What is the Open Electricity Market?

The Open Electricity Market (OEM) is an initiative by the Energy Market Authority (EMA) to provide consumers and businesses more choices and flexibility in buying electricity from the retailer of their own choosing based on their own needs and requirements.

As it is, everyone, aside from the folks in Jurong who already has the option since 1 April 2018, is getting their power from SP Group. Competition is never bad right? Customers supposedly stand to benefit from more competitive price plans and hopefully, improved service standards etc.

Chan Chun Sing

According to Minister for Trade and Industry Chan Chun Sing, a nationwide rollout will take place in the fourth quarter of this year.

If you have a disdain for corporations, you can opt to continue purchasing electricity from SP Group at the regulated tariff.

Households will continue to receive the same reliable electricity supply regardless of the electricity retailer you choose to buy electricity from. SP Group will continue to operate the national power grid and deliver electricity to everyone.

It seems to be a very competitive space and these are some of the offering their services:

Spoilt for choice? Don’t worry. The agency has developed a price comparison portal to help you, the consumer, make the wisest decision!