Compare the Best Electricity Price Plans: Open Electricity Market (2026)

Energy prices can feel distant, until global events start affecting everyday costs. With fresh pressure on international energy supplies, Singapore households may be wondering whether it’s time to revisit their electricity plan and see if they can lock in something that suits their needs better.

With SP Group’s regulated tariff inching up once more in Q2 2026 (from 29.11 ¢/kWh to 29.72 ¢/kWh—a 0.61 ¢/kWh increase), the race for the “cheapest electricity retailer” just heated 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.

[ms-toc title="Guide to the Open Electricity Market (OEM) and electricity retailers in Singapore"]

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. 

Pro tip: There’s also an official, super easy-to-use, OEM comparison toolwhich 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.

With our GST rate sitting pretty at 9%, the final amount of your electricity bill will be subject to the 9% tax too.

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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 affordable retailers if you have a 4-room HDB flat with an assumed average consumption of 360 kWh / month.

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:

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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 29.72 cents per kWh.

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.

So, if you're considering a "discount off tariff" plan, what are your options? A quick search on the OEM comparison tool yielded just 1 result:

A unique point we discovered about Senoko Energy’s LifeSteady 24m plan is that it has a fixed 1.64c / kWh discount off the quarterly tariff. 

This means whatever the tariff is every quarter, the discount will always remain the same—giving you the assurance of guaranteed savings.

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. 

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

Image: SP Group

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. 

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