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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!

Fixed Price or Discount Off Tariff Plan?

For that, I decided to find out about more about the price of electricity tariff so far… Do take note that the tariffs do fluctuate but I decided to use Q4’s tariff rates for calculation’s purpose!

There’s also the peak/off-peak but I felt that it did not really match the hours of when we turn on electricity so I just skipped that in my research!

Q4 Tariff Rates
Credits to SPGroup

For Discount Off Tariff Plans, there were different winners according to Seedly

6 Months: Sunseap Energy – 23% off
1 Year: Ohm Electricity – 22% off
2 Years: Environmental Solution – 21.8%

Calculation of Tariff Rate
Sunseap: 25.82 cents – 23% = $0.1988/kWh

For Fixed Price Plans, there were different winners according to Seedly (once again hahaha, thanks for all the info)

6 Months: Sunseap Energy – $0.1803/kWh
1 Year: GenEco – $0.1820/kWh
2 Years: GenEco/Sembcorp/Keppel Electric – $0.1798/kWh

In both instances, Sunseap Energy gets my vote as it provides the largest discount PLUS you have to factor in many uncertainties since OEM is pretty new, so 6 months seems to be a good period for “trial and error”

  1. You don’t want to be tied to one company for 2 years (who knows how tariff rates are like then?)
  2. Other companies join the bandwagon and prices go down due to competition
  3. Fixed Price Plan may turn out to be a better deal over a longer period of time

Conclusion:

I am sorely tempted to go for Sunseap Energy Fixed Price Plan at $0.1803/kWh since it seems to provide the highest value for a short term for me to try out the OEM.

What do you think?

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