Open Electricity Market rolls out nationwide from November 2018
21 Sep 2018
1 November 2018, the Open Electricity Market (OEM) will be extended to all
consumers across Singapore by zones (see Annex
A). About 1.4 million household and business accounts will have the option of
buying electricity from a retailer on a price plan that best meets their needs.
OEM gives consumers more choice and flexibility when buying electricity, while being
provided with the same electricity supply through the national power grid.
2. Consumers can buy electricity from any
of the 12 authorised retailers (see Annex B). Alternatively, they can
remain with SP Group and buy electricity at the regulated tariff, and no
further action is needed on their part. It is not compulsory to switch to a retailer
and there is no deadline for switching.
3. The zonal rollout will allow the
Energy Market Authority (EMA) and the retailers to provide a better consumer
experience. EMA and electricity retailers will be better able to focus efforts on
engaging and educating consumers, and help them understand their options before
making a decision.
4. Prior to each zonal rollout, consumers
will receive a notification package and information booklet. A price comparison
tool is also available at http://compare.openelectricitymarket.sg
to help consumers compare the standard price plans offered by retailers.
5. The soft launch of OEM in Jurong in
April 2018 – involving about 120,000 household and business accounts – has been
well-received. “Jurong residents benefitted from more choices and flexibility.
Those who switched paid an electricity rate which was on average about 20% lower
than the regulated tariff. We now hope
to bring the benefits of competitive pricing and innovative offers to the rest
of Singapore,” said Mr Ngiam Shih Chun, Chief Executive of EMA.
6. Since 2001, EMA has progressively opened
up the electricity market to competition, starting with larger businesses with
higher electricity consumption. OEM is the final phase
where about 1.4 million accounts, mainly households, will get to enjoy the same
options and benefits. Visit www.openelectricitymarket.sg for more information on OEM.
about 1.3 million household accounts and 67,000 business accounts
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