How to choose an Open Electricity Market (OEM) Supplier in Singapore




Source : OEM
If you are living in the East side, you can now choose your own electricity supplier today!


Finally, it's  time for us to choose our Open Electricity Market (OEM) Supplier. Having done research prior to the launch in the East, we had concluded that Genoco to be our preferred Electricity Supplier.
Rollout Dates
Zone 1 58-78 1 Nov 2018
Zone 2 53-57,79-80,82-83 1 Jan 2019
Zone 3 34-52,81 1 March 2019
Zone 4 01-33 1 May 2019

Do you qualify for OEM ? Check your postal codes above


What is Open Electricity Market (OEM?)
OEM is EMA's effort to liberalise the electricity market. It allows residential household to buy electricity from retailers instead of SP Group. As a result, you would get cheaper electrical bills as the retailers usually charge a significant discount over the current electricity rate.

OEM has been introduced to the market in April 2018 with 100,000 household in Jurong. It started the nationwide rollout in stages from 1 November 2018 58-78 and will finally be open to Easterners from 1 March onwards.

How much do you save?
Depends on the plans you choose , you could save up to 25 % or more off your current rates you are paying. The retailers normally offer 4 types of plan.
  • Fix Rate plan for 6, 12 , 24 or 36 months
Source: Energy Marketing Technology

Your rates are fixed for the whole term of contract. Most providers give up to 30% discount off today's tariff from Singapore Power. If you are expecting Tariff to increase in the future, this is the best plan to get. Our advise it to get a longer plan as we think when this is roll-out islandwide, there will be less incentive provided to entice people to switch and hence higher fixed price in the future.


  • Discount off Regulated tariff
Source: Energy Marketing Technology
Alternatively considered a fix discount off regulated tariff. Most are giving around 20-25% discount. You will still be getting lower rates compared to Singapore Power.
  • Peak and Off Peak Plans
Some providers bundle the plans to include peak and off peak usage, charging different price for it. Depending on your needs, this might be suitable for you.
  • No Contract plans
There are also no contract plans for trials. The downside to this is that if tariff increases, you cannot lock in the current price.

The rates varies among retailers but most of them do not deviate by more than 3% from each other

Retailers
As of 1 Jan 2019, there are 13 suppliers offering a mixture of the plans.
There are those that provide their own energy and those that sublet the energy contract. Due to recent exit of some OEM players, it might be better to engage one that has their own plants and have considerable resources to maintain the business.

Read the fine print
Although prices are similar among the suppliers, there are some 'extra' cost you have to consider before making the switch
  • Standardised Vs Non Standardised Plan
If possible opt for standardised plans. Standardised plans would have an all inclusive that vary according to level of consumption and will nto change throughout the contract period. There are no recurring fees and price structure is fixed. Comparatively, non standardised plans will have no such clause included

  • Transmission Loss Factor (TLF) Charge
Transmission Loss Factor or TLF accounts for the energy that is lost as electricity pass through the system to get to the house. Normally, there charges are base to the consumer.
This can amount up to 3% +/- of your bill. The TLF is only absored by Geneco, Senoko, Ohm, Tuas Power and Sembcorp.
  • Security Deposit
Some providers require you to have a security deposit. There are others too that would liaise with Singapore Power(SP) for the security deposit that you already given to SP. There are also providers that do not have this requirement.

  • Early Termination
Check the early termination clause in the contract. The charges could either be in one lump sum or a multiply of the months left in the contract.
  • Size does matters
Although there are 13 suppliers , we do think that you should choose a supplier that has a sizeable market in Singapore. Since the start of the launch of OEM, there are already 5 retailers exiting the market

  1. Hylflux Energy
  2. Sunseap-Starhub
  3. Diamond Electric
  4. Red Dot Power
  5. Sun Electric

The remaining 13 are as follows
  • Auto renewal
Watch out for the auto-renewal clause. If you miss the dateline , you might autoroll into a higher rate and suffer a penalty if you decided against it after the due date.

Why we choose Geneco

After an extensive research, we decided to choose Genoco as our supplier. Geneco has the best all round deal for fix rates for this month. We took up the fix plan for the next 2 years. These are the factors that swayed us.


  • One of the cheapest fixed 24 months plan at 17.78c per Kwh

Base on the electricity tariff over the past 2 years, it has never gone below the fix rates advertised. In addition, having a fixed plan takes away any doubts of price fluctuations in Tariffs. It will make planning your finance a lot easier.

  • Discount Rebate for a selected time
For 2 years fix rate contract there is a rebate of $50. For 3 years , it will be $60. Limited to the first 5000 sign ups. Do sign up early to prevent disappointment.

  • Established Company

Backed by Power Seraya, one of the largest and established power generation company in Singapore with its own power plants. This ensures that prices would remain competitive among its peers.


  • No Hidden cost

Carbon tax included and  TLF charges absorbed.


  • No Security deposit required
Unlike some other supplier, there is no need to place additional security deposit.
  • Transparent Early Termination Fee

Fix Early Termination Fee compared with other retailers that charges according to the months left. As low as $130 for HDB 3,4,5/ HDB Executive.

Dwelling Type

ETF

HDB 1 or 2 rooms$ 60
HDB 3, 4 or 5 rooms/ HDB Executive$ 130
Executive Condominium/Condominium/Private Apartment$ 180
Terrace House/ Semi-Detached House$ 350
Bungalow$ 720


  • Price Match Guaranteed 
If you managed to source a better price under the same terms within 7 days, Geneco will price match and provide a refund via shopping vouchers.

  • Rebates from Credit cards used
There are several tie ups with major banks. You can either get rebates or discounts off monthly bill. Tie ups include Maybank, UOB and DBS. Rebates are about $40 for lump sim and additional 1-5% monthly rebate if payment is made by credit cards.

  • Ability to stack rebates
There are additional discounts if you use a referral code. For additional $20 rebate on top of the ones already provided. you can use this code  * 81542233 *

With the stacked rebates, you can get up to $120 in discount depending on the plan choose.

Eg Fixed Rate 2 Years
Promo Code Rebate : REAL 50  - $50
Referral Rebate : 81 54 22 33 - $20
Credit Card Rebate if paid monthly by cc - $40
  
Sign up for Geneco here



Good luck on choosing your new electricity supplier!

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