Open Electricity Market

In the open electricity market, we are here to help customers make the choice that best suits their needs, and to enjoy savings.

Open Electricity Market

For customers whose energy retailer is exiting the market and their accounts are being transferred to SP Services:

We would like to assure customers whose accounts are being transferred to SP Services due to the exit of their energy retailer, that there will be no disruption to your electricity supply in the process. For queries on your account set-up with SP, you may refer to the FAQs here. Please refer to your energy retailer for information specific to your account with the retailer.

SP Group supports the liberalisation of the electricity retail market, where consumers – households and businesses — can choose their electricity retailer and price plan.

The soft launch of the Open Electricity Market (OEM) took place in April 2018, at Jurong for customers with postal codes starting 60, 61, 62, 63 or 64.

The nationwide launch was rolled out progressively in four geographical zones.

Zone	Postal Codes Starting With...	Launched From
1	58 —78	1 November 2018
2	53 —57, 79, 80, 82, 83	1 January 2019
3	34 — 52, 81	1 March 2019
4	01 —33	1 May 2019

SP will continue to operate the national electricity grid so consumers enjoy the same reliable and efficient electricity supply, regardless of their choice of electricity retailer.

Working With Retailers

Our goal is to make processes convenient and efficient for all customers. SP will facilitate customer transfers between retailers and offer retailers one-stop utilities billing and call centre services.

As the Market Support Services Licensee, SP continues to provide services such as:

Opening of utilities account
Supply turn-on
Meter reading
Meter data management
Billing services

Choosing Your Electricity Provider

With OEM, consumers can choose to buy electricity from an electricity retailer at a price plan that best meets their needs or remain with SP Group where they can either:

Continue at the regulated tariff. No action is required if this option is chosen; or
Purchase from the wholesale electricity market.

Useful Links

Wholesale Electricity Price

Besides the regulated tariff, SP Group also offers a non-standard price plan where customers can buy electricity from the wholesale electricity market. This price plan does not have a fixed contract period.

Under this arrangement, the consumer buys electricity at the wholesale electricity price (WEP) which varies every half hour depending on the prevailing demand and supply situation in Singapore's wholesale electricity market.

The WEP would typically rise due to increasing electricity demand and/or outage of generating units. For example, in the months of October and November 2021, the half-hourly prices* ranged between 6.87 cents/kWh and 442.01 cents/kWh. The regulated tariff for Q4 2021 was priced at 25.80 cents/kWh (inclusive of GST).

Summary of WEP observed in October and November 2021*

Month

October 2021

November 2021

Lowest half-hourly WEP (cents/kWh)

16.13

6.87

Highest half-hourly WEP (cents/kWh)

420.25

442.01

*Source: Energy Market Authority. Figures provide an equivalent charge per kWh under a WEP plan. Actual calculation of charges will be presented in detail in customers’ bills. Figures have factored charges such as grid charge, transmission loss and 7% GST, but exclude Meter Reading and Data Management Charge ($2.18 per meter) and Vesting Debit/Credit (if applicable) for the quarter. You may visit the Energy Market Company's website to view the historical and current WEP.

Before you sign up to buy electricity from SP Group at the wholesale electricity price, read the Fact Sheet and Consumer Advisory which summarises the key contractual terms. Log in to the SP Utilities Portal to sign up for this price plan.

UPDATED ADVISORY FROM DECEMBER 2021

The Energy Market Authority (EMA) has advised that the sharp rise in the WEP in recent months stemmed from several factors, including the global energy crunch which resulted in high spot natural gas prices, production issues in Indonesia’s gas fields which has led to piped natural gas supply disruptions, and unplanned outages of power generation plants. ( Read EMA’s media release for more details. The EMA has also cautioned that the volatility may persist in the months ahead.

If you prefer more price certainty, you may consider other price plans such as a Fixed Price or Discount off the Regulated Tariff plan offered by an electricity retailer. To choose the plan that best suits your needs, you can compare the standard price plans offered by the electricity retailers using the Price Comparison Tool.

Making The Switch

There are three simple steps to switch to a retailer.

Step 1:
Shop around and check out the price plans that retailers offer. You can compare their standard price plans here to find one that best meets your needs.

Step 2:
Contact your preferred retailer and ask for more information on the price plan you are interested in. Take note of contractual terms such as the contract duration, payment terms, security deposit, early termination charges and auto-renewal clauses.

Step 3:
Sign up with your preferred retailer, who will then work directly with SP Group to perform the switch for you. Customers will continue to be eligible for U-Save rebates no matter which electricity retailer you switch to.

Frequently Asked Questions

Do I need to close my existing account with SP Group before switching to a retailer?
No, you do not have to close your existing account. Your retailer will work directly with SP Group to make the switch for you.

When will my security deposit be refunded after I have switched to a retailer?
Your security deposit is divided between your electricity and non-electricity accounts. 65% of your security deposit is allocated to your electricity account, which will be used to offset any outstanding charges with SP Group. The balance, if any, will be used to offset future non-electricity charges.

I received a message informing me to submit meter reading upon switching. Is it compulsory for me to submit and how do I submit?
It is recommended to submit your own meter reading upon switching to ensure that your bill reflects your actual consumption. Otherwise, your first bill with the retailer will be estimated based on your previous electricity consumption. Upon switching, you can submit your meter reading via the Open Electricity Market website or through the SP Utilities app.

Why am I being billed twice? I’ve switched to a retailer.
You will receive two bills upon switching to a retailer – one from your retailer for your electricity consumption, and another from SP Group for water, gas and refuse. However, if your chosen retailer partners SP Group for billing-on-behalf services, you will receive one consolidated bill for electricity, water, gas and refuse.

Is an AMI meter chargeable and when will my meter be changed?
All electricity meters will be changed to AMI meters progressively. If you wish to opt-in for an AMI meter before that, there is a charge of $40 (excluding GST).

My account will be/has been transferred to SP Services as my energy retailer has exited the market. I would like to find out more information from SP Services on my new plan.
For customers whose accounts are being transferred to SP Services due to the exit of their energy retailer, please click here.

Contact Us

SP can help you make the choice that best suits your needs, and to enjoy savings.

For enquiries, connect with us at:

One call — 1800 233 8000
One click — SP Utilities Portal
One stop — SP Group Customer Service Centre
490 Lorong 6 Toa Payoh #09-11

HDB Hub Biz Three Lift Lobby 1

Singapore 310490

Open Electricity Market