Electricity Retailers in Singapore — Which Offers the Cheapest Electricity Price Plan?

sembcorp electricity retailers

You can’t procrastinate forever — the Open Electricity Market (OEM) initiative has been in full swing for some time so if you haven’t already, it’s right about time to choose your preferred electricity retailer in Singapore.

If you’ve done zero research, consider reading our 101 guide on the OEMFAQ guide on making the switch from Singapore Powers (SP) and/or our list of hidden costs to look out for.

Or watch our video explainer: How Much Will You Save If You Switched From SP Services?

The Open Electricity Market (OEM) and electricity retailers in Singapore

The OEM is a turning point in Singapore history. Up until 1 Nov 2018, electricity was provided by SP (Singapore Power) and all we had to do was pay our bills.

But now, there are 12 electricity retailers with published prices offering 2 standard pricing models… that means more than 20 electricity packages to compare. Naturally, there’s some analysis paralysis…

To get you started, here are 3 steps to picking an electricity retailer:

Step 1: Decide if you want a (a) fixed rate plan or (b) discount off the regulated tariff. Some retailers have non-standard plans as well.

Step 2: Decide how long you want your contract to be — it can be as short as 6 months to as long as 3 years.

Step 3: Finally, compare the prices and choose your preferred power soulmate.

Before your eyes start twitching and your brain starts short-circuiting, we’re here to play cupid with a comprehensive comparison of all the current retailers.

There’s an official OEM comparison tool which lets you easily estimate your electricity bills and compare providers. You just need to input your type of residence, average consumption, and preference for pricing models (fixed or discount off regulated tariff).

Using that calculator, let’s find out what are the cheapest retailers for a 4-room HDB flat with an assumed average consumption of 360 kWh / month.

Contents

  1. Cheapest fixed price electricity plans (6 months)
  2. Cheapest fixed price electricity plans (12 months & up) 
  3. Cheapest “discount off regulated tariff” electricity plans
  4. Non-standard electricity plans & promotions 
  5. How are electricity bills calculated by retailers?
  6. Best cashback credit cards for electricity bill payments

Cheapest electricity retailers for fixed price plans (6 months)

For these price plans, you pay a fixed price (calculated per kWh) for the duration of your contract. The rate is independent of the regulated tariff, and is applied to your total electricity consumption (regardless of what time you use it).

Currently, short-term contracts offer the cheapest prices — possibly to encourage you to give these electricity retailers a try. (The Geneco plan is literally called “Give Us A Try”.)

Electricity retailer Fixed price (per kWh) Contract duration Estimated monthly bill
Geneco $0.1670 6 months $60.12
Tuas Power Supply $0.1699 6 months $61.16
Union Power $0.1699 6 months $61.16
Sunseap $0.1759 6 months $63.32

The top 3 fixed rate plans are pretty competitive. If you look at our example (4-room HDB flat with average consumption of 360 kWh), the difference in monthly bill differs by just a dollar.

Sunseap’s 6-month plan is a little more expensive, but then you’re paying a premium for 1% solar energy.

Read more: Choosing a Green Electricity Plan in Singapore — What are Your Options?

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Cheapest electricity retailers for fixed price plans (12 months & up)

If you don’t want the hassle of possibly having to switch out half a year later, a 12-month contract will get you the next cheapest rates. Here are the 5 cheapest ones.

Electricity retailer Fixed price (per kWh) Contract duration Estimated monthly bill
Sembcorp $0.1717 12 months $61.81
Senoko Energy Supply $0.1718 12 months $61.85
Sunseap $0.1792 12 months $64.51
Sembcorp $0.1698 24 months $64.73
Senoko Energy Supply $0.1698 24 months $64.73

By the way, we don’t really recommend opting for a longer-term contract than 12 months unless you’re prepared to pay more. 24-month contracts are a fair bit more expensive.

Note that fixed electricity rates offered change much more often than the pegged ones (see below), and the frontrunners switch around every month or so.

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Cheapest electricity retailers for “discount off regulated tariff” price plans

For this type of plan, you get a fixed discount off the regulated tariff set by the Electricity Market Authority (EMA), which is currently $0.2255 per kWh (1 April to 30 June 2021).

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.

Electricity retailer Discount off regulated tariff Contract duration Estimated monthly bill
Pacific Light 25.1% off 12 months $65.06
Tuas Power Supply 25.11% off 12 months $65.06
Union Power 25.11% off 12 months $65.06
Senoko 25% off 12 months $65.15
Tuas Power Supply 23.61% off 24 months $66.36

As you can see, “discount off tariff” electricity plans can sometimes be cheaper than fixed price plans, but it depends on the EMA tariff for that quarter.

If you don’t mind quarterly fluctuations in your electricity bill, you can’t really go wrong with the 4 retailers who are all offering the most competitive 25% off the tariff.

Similar to the fixed price electricity plans, you don’t save more by committing to a longer contract. The 24-month contracts start from 23.61% off, significantly poorer than 25%.

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

In addition to the standard plans, some retailers offer non-standard packages to cater to different profiles of users so be sure to check their official websites when picking a plan.

A popular one is the “peak and off-peak” pricing, which splits the day into 2 time slots — day and night — charging different rates for it. So if you can use most of your electricity during off-peak hours, you can enjoy cheaper prices.

Other non-standard plans include handing out cash rebates (usually calculated based on the average of a few months), free gifts (like iPads!), and discounted prices when bundled with other products.

The retailers seem reasonably aggressive with their prices and promotions, but while some even advertise “promo codes”, they rarely offer additional discounts on top of their electricity prices. In general, most of them give just you vouchers or rebates on your Nth bill.

I don’t really care — and neither should you — because these promotions are seasonal and change from week to week, roadshow to roadshow. The cheaper prices should be incentive enough for you to make the switch from SP.

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What is Transmission Loss Factor?

When the Open Electricity Market first launched, it was really difficult to find out which electricity plan is really the cheapest because some of them were complicated by this troublesome thing called Transmission Loss Factor.

When power is delivered to your home, a certain percentage of it is “lost”, and different retailers dealt with this loss in different ways. Some factored the loss into their rates, while others left it as a surprise for their customers.

However, since November 2018, most retailers have standardised their billing calculation remain competitive. This means that, for those of us not gifted in Maths, we no longer have to do complicated calculations to figure out how much exactly electricity costs. Yay!

Still, these things are always subject to change, so be kiasu and please double-check your contract to make sure. If you’re not sure about how your preferred retailer calculates your consumption, please give them a call.

Just in case you’re curious, here are the published Transmission Loss Factors, which can be found on the OEM website.

Load Transmission Loss Factors (from 1 Apr 2020)
230kV / 400kV 1.0
66kV 1.0
22kV 1.003876
6.6kV 1.014258
230V 1.025599

Singapore’s power is delivered at 230V, i.e. the TLF is 1.003876 currently. There are two forms of electricity billing: Either according to the meter, or loss-adjusted billing.

In general, billing according to the metered reading is more straightforward and cheaper than loss adjusted readings. No hidden charge mah. You just pay the X price multiplied by your consumption. For example, $0.2463 X 360 kWh = $88.67. That’s it, no need to think.

For loss-adjusted billing, you need take the TLF and multiply it to your total consumption. So it would instead be: $0.2463 X 360 kWh X 1.003876 = $89.01. That’s about $0.30 more.

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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 T&Cs 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. The following are good options.

Consolidate your bills on a UOB One card and hit the minimum spend of $500, $1,000 or $2,000 every month to get a flat quarterly rebate. It works out to ether 3.33% or 5% a month in rebates.

UOB logo
Online Promo
Cashback on Utility Bills
Up to 3.3%
Cashback on Telco Bills
Up to 3.3%
Min Spend per Month
S$500
Online Promo:
Receive S$150 cash credit if you are among the first 100 successful applicants to make a min. spend of S$1,500 within 30 days of card approval. Applicable to new-to-card customers only
Valid until 30 Jun 2021

Meet the OCBC 365 credit card’s minimum spend of $800 a month and get 3% cashback on your recurring electricity bills.

OCBC logo
Online Promo
High Spend on Dining
Cashback on Utility Bills
3%
Cashback on Telco Bills
3%
Min Spend per Month
S$800
Online Promo:
Get up to S$250 cashback when you spend $1,000 per month for the first 2 consecutive months. Applicable to new-to-bank cardholders only.
Valid until 30 Jun 2021

The POSB Everyday Card gets you a 1% rebate on your electricity bills from selected providers: Geneco, Sembcorp, Union Power, Best Electricity, Ohm and Tuas Power (and yes, SP Group too). Not fantastic, but at least there’s no minimum spending requirement.

POSB logo
Online Promo
Earn Cash Rebates that Never Expire
Cash Rebate on selected Electricity bills
1%
Cash Rebate on selected Telco bills
1%
Min Spend per Month
S$800
Online Promo:
Get S$300 Cashback from DBS with 1 eligible transaction when you apply online for a participating Credit Card with the promo code “MEGAFLASH”.
Valid until 28 Jun 2021

If your electricity provider accepts American Express, consider the Amex True Cashback Card for a fuss-free 1.5% rebate, again with no minimum spend requirement.

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