Switching from WEP to Other Options
About 1% of consumers who are currently buying electricity at the Wholesale Electricity Price (WEP) and comprise mainly businesses. Non-residential consumers with an average monthly electricity consumption of less than 4,000kWh may choose to switch to an option which provides greater price certainty.
The tariff rate moves in tandem with oil prices and not wholesale electricity prices. Hence, WEP volatility will not impact the tariff.
The tariff rate is regulated by EMA and reviewed every quarter. For historical tariff rates before 2021, please visit SP Group’s website
Steps to switching to the regulated tariff
- You can submit your request to switch to the regulated tariff via either one of these channels:
- Please note the Switchback request will take 1 business day to complete.
- Please contact SP Group at 1800-233-8000 if you require further assistance.
|Note for Large Consumers (Average Monthly Consumption exceeding 4,000kWh)
|Large consumers are not eligible for the regulated tariff, as they are able to negotiate for better prices whereas smaller consumers do not have the same bargaining power and rely only on the regulated tariff as their fallback protection.
If you experience difficulty in securing a fixed price plan from a retailer, do consider participating in other electricity contracting options, such as EMA’s Temporary Electricity Contracting Support Scheme (TRECS) or longer-term fixed price plans offered by selected retailers.
Retailers offer price plans where the electricity price is not affected by the WEP volatility. For example, they offer fixed price plans and discount-off-the-tariff plans.
However, consumers could see higher electricity rates than before when renewing or signing up for a new price plan. Electricity prices for the past several years had been unsustainably low, as power generation companies (gencos) had over-contracted for gas and had excess generation capacity. Gencos were previously selling electricity at below the cost of production.
Market conditions have since changed. There is no longer an over-supply of gas, and global gas prices have risen. Hence, retail contract rates are likely to be higher to reflect the higher cost of electricity generation.
Steps to switching to a retailer
(More details on the Open Electricity Market website)
Shop around to check out the price plans that retailers have to offer. Compare their standard price plans at compare.openelectricitymarket.sg to find out which plan best suits your needs.
Contact your preferred retailer and ask for the Fact Sheet on your preferred price plan and a Consumer Advisory that outlines important information that you should be aware of.
Sign up with your preferred retailer who will work with SP Group directly to make the switch for you.
Depending on your needs, do negotiate with your preferred retailer on both pricing and non-pricing terms.
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