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 the 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 households 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. 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 the 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 advice is 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 fixed 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 a 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 vary 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 the 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 the level of consumption and will not 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, the charges are charged back to the consumer.
This can amount up to 3% +/- of your bill. The TLF is only absorbed 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 have 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 auto roll into a higher rate and suffer a penalty if you decided against it after the due date.

Why we choose Geneco

After 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 about price fluctuations in Tariffs. It will make planning your finance a lot easier.

• Discount Rebate for a selected time

Light up for June with huge savings of up to  $68 for selected plans. Quote GET68 to get discount. Valid for the 1st 5000 from 3 June 2019

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 * under referral code

Promo Code	Promo Mechanics	Terms & Conditions
GET68	$68 off your bill	One-time off rebate on your bill. Only Valid for Get It Fixed 36 / Get It Fixed 24 / Get It Less 24 / Get Free Sundays or Get Sunny plan.
GET30	$30 off your bill	One-time off rebate on your bill. Valid for Get It Green Plan only.

• 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 charge 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 the 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

Promo Code Rebate 

HUAT38- $38 off your bill valid for Get it Fixed 36 / Get it Fixed 24 / Get it Less 24
(As of Jan 2020)

Referral Rebate 
8154 2233 - $20


Total savings of greater than $58 * per signup!

*Use Credit cards such as UOB and POSB for additional monthly rebate! 
  
Sign up for Geneco here

Good luck on choosing your new electricity supplier!

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