The Open Electricity Market (OEM) gives consumers more choices and flexibility when buying electricity. By default, home owners purchase electricity from SP Group directly at the regulated tariff. With OEM, you can switch to an electricity retailer at a price plan that works best for you i.e. potential cost savings!
Before we delve into the details, it’s important to know that it’s not compulsory to switch to a retailer and there is also no deadline to switching. Regardless of the electricity retailer, you will continue to:
- Enjoy a reliable electricity supply as SP Group still operates the national power grid and deliver electricity to everyone
- Be eligible for U-Save rebates
There are 2 standard price plans that you can choose from, and these come with a contract duration of either 6, 12, or 24 months. The electricity rates for Standard Price Plans do not change throughout the contract duration and do not include any recurring charges or fees. You can use this Price Comparison Tool to compare the various Standard Price Plans.
Standard Price Plans
|What is it?||How does it work?||Who is it for?|
|Fixed Price Plan||Pay a constant rate (e.g. 20 cents/kWh) for electricityRate may be higher or lower than the *regulated tariff during the contract duration||Those who prefer certainty over price and bill size|
|Discount Off the Regulated Tariff Plan||Fixed discount off the prevailing *regulated tariff (e.g. 20% off)||Those who do not mind fluctuation in electricity rate every quarter as long as it is lower than the regulated tariff|
*Reviewed by SP Group quarterly and approved by the Energy Market Authority (EMA).
OEM retailers may also offer non-standard price plans where the electricity rates may not be all-inclusive and may change during the contract duration or include recurring charges/ fees, according to the contract terms and conditions. Visit the individual OEM retailer websites to learn more about the available non-standard price plans.
Depending on the retailer you choose, you may need to set up new GIRO or credit card arrangements to pay for your electricity bill:
|If retailer sends bill directly to you||If retailer sends bill via SP Group|
|You will receive 2 bills: Bill from OEM retailer for electricity chargesBill from SP Group for non-electricity charges such as water, town gas, refuse collection||You will receive a single bill from SP Group for both electricity and non-electricity charges.|
Make a switch only after you decide on the OEM retailer and plan that best suits your household’s needs. You will need to submit your last meter reading; alternatively, SP Group will estimate for you. Your contract can start as early as 5 business days after your retailer informs SP Group to make the switch.