Keppel Electric Plans Review: All Rates, Prices, and Promotions

keppel electric plan

Since the launch of the Open Electricity Market (OEM) in 2018, one of the most popular electricity retailers is 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. the former iSwitch or Ohm Energy. And Keppel Electric 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.

Contents

      1. Keppel Electric Plans Review
      2. Keppel Electric Fees
      3. Keppel Electric: Fixed24 and Fixed12
      4. Keppel Electric: ecoGreen24 and ecoGreen12
      5. Keppel Electric Discount off tariff
      6. Keppel Electric Peak and off-peak
      7. Keppel Electric Promotions

1. Keppel Electric Plans Review

Keppel Electric plan Price per kWh Contract duration
Keppel FIXED24 $0.2988 24 months
Keppel FIXED12 $0.2988 12 months
Keppel ecoGreen24 $0.3488 24 months
Keppel ecoGreen12 $0.3488 12 months

Choosing a Keppel Electric plan is pretty straightforward. There are 2 main types of plans to choose from: fixed priced plans, or carbon neutral fixed price plans.

In the past when Keppel Electric had more plans, the shorter commitment ones were the cheapest. Some of their plans that have been phased out include the: DOT (discount off tariff) plans, and the peak and off-peak KNIGHT plans.

Instead, they have been replaced by the new carbon neutral Keppel Electric ecoGreen 12-month and 24-month plans that are priced at $0.3488/kWh – largely on par with the other green electricity plans out there.

2. Keppel Electric Fees

According to their fact sheet, Keppel Electric does not require a security deposit from Singaporeans and PRs, nor is there an admin or registration 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).

Here is a comprehensive list of all the fees that Keppel Electric charges:

Keppel Electric Fees
Registration Fee $0
Late Payment Fee 1% of unpaid balance (per month)
Early Termination Fee Days remaining x Average daily consumption x 30%
Security Deposit (Singaporeans & PRs) $0
Security Deposit (Foreigners) $50 to $350
Paper Bill $2.14 per bill
AMI Meter Installation $42.80
Pink Notice $0.54
Account Closure $10.70
Stop Cheque Payment $10.70 per cheque
Fund Transfer (to foreign bank accounts) $53.50
Retrieval of Softcopy Bill (more than 6 months old) $2.14 per month
Retrieval of Hardcopy Bill (more than 6 months old) $5.35 per month

The major fee to look out for here is Keppel Electric’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 – definitely something to keep in mind for longer 24 month contracts.

3. Keppel Electric Plans: Fixed24 and Fixed12

Keppel Electric plan Price per kWh Contract duration
Keppel FIXED24 $0.2988 24 months
Keppel FIXED12 $0.2988 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.)

In the past, we’ve seen electricity retailers reserving the cheapest rates for the longest lock-in periods, which made sense. These days, Keppel Electric is offering the same $0.2988/kWh rate for both 12-month and 24-month plans.

However, this rate is currently not the cheapest electricity plan. Currently, Geneco’s Get It Fixed 24 month and Senoko’s LifePower 24 month plans are the cheapest at $0.2880/kWh – priced lower than SP Group’s current price of $0.3017/kWh (July – September 2022).

Still, you may want to consider Keppel Electric as it’s one of the more recognised and established electricity brand names in Singapore. You kinda know it’s not going to just fold and exit Singapore’s electricity market like the former iSwitch, Ohm Energy, and Best Electricity did.

4. Keppel Electric Plans: ecoGreen24 and ecoGreen12

Keppel Electric plan Price per kWh Contract duration
Keppel Electric ecoGreen12 $0.3488 12 months
Keppel Electric ecoGreen24 $0.3488 24 months

Keppel Electric’s carbon neutral electricity plans, ecoGreen12 and ecoGreen24, launched pretty recently in February 2022. Like most of the other electricity providers, Keppel Electric’s ecoGreen plan still utilises SP’s main grid for electricity (by burning fossil fuel). However, Keppel helps its customers acquire Renewable Energy Certificates (RECs) to neutralise their carbon footprint.

If you stay in a landed property, you can contact Keppel Electric to help you instal solar panels. Again, there’s a however… However, the electricity you harvested from your solar panels cannot be used for your house. You will have to sell the solar electricity you’ve generated back to SP Group for rebates off your electricity bills.

At $0.3488/kWh, Keppel Electric’s ecoGreen plans sits in the middle of green electricity plans’ price spectrum. Senoko’s LifePower12 is currently the cheapest at $0.2920/kWh, while Sunseap’s 100% Solar plan is the most expensive at $0.4494/kWh.

5. Keppel Electric Plans: Discount off tariff plans (ceased)

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

Before it was phased out, Keppel Electric’s DOT plans followed EMA’s tariff at 25.07¢ per kWh for Oct to Dec 2019.

But, 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% wasn’t particularly high; several retailers (Ohm, Sunseap, Union Power) used to offer 23% to 25% discount off tarif.

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.

6. Keppel Electric Plans: Peak / off-peak electricity plan (ceased)

Keppel Electric plan Price per kWh Contract duration
Keppel KNIGHT 20.44¢ (7am to 11pm) / 16.34¢ (11 pm to 7am) 24 months

KNIGHT was Keppel Electric’s non-standard plan and it had two different rates depending on the time of the day.

Before it phased, out, the off-peak rate of 16.34¢ per kWh was definitely very attractive, but the trouble was that it started at 11pm. Any electricity you used before that — lights, water heater, electronics etc. — would have been chargeable at the higher 20.44¢ rate.

Assuming you did not have a nocturnal lifestyle, the main savings would be on your air conditioner. To figure out if this plan makes sense for you, you should probably have install an AMI advanced meter (costs $42.80) to better understand your personal electricity consumption by the hour.

The contract duration was 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.

7. Keppel Electric Promotions

All right, so… which Keppel Electric promotions are ongoing, and are there promo codes you should use? I’ve summed up the available promotions below:

Keppel Electric promo code Mechanics Expiry
CITI30 $30 off when you use Citi credit card for recurring payment (2-year plans, 500 customers only) 14 Jun 22
CITI20 $20 off when you use Citi credit card for recurring payment (1-year plans, 500 customers only) 14 Jun 22
UOB20 $20 off when you use UOB credit or debit card for recurring payment (2-year plans, 100 customers only) 30 Jun 22

Have you signed up with an electricity retailer? Share your experiences with us in the comments.