Malaysia vs Singapore? No — Electricity Plans in Singapore Are Worth Comparing Too!
Okay, so you’ve heard of going SIM-only with mobile plans and picking the cheapest Broadband deal. But have you ever strategically shopped for electricity? In Singapore, the Open Electricity Market (OEM) has gone mainstream — and now almost half of households are buying electricity from retailers instead of the default SP Group tariff. That’s not just interesting… that’s opportunity.
In this blog post, I dig into how the electricity retail market works, who the big players are, the types of plans available for households, how they stack up against the regulated SP tariff, and how to decide what’s best for you.
1. What’s the Deal with Electricity Retailers in Singapore?
Here’s the short version:
For most of Singapore’s history, SP Group (formerly SP Services) was the only electricity supplier for homes — regulated by the Energy Market Authority (EMA). But since 2018, Singapore opened its electricity market. Now, licensed retailers can sell electricity directly to consumers, and you can choose them instead of staying on the default SP tariff.
This means:
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You can shop around for plans that fit your consumption patterns.
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You may find plans with fixed rates, discounts off the tariff, time-of-use pricing, or even renewable energy options.
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Switching is free, and your power supply will never be cut off — SP Group still operates the grid.
But every advantage has a catch: retail plan prices recently trended very close to SP’s regulated tariff — in some cases within 1¢/kWh, which narrows potential savings.
2. Who Are the Players in Singapore’s Electricity Market?
There are over a dozen licensed electricity retailers in Singapore. Here are some notable ones you’ll see on the OEM price comparison tool:
| Retailer | Notes |
|---|---|
| Geneco | Popular with competitive fixed price plans |
| Tuas Power | Offers fixed and non-standard plans |
| PacificLight Energy | Large portfolio of plans, some unique pricing designs |
| Keppel Electric | Established player, often bundled green options |
| Senoko Energy | Flexible contract lengths |
| Sembcorp Power | Traditional plans with standard pricing |
| Union Power | Known for simple pricing & no deposit options |
| Best Electricity / iSwitch / Environmental Solutions | Some players have entered and exited OEM in past years — always check live listings before signing up |
Note: Some earlier entrants like iSwitch exited the market as conditions changed — a reminder to check the current price comparison tool before signing.
All retailers must be licensed by the EMA, and the official OEM comparison tool is the best place to see up-to-date plans and prices.
3. Types of Electricity Plans — Explained Simply
Before comparing brands, let’s break down the kinds of plans you’ll see:
a) Standard Price Plans
These are the most straightforward and comparable across retailers:
1. Fixed Price Plan
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You pay a constant rate per kWh for the entire contract.
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Contract lengths are typically 6, 12, or 24 months.
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Your rate won’t change, even if market tariffs do.
2. Discount-off-Regulated Tariff Plan
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You pay the SP’s quarterly regulated tariff rate, but with a fixed discount off it.
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The regulated tariff itself changes quarterly; the discount is fixed.
b) Non-Standard Plans
These plans don’t follow the strict “all-inclusive rate” format and can include things like:
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Time-of-use pricing (higher during peak hours, lower at night).
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Tiered pricing based on consumption volumes.
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Plans with daily fees or non-standard billing structures.
👉 These plans may be lower price… but also require more attention to how and when you use electricity.
c) Other Special Options
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Green/Eco Plans: Retailers sometimes offer 100% renewable electricity plans by purchasing Renewable Energy Certificates.
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No Contract / Short Contract: Great if you’re a renter or want flexibility but usually priced slightly higher.
4. How Do Retailer Prices Compare With SP’s Regulated Tariff?
Let’s get to the money question.
SP Group’s Default Tariff
SP’s electricity tariff is set quarterly and reflects fuel and market conditions. For Q1 2026, household electricity tariff before GST was adjusted slightly lower compared to previous quarters.
With GST, this typically lands in the ~32¢/kWh region (give or take).
Retailer Plans — Typical Range (2025–2026)
Retailer prices, also including GST, have recently looked like this (figures below are approximate snapshots — actual may vary by the day and as contracts change):
| Retailer | Plan Type | Approx Rate (¢/kWh incl. GST) | Contract |
|---|---|---|---|
| Geneco | Fixed Price | ~28.9 | 12–24 months |
| Tuas Power | Fixed Price | ~28.9 | 12–24 months |
| PacificLight | Fixed / No contract | ~27.8–28.9 | 0–36 months |
| Various Retailers | Tiered/Peak-Off-Peak | Varies widely | Non-standard |
| SP Group | Regulated tariff | ~32+ | No contract, quarterly price adjustments |
👉 What this means in practice: The cheapest retail plans can undercut SP’s tariff by a few cents per kWh — but the gap is not as big as it used to be (a few years ago retailers could go much lower).
In other words: when tariffs are high, locking in a fixed price could stabilize your costs. But if tariffs drop later, that advantage diminishes.
5. So… Who Has the Best Plans Right Now?
Let’s break down practical choices based on what you might want:
🏆 Best for Cheapest Rates (Fixed)
PacificLight Energy often has some of the lowest fixed and long-term plans (e.g., up to 36 months at ~28.4¢/kWh).
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Good for: homeowners who want stability and long-term budgeting.
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Caution: electricity prices can drop or rise — long terms are a bet on stability.
👌 Balanced Fixed Options
Geneco and Tuas Power have straightforward fixed price deals around ~28.9¢/kWh.
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Good for: most households who want a simple plan without weird tiers.
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Contract lengths are typically flexible (12 or 24 months).
📈 Flexible / No Contract
Some plans — especially from PacificLight — offer no-contract or shorter lock-in pricing, sometimes with tiered rates or off-peak pricing.
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Good for: renters or short-term stays.
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Caution: daily fees or higher peak rates can offset savings.
🌱 Green or Time-of-Use Plans
Some retailers bundle renewable energy certificates or time-of-use structures:
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Good for: eco-minded consumers or those with predictable off-peak consumption.
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But: complex pricing needs careful analysis to ensure savings.
6. Practical Tips to Save More
Here’s how to actually benefit when choosing an electricity plan:
• Don’t Just Look at ¢/kWh
A plan may look cheap but have:
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Daily fees.
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High rates during peak hours.
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Tiered billing that surprises you.
Always check the Fact Sheet provided by the retailer — EMA requires a standardised one for consumer comparison.
• Use the Official OEM Price Comparison Tool
This tool lets you:
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Enter your housing type.
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See standard price plans from all retailers side-by-side.
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Compare fixed vs discount plans.
It’s the most accurate snapshot you’ll get on any given day.
• Watch Out for Auto-Renewals
Many contracts automatically renew at the prevailing tariff — which could be higher.
From mid-2026, retailers must notify you twice before auto-renewal and offer a 60-day window with no early termination fees after renewal.
• Seasonal Use Matters
If most of your electricity use is overnight, a time-of-use plan can save you more.
But if usage is steady all day, a simple fixed rate is easier to budget around.
7. Should You Switch at All?
In Singapore’s current market:
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The cheapest retail rates are only marginally better than SP’s tariff — often within ~1¢/kWh.
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Savings may range from a few dollars to $10–15 per month, depending on usage and plan.
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The biggest benefits come from long-term plans when electricity prices are trending up or from time-of-use plans if you can shift load to cheaper periods.
Switching is still worth considering — especially if you value stability and predictability in bills — but it’s not a guaranteed “big savings” anymore.
8. Conclusion — My Take as a consumer
Electricity is not the sexiest bill to think about… until you realise you might have better choices than simply sticking with SP Group and hoping tariffs fall.
Here’s my honest take:
✅ Understand your usage first. Look at your past bills and patterns.
✅ Compare plans properly. Don’t fall for lowest headline rate without checking charges and contract terms.
✅ Lock in a plan if you want predictability. Fixed price plans are great if you want budgeting peace of mind.
❌ Don’t pick a plan just because it’s “green” unless you know the added cost and value it brings to you.
🔁 Watch out for auto-renewals. You don’t want a surprise higher rate.
Electricity retailing in Singapore is mature enough that choice now matters — but the market isn’t giving away huge discounts like before. That means your personal usage, lifestyle, and priorities will ultimately determine which plan makes sense.
Smart shoppers don’t chase the cheapest rate — they chase the right rate.
To share also that i have taken up the Keppel Electric 15% discount of the SP Tariff. My re-contract starts from Mar 2025. Checking through the EMA comparison and current rates. I believe there will be further reduction from SP as inflation has more or less stabilized. Potentially my bill could drop from the current $110 - $125 to less than $99.9 which will result in almost up to $3000 savings in my annual savings. Over 2 years contract may reach $600.
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