The open electricity market is a critical point in the history of Singapore till 1 November 2018, Singapore Power (SP) provided electricity, and everyone had to pay their respective electricity bills. Now there are multiple electricity retailers having prices published and offering pricing models with two standards meaning that 23 City packages for more are to be compared.
Steps involved in choosing an electricity retailer-
Step 1: Choose whether you want a fixed read plan awesome discount for the regulated tariff; some also have non-standard plans.
Step 2: Determine your contract’s time duration, which can either be of 6 months or a maximum of three years.
Step 3: It is to analyze the prices and choose the correct power.
Open Electricity Market Retailers
In Open Electricity Market Retailers, all businesses and households in Singapore will have the option to purchase electricity from their approved electricity provider. This will grant consumers the flexibility to pick up a price plan that best suits their budget and lifestyle. There is no compulsion to switch to the open electricity market. If you want, you can purchase electricity from the SP group.
The open electricity market retailers support service licenses, but we will continue to give services like:
- a) Building service
- b) supplier turnover
- c) Management of meter data
- d) Reading of meter
- e) Utility accounts to be opened
The electricity market of Singapore consists of retail electricity and wholesale electricity market.
- The retail electricity market– it King into the competition by the energy market authority since 2001. Consumers enjoy more flexibility and choices when buying electricity.
- The wholesale electricity market– the price of electricity changes every half an hour in the wholesale electricity which depends on electricity supply and demand. From here, the electricity retailers purchase the bulk of electricity and sell it to their consumers.
Facts about the OEM:
- Very simple, and your retailer will directly communicate with the SP group to make the switch for you.
- Switching has no deadline.
- No compulsion to switch to a retailer. If you want you can buy electricity from the SP group.
- The supply of your electricity will be the same regardless of whom you buy your electricity.
With OEM, you will have the choice to buy electricity from-
- Electricity retailer at best price plan according to your need.
- SP group with regulated tariff
- The wholesale market of electricity