Singapore households are facing a sharp rise in electricity costs this quarter. The Energy Market Authority (EMA) has announced that tariffs for Q3 2026 have climbed to 34.78 cents per kWh with GST. This represents a 17% increase compared to the previous quarter, marking the highest tariff ever recorded. For the average 4-room HDB household, which uses about 388 kWh of electricity per month, bills are expected to rise by almost $20. Many families may be considering whether switching to a retailer on the Open Electricity Market (OEM) can save you money, and if so, how much.
Why Tariffs Have Reached Record Highs
Electricity tariffs in Singapore are reviewed every quarter and are directly linked to the cost of natural gas, which fuels the majority of the country’s power generation. Global energy markets have been volatile, with ongoing conflicts in the Middle East and supply chain disruptions driving fuel prices upward. As a result, Singapore’s regulated tariff has surged to unprecedented levels.
SP Group, the default electricity provider, charges the regulated tariff set by EMA. At the current tariff, a 4-room HDB household consuming about 388 kWh per month will pay almost $135 after GST.
How Much Relief Do OEM Retailers Provide
The Open Electricity Market was introduced to give consumers more choice and flexibility. OEM retailers purchase electricity directly from the wholesale market and package it into various plans. These plans are often cheaper than SP Group’s regulated tariff, though it depends on various factors.
OEM retailers typically offer two main categories of plans: fixed-rate contracts and discount off regulated tariff contracts. Fixed-rate plans lock in a price per kWh for the duration of the contract, shielding households from quarterly tariff hikes. Discount off regulated tariff plans, on the other hand, peg rates to SP Group’s tariff but apply a percentage discount, which can fluctuate depending on market conditions.
Which Retailers Are Cheapest Right Now
According to the latest comparison by DollarsAndSense, several OEM retailers are offering competitive rates for Q3 2026.
For fixed-rate plans, the cheapest option is PacificLight’s Savvy Saver 36. It is currently priced at 27.18 cents per kWh, about 22% lower than the current tariff. However, do note that you are locked in for 36-months. This means that should the electricity tariff ever drop below 27.18 cents per kWh over the next 3 years, you may end up paying more overall.
For a 4-room HDB household using 388 kWh of electricity per month, you would pay about $105 at this rate, compared to $135.
If you believe that the current electricity tariffs are temporary and will eventually drop after 6 months to a year, you can consider a fixed-rate plan with a shorter lock-in period, or even no contract. Geneco’s Give Us A Try and Tuas Power’s PowerFIX 6 plans both offer 6-month contracts at 29 cents per kWh. For a 4-room HDB household using 388 kWh of electricity per month, you would pay about $112 at this rate, compared to $135.
PacificLight’s Easy Peasy plan has no contract and charges 26 cents per kWh, plus an additional 55 cents per day. For a 4-room HDB household using 388 kWh of electricity per month, you would pay about $117 at this rate, compared to $135. This plan would therefore benefit households with higher electricity usage more.
Another option is to consider a discount on a regulated tariff plan offered by Senoko Energy, PacificLight and Keppel Electric. As the name implies, these plans simply charge you a discounted rate.
PacificLight’s Easy Save plan offers the lowest rate of 28.52 cents per kWh. However, do note that it incurs an additional daily charge of 55 cents, regardless of usage, which makes it more economical for households with higher electricity use.
Alternatively, you may consider Keppel Electric’s SureSave Dot Plan at 30.61 cents per kWh. Neither of these plans ties you down to a fixed-term contract, meaning you can switch to other fixed-rate plans in the future.
Read Also: Guide To Off-Peak Electricity Plans: Geneco, Senoko Energy, PacificLight Energy, Keppel Electric
Risks And Considerations
While OEM retailer plans offer relief, they come with trade-offs. Fixed-rate plans usually require a contract commitment of 6 to 36 months, and early termination may incur penalties. Discount off regulated tariff plans can be cheaper in some quarters but risk rising alongside SP Group’s tariff during volatile periods.
Consumers should also pay attention to promotions. Some retailers offer rebates, vouchers, or lifestyle perks that sweeten the deal. Importantly, government subsidies such as U-Save rebates continue to apply even if you switch to an OEM retailer, ensuring that households do not lose out on existing support.
With electricity tariffs at record highs, switching to an OEM retailer is one of the most effective ways for Singapore households to manage rising costs. Fixed-rate plans provide stability and immediate savings, while discount off regulated tariff plans may benefit those willing to ride market swings in the belief that these high electricity tariffs are temporary.
Read Also: [2026 Edition] Complete Guide To Choosing The Best Open Electricity Market (OEM) Plan For Your Home
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