Open Electricity Market rolls out nationwide from November 2018

21 Sep 2018

Starting from 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[1] 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.

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