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The year 2018 saw the launch of the Open Electricity Market in Singapore. Traditionally Singaporeans had only relied on the Singapore Power Group to supply electricity to their households. However now Singaporeans can freely choose what company will provide them with this service. And this logically changes everything.
Today we’ll take a look at how the OEM has affected the role of SP Group in Singapore and what this means for your household.
What is the current role of the Singapore Powers Group?
With the launch of the OEM, the SP Group went from being the sole provider in the country to just another option. However to understand what makes a company the right pick or not for your household we need to explain how energy now works for the country.
The introduction of more providers didn’t change the prices of electricity as drastically as you might’ve imagined. And that’s because the Energy market Authority or EMA has made sure to keep a regulated tariff for electrical services. This tariff is the maximum amount companies are allowed to charge, but it’s also a very good representative of how much money is needed to keep the system running.
As such you shouldn’t expect wild price fluctuations between different providers. However, there are certain features you can take advantage of
Time to choose your benefits
With a fixed tariff energy providers need to be very creative to offer improved deals to their customers. Companies usually offer discounts over the basic tariff based on the length of the contract. Much like the discounts we usually see on television or the internet, electricity providers make sure to incentivize new customers and reward their current clients.
On a similar note point programs have become common, as well as a rewards system. Electricity companies now offer rebates, discounts, and special deals with partnered brands. All to make sure that even if the tariff can’t be reduced, people can still save money one way or the other.
