Singapore Open Electricity Market (OEM) 24 Months Fixed Plans

As you may have noticed, the electricity supply market in Singapore has been privatised. The rollout will be in phases.

With so many brands and so many promoters around, I am sure you’ll want to know what’s the best deal around. Quintessentially, the 24-month fixed rates provide the best value because:

(1) Tariffs are on an increasing trend, so discounts off standard tariffs are not expected to save you much.

(2) The longer you lock in the contract, the more you save (in case suppliers start jacking up prices).

All brands have their strengths and weaknesses, but the main criterion would be to maximise savings over the same period of usage.

Retailer Rate (exc. GST)
cents/kWh
Rate (inc. GST)
cents/kWh
Est. Monthly
Bill in S$ (HDB EA)
Security Deposit Billing Website
Sembcorp 16.80 17.98      96.19 $50 – $200 Separate  https://www.sembcorppower.com 
Geneco 16.80 17.98      96.19 None Separate  https://www.geneco.sg/ 
Ohm 16.95 18.14      97.05 SP Same  https://www.ohm.sg/ 
ESPower 17.16 18.36     98.23 $40 – $250 Separate  https://oem.espower.com.sg/ 
Senoko 17.25 18.46     98.76 None Separate  https://www.senokoenergy.com 
PacificLight 17.74 18.98   101.54 $60 – $780 / Waivable Separate  https://www.pacificlight.com.sg/ 
Best Electricity 18.10 19.37   103.63 SP Same  https://bestelectricity.com.sg 

For simplicity, YourPasar‘s current best picks are SembCorp and Geneco due to their lowest rates at 17.98 cents/kWh (after GST). You’ll be looking at a bill of $96.19 for an Executive Apartment’s monthly usage of approx. 535kWh.

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In addition, our friendly marketer from iSwitch has reached out to us with this piece of information:

Update (6th June 2019): iSwitch and ES Power announced a new partnership of their electricity retail businesses. As part of the partnership, ES Power’s business and residential consumers will be transferred to iSwitch, who will honour the same electricity rate, terms and conditions of their existing contracts. This allows iSwitch to become the largest green electricity retailer in Singapore. iSwitch and ES Power will work together to promote a sustainable and green Singapore.

For more information, kindly refer to: https://iswitch.com.sg/iswitch-absorbs-es-powers-electricity-retail-business

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Disclaimer #1: the above post was created in Nov 2018 and rates/circumstances may have since changed. I may provide another update if warranted.

Disclaimer #2: the above update was a quote from the statement prepared by iSwitch. Feel free to check them out but don’t forget to check the current rates of competitors too 🙂

Anthony Author

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