SINGAPORE - Less than half of the 1.4 million households in Singapore have switched to an electricity retailer since the launch of the Open Electricity Market (OEM) around two years ago, said the Energy Market Authority (EMA) on Thursday (Nov 26).
The EMA reported that most households are still purchasing electricity from SP Group, the primary supplier of electricity in Singapore prior to the liberalisation of the energy market in November 2018.
While 40 per cent of households in Singapore switched to electricity from OEM retailers in the first year of the scheme, it rose marginally by another eight percentage points as at the end of October.
The OEM scheme was rolled out to provide households more choices when it comes to choosing energy retailers. There are now 12 OEM suppliers in Singapore.
Among these retailers, Keppel Electric has the largest market share at 23.4 per cent followed by Geneco with 21 per cent.
In a consumer satisfaction survey (CSS) conducted by the EMA between November 2019 and June this year, nine in 10 households indicated they were satisfied with the service provided by their OEM suppliers.
Based on the survey in which more than 7,000 households took part, Diamond Energy Merchants ranked the highest in terms of overall satisfaction level while Keppel Electric ranked the lowest.
Retailer ratings are updated on the OEM website every six months.
The survey showed that half of the respondents who renewed their contracts did not check the price plans and ratings of other OEM retailers before doing so, despite 53 per cent of them attributing their decision to "attractive price plans".
Chief executive of EMA Ngiam Shih Chun said customers should visit the website to compare the standard price plans from all OEM retailers.
As most consumers signed two-year contracts since the launch of the OEM, many would have started receiving notifications about subsequent supply arrangements after their current contracts end.
Retailers have to inform their customers about the expiry of their contract at least 10 business days in advance, added the EMA.
Consumers are advised to keep a look out for these notifications from their retailers, it said.