Currently, residential consumers can only buy electricity
from SP Group at the regulated tariff. The regulated tariff is reviewed every
quarter to reflect the actual cost of electricity.
Soft Launch of Open Electricity Market in Jurong
Starting 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 more
choices and flexibility in their electricity purchases.
A 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.
The soft launch will involve consumers whose premises have
postal codes starting with 60, 61, 62, 63 and 64. Consumers will be notified by
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 choice 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.
What You Should Know About Open Electricity Market
1. What is Open Electricity Market?
This is part of EMA’s
progressive effort to liberalise the electricity market, and will allow all
consumers in Singapore to have more choices and flexibility in their
electricity purchases.
2. What are the benefits of Open Electricity to consumers?
With competition
among electricity retailers, consumers stand to benefit from competitive
pricing, enhanced service standards and innovative packages offered by
retailers.
3. What will be the choices available for consumers when the
electricity market is fully opened?
When the electricity market is fully
opened, consumers can choose to buy electricity from:
a) an
electricity retailer at a price plan that best meets their needs [new for
residential consumers]; or
b) the
wholesale electricity market at the half-hourly wholesale electricity prices
through SP Group [new for residential consumers]; or
c) SP
Group at the regulated tariff [no change from current arrangement].
4. Will consumers’ electricity supply be affected if they
choose to switch to an electricity retailer?
Consumers will continue to enjoy the
same reliable electricity supply regardless of their choice of electricity
retailer, as SP Group will continue to operate the national power grid.
5. Must consumers switch to a retailer?
It is not compulsory for consumers to switch to a retailer. Those who prefer to stay with SP Group to buy electricity
at the regulated tariff can continue to do so.