Pull the plug on high electricity bills. With the open electricity market (OEM), you can potentially save money by choosing from various price plans that a slew of providers is offering.
Before this liberalisation of the local retail power market, only eligible business consumers enjoyed the autonomy to pick their provider. The OEM began rolling out in phases with a soft launch on April 1 last year, starting with residents living in areas such as Jurong. It will be available to all Singapore households by May.
One person who made the switch last August is Mr Faiz Haziq, who lives in a four-room HDB flat in Jurong West. He has managed to save up to 20 per cent on his bill since switching to a new electricity provider, Keppel Electric.
He says: “After careful research and comparisons, I chose Keppel Electric as it offers one of the lowest fixed rate plans. My bill for May/June was $107.65 with 486kWh usage but after switching to Keppel’s FIXED24 plan, my Oct/Nov bill was only $72.75* with 440kWh usage. That’s a good sign.”
Keppel Electric has been supplying electricity to more than 30,000 customers — from multinational corporations to selected residential consumers — for over 17 years.
The OEM enables consumers to choose the price plan that is best suited to their household’s usage, instead of buying it at the regulated tariff.
The electricity retailer has three types of price plans: FIXED, DOT (Discount Off Tariff) and KNIGHT.
1. A FIXED price plan for peace of mind
The FIXED price plan is the most popular among Keppel Electric’s customers as it currently offers the most savings with no price fluctuations. Eligible customers can choose a contract for 12, 24 or 36 months, and enjoy a fixed rate for the entire duration of their contract as opposed to paying the regulated tariff, which is adjusted every quarter.
Most customers such as Mr Faiz choose the 24-month contract, which offers a fixed rate of 17.98 cents per kWh. This means that a typical five-room HDB household can expect to save a total of about $767* for the contracted period.
Another customer, Mr Victor Lok, who switched to the FIXED12 plan in April, has saved around $20 to $25 a month on his electricity bill for his five-room HDB flat in Taman Jurong.
“Initially, I was not too sure about the open electricity market. I chose Keppel Electric due to its pricing of 16.8 cents per kWh at that time and it was only a one-year contract, which attracted me to give it a try,” he says.
“So far I am happy with the service. Every month, I receive an e-mail on my consumption and bill amount and the payment is done via GIRO,” he adds.
2. DOT price plan for guaranteed discounts
Another option is Keppel Electric’s DOT (Discount Off Tariff) price plan, which provides a fixed discount off the regulated electricity tariff. This means that no matter the cost of the regulated tariff, customers who sign up with this price plan will always get a discount during their contracted period.
Based on Keppel Electric’s offering of 22 per cent discount, a five-room HDB household can save an estimated amount of $569* for the entire length of their contract.
Both its DOT3 and DOT24 plans are contracts for 24 months, but DOT3 offers more flexibility as it only has a three-month lock-in period.
3. KNIGHT price plan for night owls
For those who use more electricity at night, consider the KNIGHT price plan which offers greater savings during off-peak hours.
At a fixed rate of 20.20 cents per kWh for peak hours of 7am to 11pm and 16.16 cents per kWh otherwise, the plan gives a five-room HDB household savings of about $678* during the 24-month contract.
Note: The KNIGHT plan is a non-standard plan under the Energy Market Authority guidelines.
*Savings calculated above are based on the current regulated tariff from Jan 1 to Mar 31, 2019, at 25.52 cents/kWh (inclusive of GST). All Keppel Electric price plans are Carbon Tax and Transmission Loss Factor absorbed.
For eligible customers, if you decide to make the switch from your existing electricity provider to Keppel Electric, your electricity account will be transferred within two to three weeks.
Don’t worry — there will be no disruptions to your home’s electricity supply if you want to retain your existing meter.
Mr Faiz recalls: “During my transition period, there was no disruption and the process was also quite smooth as everything such as the billing process was settled by Keppel Electric. I only needed to fill up a GIRO form for my monthly bill.”
Mr Lok adds: “So far, my experience with Keppel Electric has been good. I would recommend it to others who are uncertain or fear that it will be troublesome to switch to another provider.”
Decided to switch? It just takes three simple steps:
- SELECT the plan that caters to your needs.
- REGISTER your particulars and household type.
- SAVE on your electricity bills.
Enjoy an abundance of savings with Keppel Electric this Chinese New Year! Save 30 per cent off your electricity bill, plus receive FREE hongbao packets, a $20 bill rebate and $0 security deposit. While stocks last.
This article was brought to you by Keppel Electric. Life just got brighter.