Open electricity market gives consumers choice

Electricity retailers have to minimise costs and offer competitive price plans.
Electricity retailers have to minimise costs and offer competitive price plans.PHOTO: ST FILE

We thank Mr Hoe Lye Soon for his letter on the Open Electricity Market (OEM) (Keep buying of electricity simple; Jan 5).

The OEM aims to give consumers more choices when buying electricity.

Consumers who prefer to buy electricity from SP Group at the regulated tariff can continue to do so as it is not compulsory to switch and there is no deadline for switching.

Regardless of their choice, consumers will continue to enjoy the same reliable electricity supply.

There is strong competition in the Open Electricity Market.

Electricity retailers have to minimise costs and offer competitive price plans.

Consumers who have switched pay an electricity rate which is on average about 20 per cent lower than the regulated tariff.

Those who wish to switch can start by comparing the standard price plans offered by the electricity retailers using the Price Comparison Tool available at compare.openelectricitymarket.sg

When they are ready to sign up, they can do so online through the retailer's website.

The retailer will then work with SP Group to effect the switch.

Household consumers can also choose to use an advanced meter to monitor half-hourly electricity consumption data via a mobile application.

Retailers will be able to advise customers on this option.

The Energy Market Authority will continue to engage consumers to help them make informed electricity purchase decisions.

Dorcas Tan

Director

Market Development & Surveillance Department

Energy Market Authority

A version of this article appeared in the print edition of The Straits Times on January 14, 2019, with the headline 'Open electricity market gives consumers choice'. Print Edition | Subscribe