Almost half of 1.4m households switched to buying electricity from retailers.
At least nine in 10 household accounts are satisfied with services provided by power retailers, with 97% stating that they are satisfied before they signed up or renewed their contracts and 91% being satisfied after, according to the latest consumer satisfaction survey by the Energy Market Authority (EMA).
This comes after almost half of 1.4 million household accounts have switched to buying electricity from retailers instead of the current provider SP Services, two years since the nationwide rollout of the Open Electricity Market (OEM).
Almost all respondents (97%) found the process of switching to a retailer or renewing with their retailer easy, with nine in 10 respondents comparing price plans across different retailers before making a switch.
Meanwhile, consumers had renewed contracts with their existing retailers due to the satisfactory service provided (57%) and attractive price plans (53%). Only one in two respondents who renewed their contract had compared price plans with other retailers before doing so.
The OEM retailers with the largest share of residential consumers are Keppel Electric (23%), Geneco (21%), iSwitch (13%), and Tuas Power (13%).
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