Which Open Electricity Market Retailer should I choose?


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All in all, there are a total of 74 plans and 12 open electricity market retailers in Singapore. Moreover, the the electricity tariff has fallen to 25.07 cents/kWh from 1 October 2019 to 31 December 2019. Thereupon, it is time to review on my preferred choice. Before that, there are 3 points to note:

  1. Standard Fixed Price Plan vs Standard Discount off the Regulated tariff Plan, which is better? On the whole, it is important to realise the difference between the two standard plans. With this in mind, I will highly recommend you to check out this post: Open Electricity Market in Singapore
  2. Furthermore, this post is based on my thought process which may or may not be suitable for you. In any case, please do further research and find a plan that fits your needs.
  3. Found this post confusing? This may be because you have not downloaded the comparison table that I have compiled from scratch. For this purpose, use the form below to get the complete table.

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Round 1

Firstly, we shall not waste time to research on plans with incomplete fact sheets. As a result, I shall eliminate all the plans without a complete fact sheet on their official website. At this point, I was unable to retrieve the fact sheet from Union Power only.

Round 1 Elimination

Union Power: Fixed Saver 12, Fixed Saver 24, Gas Saver 24, Dual Value Saver – 24, Trial Saver 6

Status after Round 1

Number of Electricity Retailers: 12 – 1 = 11

Number of Standard Fixed Price Plans: 26

Number of Standard Discount off Regulated Tariff Plans: 23

SEE ALSO:  Open Electricity Market in Singapore

Number of Non-Standard Price Plans: 20

Reference from Excel Sheet: OEMR_Round1Result

Round 2

As I have said on several occasions, I am pretty skeptical about the offered non-standard plans in the open electricity market. This is because the stated terms and conditions do not follow the norm.

For instance, the retailer reserves the rights to change the electricity rate within a very short notice period (e.g. 14 calendar days).

With this in mind, I decided to avoid all of them.

Round 2 Elimination

Best Electricity: Best Home Free

Geneco: Get It Fixed 36, Get Free Sundays, Get Sunny

iSwitch: ‘Chope’ the Rate (24 Months), ‘Chope’ the Rate (36 Months), Super Saver Discount (24 months)

Keppel Electric: Fixed36, Knight

Ohm Energy: Simply Ohm, Market Ohm

Pacific Light: Save While Sleeping 12m, Save While Sleeping 24m, Easy Peasy, Sunny Side-Up 12, Super Saver 36

Sembcorp: No Contract Plan, 12M Sunshine

Tuas Power: PowerFIX18, PowerFIX 36

Status after Round 2

Number of Electricity Retailers: 11

Number of Standard Fixed Price Plans: 26

Number of Standard Discount off Regulated Tariff Plans: 23

Number of Non-Standard Price Plans: 20 – 20 = 0

Reference from Excel Sheet: OEMR_Round2Result

Round 3

Since we will be switching out from SP Group, it shall be the benchmark for any potential fees charged by the other open electricity market retailers. Accordingly, I shall eliminate plans with (the possibility of) additional fees.

Round 3 Elimination

Diamond Electric: Freedom, Sure Save Plus [payment rejection fee, account closure fee]

Geneco: Get It Green, Get It Fixed 24, Give Us a Try, Get It Less 24 [processing fee for changes to contract amongst others]

iSwitch: “Chope” the Rate Exclusive (12 months), Super Saver Discount Exclusive (12 months) [additional security deposit]

SEE ALSO:  Ohm Energy Review: I am Impressed!

Keppel Electric: Fixed12, Fixed24, Dot3, Dot24 [high charges for paper bill, account closure fee]

Pacific Light: Savy Saver 12, Stick To It 12m, Stick To It 24m, Confirm Save 12m, Confirm Save 24m [price plan change fee amongst others]

Sembcorp: 12M Fixed Price, 24M Fixed Price, 12M Discount off Regulated Tariff, 24M Discount off Regulated Tariff [account closure fee amongst others]

Senoko: LifePower12, LifeSmart24, LifePower24, LifePower24 Entertainment, LifePower24 LinkPoints, LifeSave12, LifeSave24 [account closure fee]

Tuas Power: PowerFIX24, PowerDO 6, PowerDO 24 [potential admin fee]

Status after Round 3

Number of Electricity Retailers: 11 – 8 = 3

Number of Standard Fixed Price Plans: 26 – 17 = 9

Number of Standard Discount off Regulated Tariff Plans: 23 – 14 = 9

Number of Non-Standard Price Plans: 20 – 20 = 0

Reference from Excel Sheet: OEMR_Round3Result

Round 4

After following the open electricity market for close to a year now, I noticed the following trend:

The longer the lock-in period, the higher the tendency for a better electricity rate.

With this in mind, I decided to choose a 24 months contract duration (instead of 6 months or 12 months).

Round 4 Elimination

Best Electricity: Best Home Fixed [6 months], Best Home Fixed [12 months], Best Home Saver [12 months]

Ohm Energy: Ohm Discount [12 months]

Sunseap Energy: One Fixed 6M [6 months], One Fixed 12M [12 months], One 6M [6 months], One 12M [12 months]

Results after Round 4

Standard Fixed Price Plans (Cheapest 3):

Best Electricity: Best Home Fixed @ 17.98 cents/kWh for 24 months

Ohm Energy: Fixed Ohm @ 18.95 cents/kWh for 24 months

Sunseap Energy: One Fixed 24M @ 17.75 cents/kWh for 24 months

Standard Discount off the Regulated Tariff Plans (Cheapest 2):

Best Electricity: Best Home Saver @ 22% discount for 24 months

SEE ALSO:  What to look out for when choosing an Electricity Retailer in Singapore

Sunseap Energy: One 24M @ 23% discount for 24 months

Reference from Excel Sheet: OEMR_Round4Result

My Choice of Plan from the Open Electricity Market Retailer

As has been noted previously, a fluctuation in the electricity tariff will affect my choice of plan. In summary,

If the electricity tariff continues to fall…

Then I will be better off with a Discount Off the Regulated Tariff Plan. In this case, I will choose either Best Home Saver by Best Electricity or One 24M by Sunseap Energy.

If the electricity tariff continues to rise…

Then I will be better off with a Fixed Price Plan. Accordingly, I will consider Best Home Fixed by Best Electricity, Fixed Ohm by Ohm Energy, or One Fixed 24M by Sunseap Energy.

Final Thoughts

In the final analysis, I feel that the electricity tariff will rise in the long run. As a result, it felt right to go ahead with the fixed price plan. In like manner, the final three open electricity market retailers were the same finalists in my previous comparison (in February 2019). Therefore, I am confident of my pick this time.

Prefer a checklist of things to look out for? Then you must read: What to look out for when choosing an Electricity Retailer in Singapore

Find out why I signed a two years contract with Ohm Energy: Ohm Energy Review: I am Impressed!

Thoughts of the Day 💭

  1. What are your key concerns on choosing an open electricity market retailer?
  2. How long is your contract duration?
  3. Finally, o you feel the the electricity tariff will rise or fall in the future?

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