The Open Electricity Market (OEM) is an activity of the Energy Market Surveillance Authority (EMA), which opens up the electricity market and opens up to new participants For end users, this means that they can benefit from more choice and flexibility when purchasing electricity with the ultimate goal of lowering their monthly electricity bills.
From November 1, 2018, to May 1, 2019, OEMs are gradually expanding to all consumers (mainly homes) across the country. Now every generation can go to their favorite open electricity market promotion retail store and choose the pricing plan that best suits their needs. You can also choose to stay with an existing supplier.
What are the best energy retailers in Singapore?
Before choosing an OEM distributor, you should understand how to set your quarterly SP Power electric bill and what causes the price fluctuations. Here you can choose the plan that best suits your home’s power consumption. If you are not sure or satisfied with the existing provider SP group, you do not need to upgrade to a new distribution.
There are mainly 3 types of open electricity market promotion plans.
- Flat rate
- Reduction rate plan
- Peak / off-peak season plan
For example, if your home uses most of the electricity during off-peak hours, you can use an electricity plan for both peak and off-peak hours. If consumption is lower than the national average, please consult the “Regulated Tariff Reduction Program”.
When choosing an electricity retailer, you don’t always have to choose the cheapest option. Consider other factors such as credit card discounts, referral codes, promo codes, and each retailer’s unique value proposition.