Prior to the 1st of November 2018, the electricity rate in Singapore was the same for everyone. There was one supplier which many recall as being SP or Singapore Power. Everyone`s bills were coming from just one provided. This was a problem as it did not allow a free market to regulate itself.
Starting November 2018, the entire structure and energy market changed. The Open Electricity Market known as OEM allowed privately held companies to become electricity distributors. This substantial change meant that the energy market was now governed by competition and where there is competition, there is a fight over customers by providing lower rates.
Today, there are 12 major electricity distributors or retailers that have different pricing. Some of them even have two or more plans that can be a fixed-rate plan or a discount off the regulated tariff. There is also the option of a non-standard plan which again comes with different tariffs.
For the average consumer, this means an opportunity to save money by switching to a supplier that offers a lower rate. The price per kWh can start as low as $0.1670 for fixed-price plans. According to several comparison sites, fixed price plans offer the lowest electricity rate in Singapore. The only downside is that they come with a 6-month contract. This means that you are bound into sticking with one provider for half of the year. After that period, the price per kWh may increase but that is up to the provider’s discretion. However, you can swap to a new provider and lock in a similarly low rate.
For the discount off regulated tariff plans, prices are marginally higher than with fixed rates. The lowest possible discount off the regulated tariff is 25.1% off on a 12-month contract.
More savings can be done by going for a peak & off-plan. This special plan introduces a split in tariff for day and night. You can save money on the electricity rate in Singapore avoiding using power when energy is more expensive.