Open electricity market to be extended island-wide from 1 November

They may opt to stay with SP group to buy power at a regulated tariff.

The open electricity market (OEM) will be extended to all consumers across all zones in Singapore by November, the Energy Market Authority revealed.

Through the new scheme, about 1.4 million household and business accounts will be given the option to select the suitable electricity price plan from a retailer that will best fit their needs.

According to EMA, consumers can choose from 12 authorised retailers or remain with SP group to buy electricity at the regulated tariff. Prior to each zonal rollout, consumers will receive a notification package and information booklet.

“It is not compulsory to switch to a retailer and there is no deadline for switching,” the EMA noted.

OEM gives consumers more choice and flexibility when buying electricity, whilst being provided with the same electricity supply through the national power grid.

In April 2018, OEM had its soft launch in Jurong which involved about 120,000 household and business accounts.

“Jurong residents benefitted from more choices and flexibility,” EMA chied executive Ngiam Shih Chun said. “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.”