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Open Electricity Market (OEM)

So when S & I moved into our new place last month, we were overwhelmed by the number of letters we got from the letterbox… One of which, was about the launch of Open Electricity Market, which gives you the option to buy electricity from a retailer of your choice, or continue to buy from SP Group at the regulated tariff.

Decided to share my bit of research done so far since this has been extended to my neighborhood since 1st November and it’s time to start reducing the utility bills!

Which plan to go for?

Thankfully, OEM provides the comparison website for all the retailers in the market. Just head there to key in your property’s info – and they will generate the best plan for you.

Key in your details accordingly. According to my consumption,
switching will allow me to save close to 25% off my monthly bills!

They do compare against “Discount Off” plans as well, but based on the existing tariff rates, they do tend to lose out.

Estimated Monthly Bill: $11.93 (For the Cheapest “Discount Off” Plan)
Compared to Estimated Monthly Bill: $10.79 (For the Cheapest “Fixed Price” Plan)

PS, The dollar difference may not seem much but the percentage difference
is close to 10% which adds up to quite a bit if you use a lot of electricity!

Conclusion:

I went with GenEco in the end because I do get an additional $20 rebate from my bill, thanks to a referral code. If you’re going for the same company and would like the same rebate, just key in my mobile number 927191917 under Referral Code.

Promo Code: GRABGENECO (For $20 GrabGifts Credit)
Referral Code: 927191917 (For $20 Bill Rebate)
*Can be used concurrently*

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