EMA boosts retail electricity market through OEM

Currently, nearly 700,000 households are purchasing retail electricity.

In what is called a “liberalisation” of the Singapore’s electricity market, the Energy Market Authority has been progressively opening the retail electricity market to give consumers more options to manage their energy costs.

The Open Electricity Market was rolled out in 2018, which gave consumers the choice to purchase electricity from retailers at set price plans, instead of buying from SP Group at a regulated tariff.

As of November 2020, almost half of Singapore’s 1.4 million households have switched to buying electricity from retailers.

For most residential consumers, the switch has been an easy choice, as they get to enjoy around 20% to 30% less than the regulated tariff, as well as avoid cost damages from recent household electricity tariff increases, electricity retailer Union Power said in a media release.