Best Electricity Plans in Singapore: SP vs OEM Retailers

Key Takeaways

• The Open Electricity Market (OEM) offers Singapore households the chance to choose among several electricity providers and plans, instead of purchasing electricity by default from SP Group.
• Plans from OEM retailers are mostly fixed price, discount-off-regulated-tariff or peak/off-peak.
• Fixed price plans lock in a fixed price for the duration of the contract, protecting users from price fluctuations.
• Discount-off-regulated-tariff plans offer a discount on SP Group’s rates, which fluctuate every quarter.
• Peak/off-peak plans offer cheaper fixed rates during off-peak hours, usually late at night and early in the morning, and higher rates during peak hours.

Since the Open Electricity Market (OEM) was launched in 2019, Singapore households no longer need to buy electricity from SP Group by default, and can instead choose from multiple electricity providers to find the best electricity plan for them.

While having more electricity providers to choose from can potentially lower your electricity bill, electricity prices fluctuate due to global energy market conditions, fuel costs and geopolitical events. It’s thus important to select a plan that matches your household’s consumption patterns and risk tolerance.

This guide will compare the different open electricity market plan types available, highlight the best electricity plans in Singapore, and help you figure out whether you should stay with SP Group or switch retailers. Time to compare electricity prices, pronto!

What Is the Open Electricity Market (OEM)?

The OEM was progressively rolled out from 1 November 2018 to 1 May 2019 by the Energy Market Authority (EMA) to open the electricity market to energy retailers other than SP Group, thereby granting Singapore households greater choice.

Today, there are seven electricity market retailers in Singapore:

• Flo Energy Singapore
• Geneco
• Keppel Electric
• PacificLight
• Sembcorp Power
• Senoko Energy
• Tuas Power Supply

Consumers can potentially lower their electricity bills by choosing an electricity plan that costs less based on their consumption habits. Other ways to benefit include features and perks offered by the retailers, earning credit card rebates on bill payments, and taking advantage of referral and promo codes.

To take advantage of OEM prices, we need to understand how open electricity market prices differ from SP Group’s tariffs.

In case you didn’t already know, SP Group sets quarterly electricity tariffs based on fuel prices and non-fuel costs. When you purchase your electricity from SP Group, there is no contract, and you are free to switch providers whenever you want without incurring a penalty, but you’re also at the mercy of quarterly tariff fluctuations.

OEM tariffs are either pegged to SP Group’s tariff (the “regulated tariff”), with a percentage discount (i.e. discount off regulated tariff), or offer fixed tariffs locked in for the duration of your contract.

No matter which electricity retailer you opt for, the electricity supply still comes from SP Group, so you don’t have to worry about your electricity supply or service being affected when switching retailers.

Here’s an overview of the plans available from OEM retailers, compared against SP Group.

Electricity Tariff in Q3 2026

SP Group’s regulated electricity tariff for the period from 1 July to 30 September 2026 is 34.78 cents/kWh, including GST. This represents an increase of 17%, or 5.05 cents/kWh, from the previous quarter’s 29.72 cents/kWh (inclusive of GST).

OEM Plans Explained

Plans on the OEM tend to fall into the following categories:

• Fixed price plans – You pay a fixed rate for the duration of your contract, typically one to two years. This protects you from price fluctuations, but means you could end up paying more than you need to if market prices ever fall below the fixed price.
• Discount-off-regulated-tariff plan – Offers a percentage discount on the SP tariff. You’ll pay lower prices than what SP Group is charging, but are still subject to price fluctuations.
• Peak and off-peak plans – Such plans charge a cheaper non-peak fixed rate, usually late at night and early in the morning, and a much higher rate during peak hours.

Fixed Price Plans

OEM providers typically offer fixed price plans on 6-, 12-, 24- and 36-month contracts. Such contracts offer a fixed tariff for the duration of the contract.

Fixed price plans tend to be beneficial in times of global uncertainty and turmoil, and when fuel prices are expected to rise. They may also be preferred by risk-averse households who don’t like seeing their electricity bills fluctuate.

Discount-Off-Regulated Tariff Plans

Discount-off-regulated-tariff plans give you a percentage discount on the SP Group rate, so you can always be sure you’ll be paying less than the regulated rate. However, the rates for such plans will fluctuate every quarter along with the regulated tariff, exposing you to the risk of price increases.

Such plans are beneficial during periods when global market conditions are relatively stable. But you will need to be able to tolerate some risk of price fluctuations.

Peak and Off-Peak Plans

Peak and off-peak plans charge a higher rate during peak hours, usually during the daytime, and a lower off-peak rate during off-peak hours, usually late at night and very early in the morning.

This sort of plan is suitable if you are an extreme night owl or work the graveyard shift. To fully benefit, you’ll have to be prepared to use certain household appliances like the washing machine and dishwasher during off-peak hours. Beware of using electricity during peak hours, as the peak rate is much higher than for other types of plans.

Best Fixed Price Electricity Plans

Contracts from OEM providers tend to run for 6, 12, 24 or 36 months. You can get an estimate of the various plans and providers using the OEM comparison tool.

Here’s a comparison of fixed price plans, and how much households living in a 4-room HDB flat consuming the national average of 360 kWh a month would pay for them.

Best 6-Month Fixed Plans

The only 6-month fixed plan on the market right now is Geneco Give Us A Try.

While shorter plans tend to be more costly, Geneco’s 6-month pricing of 29.00 cents/kWh is on par with longer, 12-month plans from Sembcorp Power and Tuas Power, making it a relatively cheap yet low-commitment option.

Best 12-Month Fixed Plans

The most cost-effective 12-month fixed plans are:

• Tuas Power PowerFix12
• Sembcorp Power 12M Fixed Price Plan
• Geneco Get It Fixed 12

All the above plans charge 29.00 cents/kWh, while Senoko Energy LifePower12 and PacificLight Savvy Saver 12 charge 29.20 cents/kWh.

Best 24-Month Plans

The most cost-effective 24-month fixed plans are:

• Keppel Electric FIXED24
• PacificLight Savvy Saver 24
• Geneco Get It Fixed 24
• Senoko Energy LifePower24
• Tuas Power PowerFix 24
• Sembcorp Power 24M Fixed Price Plan

All six plans charge a competitive 27.50 cents/kWh.

Best Discount-Off-Regulated-Tariff Plans

Let’s have a look at the discount-off-regulated-tariff plans available on the market, compared against SP Group’s prices.

The Keppel Electric Supersave Dot plan offers the most attractive discount-off-regulated-tariff prices but is only available to new customers switching from SP Group.

Given the current geopolitical climate, if you wish to opt for such a plan and don’t qualify for Keppel Electric Supersave Dot, opt for Senoko Energy LifeSteady24, as it offers a decent price at the shortest contract available at the moment.

Best Peak and Off-Peak Plans

Some retailers offer lower off-peak prices for households with non-standard consumption habits. You’ll pay a lower fixed rate during their off-peak window. However, the downside is that such plans usually come with much higher fixed rates during peak hours.

Different retailers define peak and off-peak hours differently, so examine the details carefully and pick a plan that suits your unique usage habits.

For electricity plans to be worthwhile, you’ll want to be sure it is convenient for you to use the aircon, charge EVs and use household appliances like the washing machine and dishwasher during off-peak hours.

If you’re a true night owl and are prepared to use electricity-intensive appliances only after 11pm, PacificLight Save While Sleeping can be a cost-effective option due to their very low off-peak prices.

OEM vs SP Group: Should You Switch?

In terms of price, staying with SP Group is generally the more expensive option. If you opt for a discount-off-regulated-tariff plan, you are virtually guaranteed lower prices. However, in the current global turmoil, many might opt for fixed plans in hopes of enjoying even bigger, albeit non-guaranteed cost savings.

If you can’t tolerate fluctuations and hope to maximise your savings in the current global instability, you’ll probably want to go for a fixed price plan.

However, even if you are happy with SP Group’s prices and would rather bear with fluctuations than lock yourself into a fixed price, it’s still better to opt for a discount-off-regulated tariff plan than stay with SP Group.

That said, there is one benefit to staying with SP Group: the lack of a contract or lock-in period. The few contract-free plans on the open electricity market aren’t very attractive. If you plan to move house soon and risk having to terminate your contract early, staying with SP Group might be a better option.

In a similar vein, if you’re looking to sign up for a new contract with a retailer on the open electricity market but wish to wait a few months to see how rates evolve, you might opt to stick with SP Group in the interim instead of committing to a new contract right away.

How to Switch Electricity Providers in Singapore

How to switch electricity providers? It’s easy with our step-by-step guide.

1) Compare plans on the OEM and determine the best one for your needs. You will find all the information you need in this guide, the OEM comparison tool and retailers’ websites.

2) Sign up with your retailer of choice via their website. They will liaise with your current provider and switch electricity providers on their end.

3) Submit your meter reading according to the instructions from your retailer.

Will My Electricity Be Disrupted When I Switch Provider?

No, your electricity will not be disrupted during the switch.

Are There Any Charges for Switching Providers?

There are no switching fees, but early termination charges may apply if you switch electricity providers before your current contract ends.

Things to Consider Before Choosing an Electricity Plan

• Contract duration – Longer contracts come with lower prices, but also lock you in for a longer time.
• Early termination fees – Termination fees will apply if you switch providers before your contract expires.
• Late payment fees – Penalties may be imposed if you pay your bills late.
• Auto-renewal clauses – Check whether your contract will automatically renew and on what terms, or if you need to sign up again when it expires. If you don’t wish to continue with the contract, you must cancel it before it auto-renews. Also, check if there is a grace period during which you can cancel an auto-renewed contract without incurring early termination fees.
• Payment terms – Know the payment mode and terms so you can correctly pay your bills on time.
• Security deposit – Check whether there is a security deposit and how and when it will be refunded at the end of your contract.
• Billing – Know how and when you will receive your bills. Some providers charge a fee that can exceed S$3 per bill if you don’t opt out of receiving hard copies, so it’s smart to opt for digital bills whenever possible.
• Promotions, credit card rebates and USPs – Retailers often dangle perks. Keep yourself informed about the latest promotions so you can take advantage of them.
• Any other additional fees – Watch out for hidden costs such as admin fees, security deposits, paper billing fees and so on.

Conclusion

Staying with SP Group rarely makes financial sense unless you have special reasons for needing to remain contract-free in the short term.

When choosing a plan on the open electricity market, you should consider whether you want to lock in a fixed price plan to avoid price fluctuations. In times of global uncertainty and rising fuel prices, a fixed price plan can offer protection against price increases.

For those with non-standard usage patterns and the discipline to only use energy-intensive appliances late at night or very early in the morning, a peak and off-peak plan might make sense.

If you are convinced that electricity prices will fall in the near future, you might wish to opt for a discount-off-regulated-tariff plan instead. But given global fuel price fluctuations of late, you should ensure you can comfortably tolerate potential price spikes before selecting this option.

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