Liberalisation of Retail Electricity Market
2001, EMA has progressively opened the retail electricity market to competition
to allow business consumers more options to manage their energy cost. Instead
of buying from SP Group at the regulated tariff, eligible consumers can choose
to buy electricity from retailers of their choice under price plans that best
meet their needs, or the wholesale electricity market at the half-hourly
wholesale electricity prices. Those who exercise this choice are termed as
business consumers with an average monthly electricity consumption of at least
2,000 kWh (equivalent to a monthly electricity bill of at least $400) are
eligible to become contestable. Currently, around 90,000 business accounts, making up about 80% of the total
electricity demand, are eligible to exercise this choice and flexibility in
their electricity purchases.
Soft Launch of Open
Electricity Market in Jurong
April 2018, households and businesses in Jurong can choose to buy electricity
from a retailer with a price plan that best meets their needs. The soft launch
of the Open Electricity Market (previously referred to as Full Retail
Competition) will provide consumers with choice and flexibility in their
total of 108,000 residential consumer accounts and 9,500 business consumer accounts
will have the option of buying electricity from a retailer of their choice, or
continue buying electricity from SP Group at the regulated tariff.
soft launch will involve consumers whose premises have postal codes starting
with 60, 61, 62, 63 and 64. Consumers will be notified by the Energy Market Authority
(EMA) in Q1 2018.
Open Electricity Market
in the second half of 2018
In the second half of 2018,
the remaining 1.3 million accounts, mainly households, will also enjoy more choices
and flexibility in their electricity purchases. Those who prefer to stay with
SP Group to buy electricity at the regulated tariff can continue to do so.
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