong resident, you can make the switch since they launched this in April.
Beginning in November 2018, they will do expansion of the open market initiative in stages over six months.
This progressive launch will help authorities and electricity retailers to focus on their efforts on engaging and educating consumers, said the EMA.
Types of Electricity Price Plans
1) Discount Off The Regulated Tariff
You will enjoy a fixed discount off the prevailing regulated tariff throughout your contract duration.
SP Group will review the regulated tariff quarterly and approved by EMA.
2) Fixed Price
You will pay a fixed rate throughout your contract duration. The quarterly regulated tariff variations will not affect it. Over time, the rate offer by the retailer may be higher or lower than the tariff. For example, if oil prices drop, you may not enjoy the cheaper power unless your contract period ends.
3) Peak And Off-Peak
Last, this plan is the least popular. You will pay less for electricity during the off-peak period (11 pm to 7 am) and a higher rate during the peak period (7 am to 11 pm). You might need to install a smart meter to track your electricity for this plan.
Who to choose?
The cheapest plan might not always be the best.
You need to consider other factors if the retailer has a sound reputation and strong financial to minimise the risk of disruption to your electricity supply.
In addition, a good and experienced customer service plays a part too. For example, how quick is their response time to assist you with your queries or sign-up process?
You can look out for more special promotion during the retailer’s roadshow or any other credit cards cash rebates.
I am sure you will save if you will do the switch.
You can compare the price plans by visiting http://compare.openelectricitymarket.sg.
How to switch?
Before each roll-out, the consumers will receive a notification package and information booklet.
Consumers can compare and buy electricity based on what suit their household’s need.
After which, approach your preferred retailer and they will work with SP Group after you registered. There isn’t a need for you to inform SP Group of the termination or give any advance notice. SP Group will still continue the national power grid to deliver electricity to everyone. Hence, there won’t be any temporary loss of electricity supply when you make the switch.