About Half of S’pore Households No Longer Using SP Group As Their Electricity Retailer

When the idea of outsourcing electricity providers was conceived and the Open Electricity Market (OEM) was created, discounts, rebates and cheaper charges were used to attract people to jump over from SP Group.

Hell, a lot of money went into marketing the new concept as well.

Well, seems like all that energy (pun intended) and resources were put to good use.

About Half of S’pore Households No Longer Using SP Group As Their Electricity Retailer

About half of 1.4 million households in Singapore have switched over to other electricity retailers, according to the Energy Market Authority (EMA).

In a media release, the EMA revealed that since end-Oct 2020, about 48% of households in Singapore have made the switch, which is impressive considering that the OEM only existed for two years.

In Aug 2019, the percentage of households which has made the switch was 40%.

The Biggest Players

Thinking of making the switch yourself?

Here is a list of the bigger players in the OEM that you might want to reference when choosing a retailer for yourself:

The biggest player is Keppel Electric, with 23.4% of the market share (that’s even more than the seven OEM retailers grouped under ‘Others’).

This is followed by Geneco, at 21%, iSwitch at 13.4%, Tuas Power at 13% and Sembcorp Power at 9%.

By the way, it’s not just about prices.

The OEM also operates like Grab where retailers are rated on their service by consumers.

So far, Diamond Electric topped the rating chart with five stars while Keppel Electric and Geneco made up the bottom with 3.5 stars.

The remaining retailers on the list above are 4 or 4.5 stars.

It’s Like A Mobile Phone Contract

It was also revealed that most consumers signed two-year contracts since the start of OEM two years ago, unlike SP Group whereby you won’t need to sign a contract.

This means that many households would’ve been informed by their retailers about what happens after the contract ends.

OEM retailers are required to inform customers at least 10 business days before their contract ends.

Is OEM A Good Thing?

I get it, it’s a new thing and you might be leery of switching away from the “conventional path”.

According to an ongoing survey by EMA, nine out of ten consumers who’ve switched to other retailers were “satisfied” with the service provided by their OEM retailers.

In the latest survey on 7,000 households, 53 per cent indicated that the prices were “attractive” (read: cheaper) and 57 per cent said the service was “satisfactory”

Switching Your Electricity Retailer:

Interested in becoming part of the 48%? Well, for starters, simply go here and check out the standard price plans retailers have to offer.

Thereafter, contact your preferred retailer and ask for more information on the price plan you’re interested in.

But wait, before you sign up, remember to.

1. Read through the Fact Sheet on your preferred price plan and a Consumer Advisory that outlines the important things that you should be aware of before signing the contract.
2. Look out for contractual terms such as contract duration, payment terms, early termination charges and auto-renewal clauses.
3. Go through the contract and ask the retailer to explain any terms or conditions that you are not sure of

Then all you have left is the signing up process. Your retailer will work with SP Group to make the switch for you. Remember to keep a copy of the contract for your reference.

Also, if you’re looking to renew your contract, go to the OEM website to compare prices and ratings first before making a decision.

Featured Image: Rido / Shutterstock.com