Until the open electricity market singapore initiative launched in November 2018, electricity was never an issue Singaporeans had to consider. Singapore Authority (SP Group) was the sole electricity retailer supplying electricity to all Singapore households. But that is now old news. Since the OEM’s official launch, as many as 20 energy retailers have been competing for a piece of the electricity pie in 2020.
OEM enables you to realize the rewards of having more options and freedom when purchasing electricity. In a crowded electricity market, retail stores will likely start implementing competitive pricing models that buyers can take advantage of. Here are the top advantages of swapping to OEM.
Reduced Cost:
With more options in the open market and competitive pricing models, many electricity retail stores offer incredible discounts on top of lower prices and openness and transparency in electricity bundles and plans.
With that in the psyche, switching to one of the flagship retailers would undoubtedly result in more savings. Households successfully switched to a retailer and reported that their electricity bills were 20-30% lower than the tariffs.
Enhanced Innovation:
Electricity retailers are putting more effort into developing new and innovative goods to differentiate themselves from the contest and draw in more customers. In addition to fixed prices and fee price promotions, some retailers have partnered with third parties to provide rebates and loyalty programs, off-peak and peak plans, and even quarterly flat rate bundles.
Unique combinations are also available, including insurance, vouchers, and free movie tickets. Furthermore, if you meet the same eligibility rules for U-Save refunds, you can use them to counteract your electricity bill after switching retailers.
Increased Electricity Consumption Awareness:
Thanks to the OEM, Singaporeans are now more curious to learn about their electricity usage. Today, 96 percent of Singaporeans are aware of the OEM initiative, and 75 percent have responded by seeking more information and discussing OEM and their energy plans with their friends and relatives.
This same Electricity Market Power has collaborated with retail outlets to increase consumer engagement and educate them on OEM. Since then, they have hosted up to ten community activities and promotional events to provide a handy space for customers to ask questions and seek assistance in deciding on the best choices for their needs.
The Singapore Public Electricity Market was established to provide customers with options. Don’t be concerned! Participation in OEM is optional, and you can keep purchasing electricity from SP Collective. There is also no time limit for switching.