Open Electricity Market Sees Competition Among Electricity ProvidersLiving & Lifestyle
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From November, all 1.4 million electricity consumers in Singapore can choose their preferred retail electricity package from as many as 12 providers.
Starting 1st November 2018, SP Group will compete with 12 retailers to provide electricity to all 1.4 million electricity consumers in Singapore.
Consumers are able to subscribe to an electricity provider of their choice based on a electricity price plan just like how they subscribe to a mobile data plan they prefer the most.
Since 2001, the Energy Market Authority (EMA) has gradually opened up the retail electricity market to competition in order to roll out competitive pricing and innovative offers from providers for the benefit of consumers. This is part of their plan to fully liberalize Singapore’s energy market.
Earlier this April, EMA commences the soft launch of Open Electricity Market, where households and businesses in Jurong can choose to buy electricity from a provider with a price plan that best meets their needs.
In a month’s time, this initiative will be progressively extended to all consumers nationwide in four geographical zones based on postal codes. They may check out the rollout schedule to find out when the switch officially launches for their location.
Electricity consumers will have the option of choosing their preferred electricity price plans from as many as 12 providers. As such, this will give consumers more choice and flexibility when buying electricity.
The retailers who participate in this initiative are Best Electricity, Environmental Solutions, Geneco, ISwitch, Keppel Electric, Ohm Energy, PacificLight Energy, Sembcorp Power, Senoko Energy, Singtel, Tuas Power and Union Power.
Switching to a provider is not compulsory as consumers can opt to remain with SP Group at the regulated tariff, and no further action is required on their part. They can switch to a provider at any time in the future and there is no deadline for doing so.
Having said that, buying electricity from a provider will not affect electricity supply in any case as SP Group will continue operating the national power grid and deliver electricity to everyone.
For more information about the initiative, please visit Open Electricity Market official website.
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