2 in 5 Singapore homes switched electricity retailers since OEM launch

Those who made the switch saved 20-30% compared to the regular tariff.

About 40% of residential consumers have switched to a new electricity retailer as of end August 2019, according to a survey by the Energy Market Authority (EMA).

More than 10,000 households who had switched to an electricity retailer between November 2018 to February 2019 took part in the survey. Majority (85%) of the respondents were satisfied with the level of service provided by their retailer and almost all (98%) found the process of switching to a retailer easy. Most consumers (94%) also said that the retailers have accurately presented their offers.

Those who switched enjoyed savings of 20% to 30% compared to the regulated tariff. The top three open electricity market (OEM) retailers, based on market share of residential consumers, are Keppel Electric (27%), Geneco (21%) and iSwitch (13%).

The survey results also showed that residential consumers were generally aware of the electricity rate, contract start and end dates, and details of their security deposit. However, they paid less attention to other contractual terms such as late payment charges and early termination charges.

As part of the contracting process, EMA requires each OEM retailer to ensure that consumers read and acknowledge the Fact Sheet, which includes these important details.

EMA also developed a rating system to reflect the overall satisfaction level for each OEM retailer. Amongst the 12 retailers, Ohm Energy, Sunseap Energy and Tuas Power received the highest rating (4 out of 5 stars).