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40% Of Homes Have Chosen New Electricity Retailers Over SP Group

2019-10-16 , 11:00 pm

This news may be unsurprising to some:

According to CNA, around 40% of residential consumers have bid goody bye to SP Group in favour of other electricity retailers in Singapore as of end of August 2019.

This was reported by the Energy Market Authority on Tuesday, 15 October 2019.

If you didn’t know, since May 2019, the entire nation was blessed with the Open Electricity Market (OEM) which began in November 2018.

The OEM was progressively introduced to different areas in Singaporeans.

It definitely gave Singaporeans a big…. shock *Badumtss* that they were given the… power to choose their electricity provider.

*Behind the scenes of a new electricity retailer*

560,000 Households Have made The Switch

Okay back to the topic.

Those who are interested in numbers, listen up. EMA announced that 560,000 households have gone ahead to make the switch out of a total of 1.4 million eligible households.

Those who switched have allegedly enjoyed savings of up to 20% to 30% when compared to the regulated tariff, according to EMA’s press release.

The tariff rate is 25.07 cents per kWh this quarter.

Looking at these figures, it seems that SP group remains the most popular option, for now anyway.

And if you’re wondering who has the largest market share out of all the electricity retailers here it is:

You can see that the three OEM retailers with the largest market share are Keppel Electric (27%), Geneco (21%) and iSwitch (13%).

Keppel Electric seems to be substantially ahead.

85% Surveyed Said They Were Satisfied With Service Provided By New Retailers

I suspect that inevitably, Singaporeans might’ve been wary of the new retailers for fear of power outages or wonky service.

However, 85% of those surveyed had said that they were satisfied with service provided by the new retailers.

This figure was taken from a survey conducted by EMA which included a whopping 10,000 households who had made the switch to a new retailer during this period.

The same survey also asked households to rate the 12 retailers. EMA developed a rating system to reflect the overall satisfaction level for each OEM retailer.

The following are the results:

Ohm Energy, Sunseap Energy and Tuas Power Supply received the highest rating of four stars out of a maximum five stars.
Geneco, Keppel Electric, PacificLight Energy, Sembcorp Power, and Senoko Energy Supply received three and a half stars.
Best Electricity Supply and iSwitch received three stars, and there was no rating for Diamond Energy Merchants and Union Power because of insufficient survey responses.

EMA said that the ratings will be updated every six months.

Chief executive of EMA Ngiam Shih Chun told CNA that “the Energy Market Authority hopes to help consumers make more informed decisions when choosing their electricity retailer.

“We also hope this rating system will motivate retailers to continually improve their products and services for the benefit of consumers.”

It’s great that Singaporeans are presented with more options in terms of their electricity retailer. Most of these allegedly offer cheaper rates so households won’t get a big shock when the electricity bill arrives.

So…have you switched?

40% Of Homes Have Chosen New Electricity Retailers Over SP Group

560,000 Households Have made The Switch

85% Surveyed Said They Were Satisfied With Service Provided By New Retailers

If you watch at least 10 minutes of brain rot content daily, you must know this:

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