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What is the Open Electricity Market?
In the Open Electricity Market, consumers will be able to buy electricity from retailers of their choice at price plans that best meet their needs. Those who prefer to stay with SP Group to buy electricity at the regulated tariff can continue to do so. Switching to a retailer is not compulsory, and there is no deadline to switch to a retailer.
Consumers can use the Price Comparison Tool on the Open Electricity Market website to compare the standard price plans offered by retailers. You can also look at the retailer ratings which are based on the feedback gathered from EMA's Consumer Satisfaction Surveys.
There are two types of standard price plans:
Fixed Price Plans are more suitable for consumers who prefer a constant electricity rate throughout the contract duration. The electricity rate may be higher or lower than the regulated tariff during the contract duration, as the regulated tariff is reviewed every quarter.
Discount Off the Regulated Tariff Plans provide a fixed discount off the regulated tariff, but the electricity rates will change in tandem with the regulated tariff. These plans are more suitable for consumers who do not mind changes in electricity rates every quarter so long as it is lower than the regulated tariff.