Updated: Jul 30
I am sure you have encountered roadshows and sales representatives on the streets asking if you have switched your electricity provider from SP services.
Like everyone else, I was overwhelmed by the choices of electricity retailer and plans available. So, I decided to wait out and observe how this new initiative will play out and see the responses from the public after they've switched. So far so good. Even when one of the retailer (Red Dot Power) exited the business due to financial challenges, the customers' accounts were transferred to SP Group the next day with no disruption to their electricity supply. You can read more about it here. Overall, the only regret I have is that I haven't switched my preferred electricity provider (Geneco) earlier, Damn.
Just in case you have been living under a rock, the Electricity Market Authority (EMA) announced the Open Electricity Market (OEM) initiative 2 years ago to stimulate competition and innovation within the power industry. Households can decide whether to switch away from SP Group to their preferred electricity provider, but it is not compulsory.
Below is the list of official electricity retailers:
1. Best Electricity Supply
2. Diamond Energy Merchants
3. ES Power
6. Keppel Electric
7. Ohm Energy
8. PacificLight Energy
9. Sembcorp Power
10. Senoko Energy Supply
11. Sunseap Energy
12. Tuas Power Supply
13. Union Power
There are two main types of plans offered by these OEM retailers
Fixed price plans: Pay a fixed rate ($/kWh) for the entire contract period (usually 2-3 years). Currently, due to the intense competition (13 retailers fighting for the same pie), all retailers' prices are lower than the regulated tariff (SP Services price).
Discounted off the regulated tariff plans: Prices are pegged to the regulated tariff. For instance, there are some retailers that offer 20% off the regulated tariff. This means you pay 20% less of the SP Services price. This might sound good but the prices will fluctuate accordingly and if price of regulated tariff increase, your electricity price will rise as well.
So which retailer and plan did I choose and why?
I decided to pick Geneco as my electricity retailer and their "Get It Fixed 36" (3 Years fixed price plan) because:
They offer the lowest electricity price at 17.78 cents per kWh including GST. They even have a price match guarantee that if I see a price lower than what they quote within 7 working days of signing up, Geneco will refund me the difference for the contract period.
Using their promo code GET68, I get S$68 off my electricity bills
When I refer my friends to Geneco, I get S$20 off my electricity bills
5% off UOB one credit card and 1% off POSB Everyday credit card for bills payment
Fixed rates gives me predictability on my expenses
How much do I save?
Below is my electricity usage for the month of May.
Electricity Usage: 253 kWh
SP Services rate: $0.2279 per kWh
Total bill = 253 x 0.2279= $57.66
Total bill + GST (7%) = $61.69
Compare that with my projected electricity bill with Geneco
Electricity Usage: 253 kWh
SP Services rate: $0.1778 per kWh
Total bill (GST included) = 253 x 0.1778= $44.98
Total savings per year: ($61.69 - $44.98) x 12 = $200.52
On top of that I get $68 rebate for new sign up. Sweet
Enough said, I think I have listed enough benefits for switching your electricity provider. The whole process was simple. All I have to do is to go to this website: https://www.geneco.sg/residential/electricity-plans/ fill in some e-paperwork, and my electricity provider was switched. Don't be misled by myths that there will be electricity disruption and additional requirement to install electricity measuring device etc. I didn't have experience any of that. If any, I would describe the transition as though you are creating a new Facebook profile. It's almost that simple.
To conclude, this whole initiative makes me wonder how much profit margin SP Services had prior to all this. If you have learnt something from this post and keen to switch to Geneco, enter the following mobile number (93901783) into the “Referral Code” field when you sign up online. This will help cut $20 off my electricity bill. A little kindness goes a long way. Cheers!
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