Switching from WEP to Other Options
Residential consumers, who are currently buying electricity at wholesale prices, may choose to switch to an option which provides greater price certainty. About 1% of consumers are currently buying electricity at the Wholesale Electricity Price (WEP) and this comprises mainly businesses.
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, such consumers can expect 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 generation
companies (gencos) had over-contracted for gas and had excess generation
capacity. Gencos were previously selling electricity at a level that was lower
than 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 increased to
reflect the higher cost of electricity generation.
Steps to switching to a retailer
(More details on the Open Electricity Market website)
Step 1
Shop around to check out the price plans that retailers have to offer. You can compare their standard price plans at compare.openelectricitymarket.sg to find out that best suits your needs.
Step 2
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.
Step 3
Sign up with your preferred retailer who will work with SP Group directly to make the switch for you.
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
Step 1: Log in to your account at SP Utilities Portal.
Step 2: At the top of the page, go to “Services” and click on “Switchback”.
Step 3: Click on “Next”
Step 4: Select your preferred transfer date by clicking on the Calendar icon. Follow through to enter information, verify details in the Summary Page and click Submit to complete the request.
- Please note the Switchback request will take up to 5 business days to complete.
- You will receive an email confirmation from SP Group with the commencement date.
- Please contact SP Group at 1800-233-8000 if you require further assistance.
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