Which Electricity Retailer Is The Cheapest In Singapore?

This article originally appeared on the Seedly Blog.

TL;DR: Ultimately Singaporeans will get cheaper electrical bills (As of 3 July 2018)

  • Starting 1st April 2018, 108,000 households and 9,500 business in Jurong will get the chance to choose an electricity retailer that best suits their needs.
  • Average electricity usage has a declining trend since last year.
  • There are a total of 14 players and 3 most distinct types of price plans available.
  • For Fixed Price Plan:
    Sun Electric has a 3 months contract plan
    Best Electricity is the cheapest for 6 months.
    Sembcorp Power is the cheapest for a 1-year contract.
    Geneco is the cheapest for a 2-year contract.
    Ohm Electricity has a No Contract Plan for this category.
  • For Discount Off Tariff Plan:
    Geneco has the cheapest 3 months contract plan.
    iSwitch
     is the cheapest when it comes to contracts more than 6 months.
    Sembcorp Power is the cheapest when it comes to 1-year contract while Best Electricity, for a 2 years contract.
  • For peak and off-peak plans: PacificLight dominates this category.

How much Singaporeans spend on electricity bill every month?

Singaporeans are subjected to Electricity Tariff, which is regulated by the Energy Market Authority (EMA).

This Electricity Tariff is updated every quarterly, and as of Q3 2018, which is from 1 July 2018 to 30 September 2018, the Electricity Tariff is at 23.65 cents/kWh (25.31 cents/kWh with GST)

The Electricity Tariff is made up of 4 components:

  • Market Administration and Power System Operation Fee – 0.05 cents/kWh
    Paid to Energy Company and Power System Operator. Reviewed annually.
  • Market Support Services Fee (MSS) – 0.40 cents/kWh
    Reviewed annually.
  • Network Cost – 5.31 cents/kWh
    Reviewed annually.
  • Energy Cost – 17.89 cents/kWh
    Reviewed quarterly.

The sum of the 4 components makes up your Electricity Tariff, which will be what consumer pays for their monthly electricity bill.

Average Electricity Consumption And Electricity Bill Of Singaporeans

To give a good judgment on how the new scheme of using private electricity retailers will affect our electricity bills, we went on to find out on average, how much Singaporeans spend on electricity.

First, we find out the amount of electricity an average Singaporean consumes:

Property Type Aug 2017 Sep 2017 Oct 2017 Nov 2017 Dec 2017 Jan 2018 Average Electricity Consumption (kWh)
HDB 1-Room 138 135 137 137 132 125 134
HDB 2-Room 196 191 190 193 180 175 187.5
HDB 3-Room 278 273 278 278 258 249 269
HDB 4-Room 380 371 373 379 348 336 364.5
HDB 5-Room 443 432 434 442 406 386 423.8
HDB Executive 535 530 540 545 492 481 520.5
Apartment 541 543 545 540 513 479 526.8
Terrace 938 938 927 898 850 804 892.5
Semi-Detached 1239 1235 1220 1200 1117 1102 1185.5
Bungalow 2452 2469 2445 2499 2263 2358 2414.3

Credit: SP Group

Now that we have a good estimation of how much electricity (in kWh) is being consumed for each property type, we went on to give an estimation of the cost (inclusive of GST):

Property Type Average Electricity Consumption per month(kWh) Average Cost of Electricity per month
HDB 1-Room 134 S$33.92
HDB 2-Room 187.5 S$47.46
HDB 3-Room 269 S$68.08
HDB 4-Room 364.5 S$92.26
HDB 5-Room 423.8 S$107.27
HDB Executive 520.5 S$131.74
Apartment 526.8 S$133.34
Terrace 892.5 S$225.90
Semi-Detached 1185.5 S$300.05
Bungalow 2414.3 S$611.06

Open Electricity Market in Jurong

As of 1st April 2018, households and businesses in Jurong will have the option to purchase electricity from a retailer. This reduces the reliant on SP group (SP Services) for electricity, where cost is based on a regulated tariff that changes every quarter.

Should this be a success, Singaporeans may go under this new initiative.

To kick-start this new initiative, 14 electricity retailers are authorised to start offering their plans for Jurong.

The 14 retailers are:

To make comparison easier for everyone, we are going to focus on what matters the most, residential plans.

Residential plans offered by electricity retailers

Brushing away all the marketing gimmick and getting down to business, most electricity retailer has 3 main types of plan for the Singaporeans.

  • Fixed Price Plan

    Pay a fixed rate throughout your contract

  • Discount Off Regulated Tariff Plan

    Enjoy percentage off the Regulated Tariff (updated quarterly), throughout your contract

  • Peak and Off-peak Plan

    Pays more for electricity during the peak period.
    Pays lesser for electricity during the off-peak period.

The Ultimate Comparison: Electricity Retailers in Singapore (Fixed Price Plan)

With 14 retailers, choosing one can be quite a chore, but we are here to help by comparing all the plans they have for households.

For easy reference, the SP Regulated Tariff Rate is at $0.253/kWh this quarter. All the fixed rates that private retailers provide is cheaper than the current tariff.

Company Fixed Rate Plan
6 Months 1 Year Contract 2 Years Contract
Keppel Electric $0.1707/kWh $0.1680/kWh $0.1650/kWh
Geneco $0.1780/kWh $0.1599/kWh
Best Electricity $0.1628/kWh $0.175/kWh $0.1638/kWh
Senoko Energy Only provides Discount Off Regulated Tariff Plan $0.1699/kWh $0.1649/kWh
iSwitch $0.170/kWh $0.1690/kWh $0.1690/kWh
Sembcorp Power $0.1780/kWh 0.1730/kWh
Sun Electric 0.1750/kWh
(3 months, up to 5% solar)
PacificLight $0.1678/kWh
Ohm Electricity $0.1815/kWh $0.1795/kWh
No Contract: $10 per month + $0.1535/kWh)
Red Dot Power $0.1858/kWh $0.1788/kWh
Diamond Electric $0.1888/kWh
Tuas Power $0.188/kWh
Sunseap Only provides Discount Off Regulated Tariff Plan
  • Sun Electric has the cheapest 3 months plan.
  • Best Electricity has the cheapest 6 months plan.
  • Sembcorp Power is the most economical when it comes to 1 year.
  • Geneco is the most economical when it comes to 2 years at S$0.1599/kWh
  • Ohm Electricity actually provides a No Contract plan at $0.1535/kWh with a monthly fixed cost of $10.
  • Senoko Energy, Sun Electric and Sunseap only does Discount Off Regulated Tariff Plan (refer to the definition at the top).

The Ultimate Comparison: Electricity Retailers in Singapore (Discount Off Regulated Tariff Plan)

If you are not a fan of fixed rate and would like to add a bit of spice to life, “betting” on electricity tariff can be the new thing for you.

Discount Off Regulated Tariff Plans charge by taking away a percentage of the cost from your usual electricity tariff. Hence, it is pegged to the electricity tariff which changes every quarterly.

Company Discount Off Tariff Plan
6 Months 1 Year Contract 2 Years Contract
Best Electricity 18% off 23% off
Sembcorp Power 21% off 22% off
Senoko Energy 20% off 22% off
Geneco 23.8% off
(3 Months)
19% off 21% off
Keppel Electric 21% off
PacificLight 21% off
iSwitch 23% off 20% off
18% off
(clean energy)
20% off
Diamond Electric 18% off 20% off
Ohm Electricity 20%
Sunseap 20% off
Sun Electric 17% off
(up to 5% solar)
13% off
(at least 5% solar)
18.8% off
(up to 5% solar)
15% off
(at least 5% solar)
Red Dot Power 15% off 18% off
Tuas Power 10% off
(Free 2 months)
  • For short-term 3 months contract, Geneco is the cheapest with 23.8% off.
  • iSwitch is the cheapest for 6 months contract with 23% discount off tariff, followed by Ohm Electricity.
  • For 1 year contract, Sembcorp Power is the cheapest with 21% off.
  • As for 2 Years Contract Best Electricity the cheapest at 23% off.

The Ultimate Comparison: Electricity Retailers in Singapore (Peak and off-peak plans)

Assuming peak period is defined as the time where most Singaporeans are at home. Hence, if you have working hours which are away from the norm, this might be the plan for you given that your electricity usage will be during off-peak.

We see less company is having the Peak and off-peak plans mainly due to possible extra meter needed to be fixed at the household to monitor the electrical activity.

Company Peak and off-peak plans
Peak Off Peak
PacificLight $0.1807/kWh
or
16% off tariff
(7am to 11pm)
$0.1667/kWh
or
26% off tariff
(11pm to 7am)
Keppel Electric $0.1880/kWh
(7am to 11pm)
$0.1538/kWh
(11pm to 7am)
Tuas Power $0.202/kWh
(7am to 6.59pm)
$0.19/kWh
(7pm to 6.59am)
Hyflux Energy Only available upon requests
Geneco Does not offer Peak and off-peak plans
Red Dot Power Does not offer Peak and off-peak plans
Best Electricity Does not offer Peak and off-peak plans
Sunseap Does not offer Peak and off-peak plans
Sun Electric Does not offer Peak and off-peak plans
Diamond Electric Does not offer Peak and off-peak plans
Sembcorp Power Does not offer Peak and off-peak plans
Senoko Energy Does not offer Peak and off-peak plans
iSwitch Does not offer Peak and off-peak plans
Ohm Electricity Does not offer Peak and off-peak plans
  • PacificLight charges the cheapest for Peak period whereas Keppel Electric is cheapest when it comes to Off-peak.
  • Consumers should look at their electric usage timing closer should they want to be on a peak and off-peak plan.
  • Do take note that Geneco and PacificLight offer peak and off-peak discount off tariff plans which might be attractive to consumers.
  • Should a consumer chooses to go with Peak and Off-peak plan, installing a smart meter is necessary to track your electricity consumption every half an hour.
  • The meter installation fee costs $40 (before GST).

Further Reading:

Transmission Loss Factors (TLF)

  • Scaling factors that are already applied at the metering point to account for network and transformer losses.
  • Residential customers fall under the 230.400V category when it comes to TLF
  • SP Group should have already adjusted this to derive the usage of consumers, hence, private retailers will simply take the information from SP Group and bill accordingly.

Transmission Loss Factors Singapore april 2018

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