Open Electricity Market
What is Open Electricity Market (OEM)?
The Open Electricity Market is an initiative by the Energy Market Authority (EMA) that allows you to enjoy more choices and flexibility when buying electricity. You can benefit from competitive pricing and innovative offers from retailers.
On 1 April 2018, EMA commenced the soft launch of Open Electricity Market where households and businesses in Jurong (postal codes starting with 60 – 64) can choose to buy electricity from a retailer with a price plan that best meets their needs. This involved a total of 108,000 residential accounts and 9,500 business accounts. Subsequently in November 2018, the Open Electricity Market was rolled out nationwide to all consumers, mainly households, by zones.
How to Choose the Best Retailer & Plan?
To help consumers make the most informed decision, the Open Electricity Market official website has a handy comparison tool that helps you compare the offerings across all the 12 retailers. The tool provides the following filters to help narrow down your choices:
- Contract duration – choose from shorter 6 month plans to try it out for a short while or lock in for a longer period up to 24 months
- Smart Meter – some retailers require the installation of a smart meter to track consumption (which requires one-time set up cost)
- Green power – want to use electricity generated from cleaner sources, choose from the green plans
- Incentives – want to find out which plans are offering incentives?
Picked your ideal plan? Make sure you download the factsheet and look through the terms and conditions of the contractual agreement:
- Registration fee
- Direct billing by retailer or consolidated billing with SP bill
- Late payment charges
- Early Termination Charges
- Security Deposit
- Advanced meter required?
Cheapest Fixed Price Plans
(comparison across 33 available plans as of 13 Dec 2020)
|Retailer||Name Of Plan||Price||Contract Duration||Est Monthly Bill (HDB 4 Room)|
* For the latest update on new retailers, please check the OEM’s official list of electricity retailers.
Based on above table cheapest options are:
- Tuas Power PowerFix 6 Care – 16.72 cents/kWh
- SUNSEAP-ONE (1% Solar Energy) 6M
- iSwitch2Green (6 months)
- Geneco ’s Give Us A Try – 6 months