Compare 7 Best Electricity Price Plans: Open Electricity Market (2025)

If I had a dollar every time my parents screamed at me back in the day for leaving a light on, I’d be able to pay the electricity bill for the entire 2025. I mean, I don’t blame them. Just looking at the utility bill every month makes me want to go back in time and scream at myself.

But here’s a little bit of good news. SP Group, our very own local grid operators, have said that electric and gas tariffs are set to reduce by 3.4% or 0.98 cent per kWh (before GST, of course) this year. I mean your bill is probably only going to go down by a couple of bucks, but hey, it all adds up. 

Currently, residents of Singapore can compare as many as 6 electricity retailers, each offering about 2 standard pricing models each. What are these pricing models? Who are these retailers? What do I pick? Well—that’s what this guide is for.

 

A Guide to the Open Electricity Market (OEM) and electricity retailers in Singapore

1. 1. 3 simple steps to pick an electricity retailer
   2. What are fixed price plans and who are the cheapest retailers?
   3. What are “Discount off regulated tariff” electricity plans
   4. Buying electricity wholesale
   5. Non-standard electricity plans & promotions 
   6. Best cashback credit cards for electricity bill payments

 

1. 3 simple steps to pick an electricity retailer

Before we get into any of the nitty gritty, let me just boil the entire process down to 3 easy-to-follow steps for you. 

Step 1:  Choose between a fixed rate plan or a discount on the regulated tariff. Some retailers have non-standard plans (peak vs non-peak hour) as well. It’s okay if you don’t know what these are for now—I’ll break it down a little later. Step 2:  Decide how long you want your contract to be—As short as 6 months or as long as 3 years. The plans offered by most planners typically last for 12 months or 24-months. Step 3:  Finally, compare the prices and choose your preferred power plan.

Pro tip: There’s also an official, super easy-to-use, OEM comparison tool which lets you easily estimate your electricity bills and compare providers. Just input your type of residence, average consumption, and preference for pricing models—and it’ll crunch the numbers for you.

Also, as we all know, the GST rate has shot up to 9%, meaning the final amount of your electricity bill will be subject to the 9% tax too. 

Don’t worry though—if you are still currently on an existing fixed-price plan, your plan and electricity bill will not be affected until you renew your contract.

 

2. What are fixed price plans and which retailer has the cheapest plans?

For fixed price plans, you pay a fixed price (calculated per kWh) throughout your contract. This fixed rate remains unaffected by SP’s electricity tariff and is applied to your total electricity consumption (regardless of what time you use it).

Most retailers now offer fixed price plans of either 12 or 24-month contracts, which saves you the trouble of looking around and switching around to another contractor after a mere 6 months. But at least you know the price you pay is a fixed rate. 

Using the OEM comparison tool, let’s find out which are the best, most cheapest retailers if you have a 4-room HDB flat with an assumed average consumption of 360 kWh / month.

Electricity retailer	Plan	Contract duration	Est. monthly bill	Electricity rate (cents/kW)	Perks
Geneco	Get It Fixed 24	24 Months	$103.93	28.87	Up to $158 rebates Price Match Guarantee
	Get It Fixed 12	12 months	$103.93	28.87	Up to $65 bill rebate
Tuas Power Supply	PowerFix 24	24 months	$103.93	28.87	$100 Bill Rebate Billed together with SP
PacificLight Energy	Savvy Saver 24	24 months	$103.93	28.87	Up to $130 rebate
Senoko	LifePower 12m	12 months	$103.93	28.87	Up to $50 bill rebate
	LifePower 24m	24 months	$103.93	28.87	Up to $498 worth of gifts or bill rebates
Keppel Electric	FIXED24	24 months	$103.97	28.88	NA
Tuas Power Supply	PowerFIX 12	12 months	$106.85	29.68	Billed together with SP
Sembcorp	12M Fixed Price Plan	12 months	$106.85	29.68	Billed together with SP

As you can see from the comparison table, most providers offer similar rates. The real differences lie in the rebate amounts and a few additional perks. So, weigh these up carefully when choosing the plan that’s right for you.

Remember, these fixed electricity price plans tend to change much more frequently than the other type of electricity plan (discount off tariff), so whoever’s the cheapest electricity retailer now may not be the same the next time. If you want to switch providers, you may want to check the OEM comparison tool beforehand.  

In addition to the standard 12 and 24 month plans, some retailers offer unique contract lengths, including 6, 18, or 36 months. You can even find plans with no contract at all. Here’s a look at some of the options:

Electricity retailer	Plan type	Plan	Contract duration	Est. monthly bill	Electricity rate (cents/kW)
SP group	No contract	NA	0 months	$110.34	30.65
Pacific Light	No contract	Easy Peasy	0 months	$116.58 (includes a 55-cent daily charge)	27.80
Geneco	Fixed Price	Give us a try	6 months	$107.53	29.87
Tuas Power Supply	Fixed Price	Give us a try	18 months	$106.67	29.63
Pacific Light	Fixed Price	Saavy Saver 36	36 months	$102.38	28.44
Tuas Power Supply	Fixed Price	PowerFIX 36	36 months	$103.93	28.87

 

3. What are “discount off regulated tariff” price plans?

If we boil it all down; this plan essentially offers a fixed discount off SP’s electricity tariff—which is currently 30.65 cents per kWh from 1 January to 31 March 2025—a significant drop from last quarter (31.72 cents).  

With a retailer on the OEM, you pay a floating rate, subject to the tariff’s quarterly fluctuations. In other words, your bill will always be X% cheaper than if you opted for SP.

If you’re with SP, your bill would be $111.88 per month, based on the same scenario a 4-room HDB flat with an assumed average consumption of 360 kWh/month.

Fun fact—a quick search on the OEM comparison tool yielded just ONE result! But a little more digging, revealed another.

Here’s what’s available: 

Electricity retailer	Plan	Contract duration	Est. monthly bill	Electricity rate (cents/kW)	Perks
Senoko Energy Supply	LifeSteady 24m	24 months	$104.44	29.01 (5.35% off the regulated tariff)	Up to S$299 worth of gift or bill rebates
Pacific Light	Classic 60	60 months	$107.03	29.73 (3% off the regulated tariff)	Extra 5% Prompt Payment Discount

This begs the question—how are tariffs even calculated?

Electricity tariffs in Singapore are set by the Energy Market Authority (EMA) and are updated every quarter to reflect the actual cost of electricity. 

Here are the 4 main components that make up the cost of the electricity tariff. 

Components	Market Admin & Power System Fee	Market Support Services Fee	Network Cost	Energy Cost
Paid to	Energy Market Company and Power System Operator	SP Services	SP PowerAssets	Generation Companies
What does it cover?	Covers the operating costs of the electricity market and power system.	Covers billing, meter readings, data management, and retail market systems.	Covers the cost of transporting electricity through the power grid.	Reflects changes in fuel prices (natural gas linked to oil) and the cost of running power stations.
How often it’s adjusted	Annually	Annually	Annually	Quarterly

All these costs come together to make up your final bill, with energy costs being the most likely to fluctuate. 

 

4. Buying electricity wholesale

Truth be told—there is a way to buy electricity beyond fixed-price plans or discounts off the regulated tariff. You could technically buy from the wholesale electricity market.

Here’s how it works: wholesale electricity prices (WEP) aren’t fixed. They fluctuate every 30 minutes based on market supply and demand. Yeap, you read right—prices can spike or dip that frequently.

While this can mean potential savings when prices are low, it also means you’re exposed to volatility. In 2023, for instance, prices were both elevated and unpredictable.

So, who should consider WEP? 

WEP might be suited for savvy consumers or businesses willing to monitor prices closely and adjust their usage during high-cost periods. If you have flexible energy habits or use energy primarily during off-peak hours, WEP might help you save.

However, if you prefer stability and predictability in your bills, fixed-rate plans may be the best way to go.

 

5. Other non-standard price plans—“peak & off-peak”, free gifts & more promotions

Some retailers also offer other types of packages other than the standard price plans to cater to different types of consumers who may have different habits. 

One of them is the “peak and off-peak” pricing, which charges different rates for day and night use. So, if you use most of your electricity during off-peak hours, you can enjoy cheaper prices.

At present, retailers such as Pacific Light and Senoko Energy offer plans that have a cheaper rate at night as you sleep, whilst having a slightly pricier rate during the day when you might be at the office. 

There also used to be promos when the OEM first launched, with retailers offering freebies when you signed up. However, the frequency of these offers have dropped dramatically since then.

Doesn’t matter though. As long as base rates are cheaper, who cares about a $10 discount voucher? 

 

6. Best cashback credit cards for paying your electricity bills

Most electricity retailers make it easy for you to set up a recurring charge to your credit card of choice—but bear in mind that not all credit cards will give you cash rebates for your electricity bills.

For example, some credit card terms and conditions put “recurring payments” and “bill payments” under their list of general exclusions. This can happen even if it’s supposedly a cashback card with no categories or restrictions. 

To play it safe, we would recommend credit cards that explicitly mention electricity bills as one of their cashback categories. 

If you want an all-purpose credit card, the UOB One card could be the one. It gives up to a maximum 3.33% cash rebate on all spending, including recurring telco and electricity bills. There’s also an additional 4.33% on SP bills—giving you a sizable amount of cashback. 

Alternatively, the OCBC 365 card offers 3% on recurring bill payments including telco and utilities. 

Know someone on the hunt for a new electricity provider? Share this article with them. 

---

About the author

Having been writing for a little over 10 years, KC has flexed his pen in a variety of industries—think automotive, fitness, entertainment, and finance. He’s ultimately on a mission to prove that any topic, no matter how serious, can be made fun.

Off-duty? It’s all about food, drinks, parties, and gaming marathons.

          

 

---