Since the launch of the Open Electricity Market (OEM) in April 2018, all households in Singapore have more options and greater flexibility to choose the electricity plans that best meet their needs. In other words, households will no longer be tied to Singapore Power (SP) Group as their default energy provider. The OEM has been rolled out to the final zone on 1 May 2019, which means all consumers like yourself will be free to choose the energy provider you prefer and can expect a variety of customised energy plans that suit your needs.
Here are five things to know about the changes:
1. Why did the government open up the electricity market?
It comes down to encouraging competitive pricing and putting the consumers’ interests first. By opening up the market, consumers will have more flexibility to choose from a range of electricity plans based on your daily usage patterns and preferences.
2. Will reliability and quality of electricity be affected if consumers opt for another retailer besides SP?
Not at all. The physical flow of electricity remains unchanged, which means the switching of retailers only affects the financial side of things – how much consumers pay, and to whom. The Energy Market Authority (EMA) has assured consumers that the reliability and quality of electricity will not be affected, as the electricity supply will continue to come from the nationwide power grid owned and operated by SP Group regardless of the type of electricity package consumers choose.
3. How many electricity retailers are out there for consumers to choose from?
There are currently about 13 licensed retailers – up from just seven in 2013. Keppel Electric is one of the 13 retailers. For a full list of the other retailers, click here.
4. Why Keppel Electric if the product is the same as the other retailers?
We live in an electricity-powered environment so choosing the right electricity retailer is vital. As Singapore’s first home grown electricity retailer with more than 18 years of experience in powering Singapore’s electricity grid, Keppel Electric has an established reputation for providing excellent and reliable service.
Keppel also owns its own power plant, which means that it is able to generate electricity. This allows Keppel to be better placed to offer greater value for its customers. Being one of the biggest names in the market also means it has the ability to offer competitive prices. Keppel Electric now has over 30,000 satisfied clients including multinational companies, small and medium sized enterprises, government bodies and residential consumers making it one of the leading electricity retailers.
5. How do consumers make the switch to Keppel Electric or other retailers?
Every retailer has its own procedures. The process is similar to how we switch from one telecommunication service provider to another.
For Keppel Electric, you can either drop by their roadshows or sign up online via an easy three-step process – Select, Register & Save. It’s a seamless process and Keppel Electric will manage all the backend paper work for the switch. The entire process takes about one to two weeks for the paper transfer of accounts from SP Group to Keppel Electric.
Check out the ongoing promotions you can enjoy if you switch to Keppel Electric here!