[2026 Edition] Complete Guide To Choosing The Best Open Electricity Market (OEM) Plan For Your Home

Since the launch of the Open Electricity Market (OEM) in 2018, over 35% of Singapore residential households have switched to electricity retailers.  The top 3 retailers by market share are Geneco, Tuas Power Supply and Keppel Electric.

The remaining households are paying the tariff rate to SP Group – and will likely continue to do so for the foreseeable future, since neither incentives nor educational outreach have convinced them to make the switch.

For those want to switch to an OEM or renew our existing OEM plans, here is an overview of the choices available so you can make the best choice for your needs – whether that’s for your new home, or your existing OEM contract expiring and you’re wondering what the available plans are right now.

Currently, only 6 residential OEM retailers remain, down from a peak of 12. Many have also scaled back their product offerings and sign-up incentives.

Read Also: What Happens When You Need To Change Your Open Electricity Market (OEM) Retailer

5-Minute Explanation: How Electricity Is Produced And Sold In Singapore

In order to understand what an electricity retailer is, we first need to understand how electricity is produced and sold in Singapore. The Singapore energy market has always been an ecosystem made up of multiple players.

Everything starts with the electricity produced by power plants, which are owned and operated by power generation companies. Every half an hour, these power generation companies bid for contracts to generate and sell specified quantities of power on the wholesale electricity market. Retailers, including SP Group, then buy electricity in bulk from the wholesale electricity market to supply to consumers.

The electricity generated is then transmitted from the power plants and distributed across the island via the national power grid, which is also operated by SP Group.

In other words, SP Group buys electricity in bulk from the power generation companies on behalf of Singapore households. The company is also responsible for the infrastructure for reliable power delivery island-wide and billing households for electricity consumed.

To ensure consumers are protected, prices that Singapore households pay is based on the tariff set by the Energy Market Authority (EMA), with the aim of being as low as possible while allowing SP Group to cover operational costs.

The tariff is revised every quarter and consists of two parts: 1) fuel cost and 2) non-fuel cost. The fuel component is based on imported natural gas prices, which is tied to oil prices in commercial contracts, in the preceding quarter. The non-fuel component covers the cost of running the electrical infrastructure and support services like meter reading.

In effect, the tariff system insulates Singaporeans, to some extent, from the electricity production and purchase process, as well as near-term price fluctuations due to the global oil market, since 95% of Singapore’s electricity supply is generated using imported natural gas.

Read Also: 5 Questions About The Open Electricity Market That You (And Your Parents) Probably Have

What Is The Open Electricity Market (OEM)?

The Open Electricity Market (OEM) is part of EMA’s effort to liberalise the electricity market, allowing residential households in Singapore to buy electricity from retailers other than SP Group.

Think of this as similar to how different telecommunication providers in Singapore such as SingTel, M1, Starhub and Circles.Life offer different price plans to attract different kinds of customers.

To be clear, SP Group continues to operate the national power grid, so you can be assured of the same reliable power that you come to expect living in Singapore. For those who choose not to do anything, SP Power will continue to sell you electricity at the regulated tariff.

Here is the current list of electricity retailers that you’ll be able to buy their electricity from:

• Best Electricity Supply– Operations have ceased since 21 October 2021
• Diamond Electric– Discontinued since 6 November 2021
• Geneco by Seraya Energy
• iSwitch– Operations have ceased since 11 November 2021
• Keppel Electric
• Ohm Energy– Exited on 15 October 2021
• PacificLight Energy
• Sembcorp Power
• Senoko Energy Supply
• Sunseap Energy No pricing information is available
• Tuas Power Supply
• Union Power No pricing information is available on their website

Benefits Of The Open Electricity Market

The opening up of the electricity market for Singapore households comes with a number of benefits for Singapore residents.

# 1 More Choices For Electricity Plans

Compared to paying a fixed, quarterly tariff rate which is what SP Group offers, OEM retailers generally allow you to choose from two types of electricity plans. Different plans give Singaporeans choices on how they wish to buy electricity and who they wish to buy it from. They have the potential for large cost savings for households who choose an appropriate plan based on their consumption habits.

# 2 Competition Leading To Innovation And Better Prices

Competition among retailers that essentially sell the same product (electricity) means that companies need to provide great service at great prices. Beyond price, retailers are also competing to value-add to their customers.

For example, some retailers are offering free months of electricity, referral cashback, and other promotional rewards. We can choose the one that makes the most financial sense for us.

Read Also: 3 Types of Insurance Every Homeowner Needs To Know About For Protecting Their Home

# 3 More Awareness Of Energy Consumption

The introduction of OEM retailers and different plans should make Singaporeans more aware of the electricity market in Singapore and take stock of their own consumption patterns.

Being more conscious about when we use electricity, i.e. how much power our appliances are using, and areas of wastage will hopefully lead to more considered electricity use, saving both money and natural resources over time.

Overview Of Types Of Price Plans Offered By OEM Retailers

Before we compare the different standard price plans offered by each retailer, it’s important to first understand how each works. In general, retailers offer two types of plans: 1) Discount Off Regulated Tariff, 2) Fixed Price.

Here is how each type of electricity plan works.

1) Discount Off Regulated Tariff plans offer a discount off the prevailing regulated tariff price, which is revised every quarter.

Source: Energy Market Authority

2) Fixed Price plans mean you pay a fixed rate throughout the duration of your contract. While the rate is not subjected to quarterly fluctuations based on the tariff, it may be higher or lower than the tariff over time.

Source: Energy Market Authority

Peak and Off–Peak plans are ideal if your household uses more electricity during off-peak hours, a allowing you to benefit from lower rates compared to majority of households that consume most of their electricity during evening peak hours.

*All prices are accurate at the time of writing and might be subject to change. Please contact individual retailers for the most updated pricing.

Best Discount Off Regulated Tariff Plans Across OEM Retailers

As of 14 July 2026, these are the Discount Off Regulated Tariff Plans available, which you can compare below.

^1/2 Based on Tariff rate (34.78 cents/kWh) minus Guaranteed Discounted Rate (1.64 cents/kWh).
³ Based on Tariff rate (34.78 cents/kWh) minus Discount Rate of 3% (1.043 cents/kWh). This also an additional 5% Prompt Payment Discount (PPD), which will be applied to the next bill.
⁴ Based on Tariff rate (34.78 cents/kWh) minus Guaranteed Discounted Rate of 18% (6.26 cents/kWh). However, there is an additional daily charge of 55 cents.
⁵ Based on Tariff rate (34.78 cents/kWh) minus Guaranteed Discounted Rate of 12% (4.17 cents/kWh).

Among the 5 Discount Off Regulated Tariff plans, PacificLight’s Easy Save Plan offers the lowest rate. However, do note that it comes with an additional daily charge of 55 cents regardless of usage.

Alternatively, you may also consider Keppel Electric’s SureSave Dot Plan for its low and transparent pricing. Neither of these plans tie you down to a fixed term contract, meaning you can switch to other fixed rate plan at a more opportune time in future.In contrast, if you prefer a longer-term plan, PacificLight’s Classic 60 is currently the only 5-year plan in the market. It offers a 3% discount off regulated tariff, along with a further 5% prompt payment discount off your following month’s bill.

Best Fixed Price Plans Across OEM Retailers

As of 14 July 2026, these are the Fixed Price plans available, which you can compare below:

Depending on how long you want to lock in your rates, you can consider at least 4 fixed-rate plan options: 6 months, 12 months, 24 months, and 36 months.

Short-Term Plans: 6 Months Or No Contract

If you prefer not to be locked in for too long, there are two main 6-month fixed rate options to consider: Geneco’s Give Us A Try and Tuas Power Supply’s PowerFIX 6. Both plans charge 29.00 cents/kWh.

Another short-term option is PacificLight Energy’s Easy Peasy plan. It does not have a fixed contract term and charges a lower rate of 26.00 cents/kWh, but comes with an additional daily charge of 55 cents, regardless of usage.

Standard Plans: 12 Months & 24 Months

For 12-month plans, Senoko Energy’s LifePower12, Geneco’s Get It Fixed 12, Tuas Power Supply’s PowerFIX12, and PacificLight’s Savy Saver 12 currently offer the lowest rate of 29.00 cents/kWh.

For 24-Month plans, all OEM retailers currently offer competitive rates at 27.50 cents/kWh. These plans provide immediate savings compared to the regulated tariff. Additionally, some retailers such as Geneco and Senoko Energy may also offer gift items or one-time bill discounts, further adding to the savings.

Do check the individual retailers’ websites for their latest offers.

Long-Term Plans: 36 Months

If you want longer rate stability, consider the 36-month plan from PacificLight’s SavvySaver 36, Senoko Energy’s LifePower36, and Tuas Power Supply’s PowerFIX 36. These plans charge between 27.20 cents/kWh and 27.28 cents/kWh.

Other Options: Time-Based And Usage-Based Plans

If your household has a different electricity usage pattern, you may also consider alternative plans that are time-based or usage-based.

For instance, if your household uses more electricity at night than day, time-based plans may be more suitable. Senoko Energy’s LifeSavy24 charges a lower rate of 20.05 cents/kWh from 11pm to 7am, and 36.95 cents/kWh from 7am to 11pm. Another plan is Geneco’s Get It 7 To 7, which charges 27.28 cents/kWh from 7pm to 7am, and 32.50 cents/kWh from 7am to 7pm. Both plans come with a 24-month contract term.

If you live in a larger household and regularly consume more electricity, you can consider PacificLight’s Stack It Up 24. Instead of charging a single standard rate, this plan charges a lower rate as your usage increases, based on 3 tiers:

• Stack 1: First 300kWh @ 27.70¢/kWh
• Stack 2: 301kWh and 600kWh @27.10¢/kWh
• Stake 3: Above 600kWh @ 26.30¢/kWh

Depending on your household’s needs and usage patterns, these alternative plans may offer more savings than regular plans that charge a standard rate.

Which Plan Should I Choose?

The current SP tariff rate, effective from 1 July to 30 September 2026, is 34.78 cents/kWh (including GST). This is an increase of about 17% from the previous quarter.

As seen from the price comparison table above, consumers can lower their electricity cost by switching to an OEM retailer. The cheapest fixed-rate OEM plan currently is PacificLight’s Savvy Saver 36 at 27.20 cents/kWh on a 36-month contract. This represents savings of roughly 22% savings compared to the current SP tariff rate.

However, the longer contract period also means less flexibility. If electricity prices fall over the next 6 to 12 months, you may not be able to switch to a cheaper plan.

Another option is to take up a Discount Off Regulated Tariff plan, where your rate moves with the regulated tariff but remains lower than it. These plans usually come in two forms: a fixed discount or a percentage-based discount. While the savings may be smaller than fixed-rate plans, you still get some savings compared to staying on the regulated tariff.

Read Also: Open Electricity Market (OEM): Here Are 5 Things To Consider When Choosing The Right Electricity Retailer

This article was first published on 1 October 2018 and has been updated to reflect the latest prices.