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Keppel Electric – Comparison & Review of Keppel Electricity Plans

keppel electric plan

Clara Lim

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As Singapore is still in its early days of the open electricity market, the more conservative among us would naturally gravitate to retailers like Keppel Electric.

Similar to Sembcorp Power, Keppel is a listed company and a household brand name, so it does seem more trustworthy than “unknown” retailers e.g. iSwitch. And Keppel does offer pretty good prices and promotions, so why not, right?

Let’s check out the electricity plans that Keppel Electric has to offer and find out if there’s anything you should watch out for.

 

Keppel Electric plans comparison

Keppel Electric plan Price per kWh Contract duration
Keppel FIXED36 17.68¢ 36 months
Keppel FIXED24 17.78¢ 24 months
Keppel FIXED12 18.71¢ 12 months
Keppel DOT3 22% off tariff = now 19.02¢ 24 months (but can cancel after 3 months)
Keppel DOT24 22% off tariff = now 19.02¢ 24 months
Keppel KNIGHT 20.20¢ (7am to 11pm) / 16.16¢ (11 pm to 7am) 24 months

Choosing a Keppel Electric plan is pretty straightforward. There are 3 main types to choose from, with variations in contract duration and price.

Unsurprisingly, Keppel’s cheapest plans are the fixed price ones, and the longer the commitment period, the cheaper it gets. Their DOT (discount off tariff) plans are definitely not as competitive, while the peak/off-peak KNIGHT plan might work for a small group of people.

According to their fact sheet, Keppel Electric does not require a security deposit from Singaporeans and PRs, nor is there an admin fee for opening an account. That said, there are common but avoidable fees like 1% for late payment and $2.14 per bill for paper billing (e-bills are free).

The major fee to look out for, though, is Keppel’s early termination charges. Unlike some companies which charge a one-time fee for early cancellation, you have to pay Keppel Electric about 30% of your usual bill for the rest of the contract period. I’ll explain this in detail later, but their fee structure is definitely something to keep in mind for long contracts.

 

Keppel Electric FIXED36 / FIXED24 / FIXED12 – fixed price plans

Keppel Electric plan Price per kWh Contract duration
Keppel FIXED36 17.68¢ 36 months
Keppel FIXED24 17.78¢ 24 months
Keppel FIXED12 18.71¢ 12 months

If you want the cheapest rates with Keppel Electric, you’ll have to go for one of these fixed price plans. (Which is the norm among electricity retailers in Singapore.)

At last count, there were 5 electricity retailers here charging the same 17.78¢ per kWh fixed rate for 24-month contract, and it’s the lowest rate on the market after iSwitch’s 17.62¢ for 12 months. So if you’re keen on this rate, you might want to check out their competitors.

But that’s not the absolute cheapest rate. If you’re okay with a 3-year lock-in, you can opt for the Keppel Electric FIXED36 plan, which has an even lower rate of 17.68¢ per kWh.

36-month plans are the hottest trend in the world of electricity (thrilling, I know) and a few retailers have been pushing it out. For example, Geneco and Pacific Light have them too. But Keppel Electric’s 36-month plan is, at the moment, the cheapest among them all.

I think it’s fair to assume that the price of electricity should go up in the long run, so if you’re looking to save the most money, a plan like this seems like the way to go.

The main worry is commitment. 3 years is a pretty long time, so before signing up, I’d get familiar with the early termination policy first.

In Keppel Electric’s case, it’s complicated. The fee is calculated using this formula: (no. of days left in contract) x (your average daily charges over the past 12 months) x 30%. Basically, it means you’ll have to cough up a third of what you would have paid Keppel if you cancel early. Pretty off-putting, huh?

If you’re not comfortable with this kind of clause, you might want to check other retailer fact sheets to see what sort of cancellation policy they have. The smaller “indie” retailers tend to have more lenient charges, e.g. just a one-off penalty.

 

Keppel Electric DOT3 / DOT24 – discount off tariff plans

Keppel Electric plan Price per kWh Contract duration
Keppel DOT3 22% off tariff = now 19.02¢ 24 months (but can cancel after 3 months)
Keppel DOT24 22% off tariff = now 19.02¢ 24 months

Keppel Electric’s DOT plans work on the “discount off tariff” model, where the price of electricity is a floating rate based on the quarterly electricity tariff set by EMA, i.e. the price that SP charges.

Right now, the tariff stands at 24.39¢ per kWh for APril to June 2019, which is actually a slight dip from the previous quarter’s tariff. So if you sign up for a DOT-type plan, you’ll enjoy

Of course, just like with the price of… uh, everything else, I think one can expect the price of electricity to go up at some point in the future. A DOT plan doesn’t buffer you from that, but at least you’ll still be paying less than you would if you had stuck with SP.

Note that Keppel Electric’s discount of 22% isn’t particularly high; several retailers (Ohm, Diamond Electric, Sunseap, ES Power) offer 23% to 25%. Even Keppel’s major competitor Sembcorp has a slightly better discount of 22.5% for their 24-month plan.

That said, Keppel Electric has a low-commitment option, the DOT3 plan. The 22% off rate is locked in for 24 months, but you’re allowed to cancel as long as you try it out for at least 3 months. You have to give 60 days’ notice to terminate your contract, and there is no early termination fee.

 

Keppel Electric KNIGHT – peak / off-peak electricity plan

Keppel Electric plan Price per kWh Contract duration
Keppel KNIGHT 20.20¢ (7am to 11pm) / 16.16¢ (11 pm to 7am) 24 months

KNIGHT is Keppel Electric’s non-standard plan and it’s suitable only for a niche group of night owls.

The off-peak rate of 16.16¢ per kWh is definitely very attractive, but the trouble is that it starts 11pm, so if you’re home before that, the lights, heater and any other electricity you use will be chargeable at the much higher 20.20¢ rate.

I can’t think of many people who will benefit from this – perhaps those who work only afternoon/evening shifts? Even so, the daylight hours when you’re awake before work (when you’re likely to be doing stuff at home) are counted as peak hours.

Also, the contract duration is 24 months, so it’d be tricky to get out of this plan if it turns out that it doesn’t work for your lifestyle.

 

Next steps: Keppel Electric promo codes & roadshows

All right, so… which promo code should you use? Keppel Electric promotions are applicable only to residents of postal codes starting with 34 to 83.

The best promotion you can get right now is $60 total: $40 one-time bill rebate with KEPFORTY promo code + $20 grocery voucher when you sign up at one of the Keppel Electric roadshows.

Keppel Electric promotion Mechanics Expiry
KEPFORTY + roadshow signup One-off $40 rebate (24 or 36 month plans only) + $20 grocery voucher Not stated
KEPFORTY One-off $40 rebate (24 or 36 month plans only) Not stated
M1 x Keppel Electric One-off $30 M1 bill rebate OR free upsized data for 6 months Not stated
CGREBATE One-off $30 City Gas bill rebate Not stated
CGFREEWS Free shower set from City Gas Not stated
PLUS6800 Earn 6,800 NTUC LinkPoints 30 Apr 2019

Note that the credit card promotions that you can get with several other retailers are all fully redeemed, but most online sign-ups can get at least a $40 rebate anyway.

Have you signed up with Keppel Electric? Share your experiences with us in the comments.

 

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Clara Lim

I used to be MoneyDumb. I hung out at H&M every day and thought that a $50 lunch set was a good deal. These days, I spend my time researching the crap out of life and trying to maximise utility on micro-decisions. I'm not sure if that's an improvement.