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 OEM retailers remain from a high of 12 OEM retailers at its peak and many of these retailers have also reduced 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 EnergyNo pricing information is available- Tuas Power Supply
Union PowerNo pricing information is available on their website
The 6 remaining OEM retailers are backed by power-generation companies. Even though they too have minimised the types of contracts available to customers, they should be strong enough to continue operations as an OEM retailer.
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.
| Retailer | Name Of Plan | Price (with GST) | Contract Duration |
| Geneco | Get It 7 To 7 | – 22.00¢/kWh (7pm – 7am) – 36.950¢/kWh (7am – 7pm) |
24 months |
| Senoko Energy | LifeSavvy24 | – 20.05¢/kWh (11pm – 7am) – 36.95¢/kWh (7am – 11pm) |
24 months |
| PacificLight Energy | Save While Sleeping | – 18.00¢/kWh (11pm – 7am) – 36.00¢/kWh (7am – 11pm) |
24 months |
| PacificLight Energy | 9 To 9 | -17.50¢/kWh (9pm – 9 am) – 37.50¢/kWh (9am – 9pm) |
No contract |
| Keppel Electric | Weekend Saver | Weekdays – 24.90¢/kWh (9pm – 9am) – 33.90¢/kWh (9am – 9pm) Weekend – 24.90¢/kWh (All day) |
24 months |
*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 18 March 2026, these are the Discount Off Regulated Tariff Plans available, which you can compare below.
| Retailer | Name Of Plan | Price (with GST) | Contract Duration |
| Senoko Energy | LifeSteady24 | 27.47* | 24 months |
| Senoko Energy | LifeSteady36 | 27.47* | 36 months |
| PacificLight | Classic 60 | 29.02# | 60 months |
*Based on Tariff rate (29.11 cents/kWh) minus Guaranteed Discounted Rate (1.64 cents/kWh).
#Based on Tariff rate (29.11 cents/kWh) minus Discount Rate of 3% (0.08733 cents/kWh).
Best Fixed Price Plans Across OEM Retailers
As of 18 March 2026, these are the Fixed Price plans available, which you can compare below:
| Retailer | Name Of Plan | Price (with GST) | Contract Duration |
| Keppel Electric | ecoGreen 12 | 39.80 cents/kWh | 12 months |
| ecoGreen 24 | 38.80 cents/kWh | 24 months | |
| Fixed 12 | 29.00 cents/kWh | 12 months | |
| Fixed 24 | 28.80 cents/kWh | 24 months | |
| Pacific Light | Savvy Saver 12 | 29.00 cents/kWh | 12 months |
| Sunny Side-Up | 29.00 cents/kWh | 12 months | |
| Savvy Saver 24 | 28.80 cents/kWh | 24 months | |
| Stack It Up | from 26.55 cents/kWh | 24 months | |
| Savvy Saver 36 | 28.60 cents/kWh | 36 months | |
| Easy Peasy | 26.50 cents/kWh | No Contract | |
| Sembcorp Power | 12M Fixed Price Plan | 29.00 cents/kWh | 12 months |
| 24M Fixed Price Plan | 28.80 cents/kWh | 24 months | |
| 12M Sunshine Plan (Green) | 42.31 cents/kWh | 12 months | |
| Senoko Energy | LifePower 12 | 29.00 cents/kWh | 12 months |
| LifePower 24 | 28.80 cents/kWh | 24 months | |
| LifePower 36 | 28.60 cents/kWh | 36 months | |
| LifeGreen 24 (100% certified Solar) | 29.18 cents/kWh | 24 months | |
| Geneco (Powered by YTL PowerSeraya) | Give Us A Try | 27.00 cents/kWh | 6 months |
| Get It Fixed 12 | 29.00 cents/kWh | 12 months | |
| Get It Fixed 24 | 28.80 cents/kWh | 24 months | |
| Tuas Power Supply | PowerFIX 12 | 29.00 cents/kWh | 12 months |
| PowerFIX 24 | 28.80 cents/kWh | 24 months | |
| PowerFIX 36 | 28.60 cents/kWh | 36 months |
Currently, the only short-term (6 months) plan is Geneco – Give Us A Try at 27.00 cents/kWh. Another short-term option is PacificLight Energy – Easy Peasy, which has no contract at 26.50 cents/kWh but levies an additional daily charge of 55 cents. These plans offer some discounts off the regulated tariff but still give you the flexibility to switch plans in the future with a shorter lock-in period.
For a 12-month plan, the lowest rate is 29.00 cents/kWh, offered by Senoko Energy (LifePower 12), Geneco (Get It Fixed 12), Keppel Electric (Fixed12), Tuas Power (PowerFIX12), and PacificLight (Savy Saver 12). All the other retail providers are currently offering rates lower than the regulated tariff for their regular 12-month plans, which provides a good incentive for consumers to make the switch to save on their electricity bills. Furthermore, retailers like Geneco have promo codes for their longer 12-month and 24-month plans, which gives even more savings.
Except for Sembcorp Power, all the other OEM retailers offer a competitive longer-term plan (24 months). Senoko Energy – LifePower 24, Geneco – Get It Fixed 24, PacificLight Energy Savvy Saver 24 and Tuas Power Supply – PowerFix 24all charge the same rate at 28.80 cents/kWh.
If you want longer rate stability, consider the 36-month plan from PacificLight (SavvySaver 36), Senoko Energy (LifePower36), and Tuas Power Supply (PowerFIX 36), which offer a lower rate of 28.60 cents/kWh.
All of these different plans offer consumers some discounts compared to the current regulated tariff rate. Though, some of these discounts might be marginal compared to the regulated tariff.
Interestingly, there are also options for those who mainly use electricity at night. For example, the Senoko Energy – LifeSavvy 24 is a 24-month contract plan that offers a lower rate from 11pm to 7am at 20.05¢/kWh, while charging 36.95¢/kWh from 7am to 11pm. Alternatively, the PacificLight Energy – 9 To 9 plan charges 17.50 cents/kWh when you use electricity from 9pm to 9am and 37.50¢/kWh from 9am to 9pm, with no contract tie-down. However, there is an additional daily charge of $1.01, regardless of usage.
Additionally, PacificLight – Classic 60 plan is a 60-month (5-year) plan is the only plan in the market that offers a 3% discount off regulated tariff plan. You can also enjoy a further 5% prompt payment discount off your monthly bill.
Which Plan Should I Choose?
The current SP tariff rate, effective from 1 Jan to 31 Mar 2026, is 29.11 cents/kWh (including GST), unchanged from the previous quarter.
As you can see from the table above, consumers can enjoy a lower cost by switching to an OEM retailer. The cheapest OEM plan that you can get is 27.00 cents/kWh on a 6-month plan with Geneco. This is around 7s% cheaper than the current SP tariff rates. Given the short term of the plan, you may face a re-pricing risk, especially if the electricity tariff were to rise higher within the next 6 months.
You can also opt for a Discount Off Regulated Tariff plan, which ensures you always pay a lower rate than the prevailing tariff. Among the two options, Senoko Energy offers a fixed discount, while Pacific Light provides a percentage-based discount. If tariff rates move significantly, Pacific Light’s plan may offer greater savings; however, if rates stay flat, Senoko Energy’s fixed discount could be more cost-effective.
This article was first published on 1 October 2018 and has been updated to reflect the latest prices.
