Key Takeaways
- The Open Electricity Market (OEM) offers Singapore households the chance to choose among several electricity providers and plans, instead of purchasing electricity by default from SP Group.
- Plans from OEM retailers are mostly fixed price, discount-off-regulated-tariff or peak/off-peak.
- Fixed price plans lock in a fixed price for the duration of the contract, protecting users from price fluctuations.
- Discount-off-regulated-tariff plans offer a discount on SP Group’s rates, which fluctuate every quarter.
- Peak/off-peak plans offer cheaper fixed rates during off-peak hours, usually late at night and early in the morning, and higher rates during peak hours.
Since the Open Electricity Market (OEM) was launched in 2019, Singapore households no longer need to buy electricity from SP Group by default, and can instead choose from multiple electricity providers to find the best electricity plan for them.
While having more electricity providers to choose from can potentially lower your electricity bill, electricity prices fluctuate due to global energy market conditions, fuel costs and geopolitical events. It’s thus important to select a plan that matches your household’s consumption patterns and risk tolerance.
This guide will compare the different open electricity market plan types available, highlight the best electricity plans in Singapore, and help you figure out whether you should stay with SP Group or switch retailers. Time to compare electricity prices, pronto!
What Is the Open Electricity Market (OEM)?
The OEM was progressively rolled out from 1 November 2018 to 1 May 2019 by the Energy Market Authority (EMA) to open the electricity market to energy retailers other than SP Group, thereby granting Singapore households greater choice.
Today, there are seven electricity market retailers in Singapore:
- Flo Energy Singapore
- Geneco
- Keppel Electric
- PacificLight
- Sembcorp Power
- Senoko Energy
- Tuas Power Supply
Consumers can potentially lower their electricity bills by choosing an electricity plan that costs less based on their consumption habits. Other ways to benefit include features and perks offered by the retailers, earning credit card rebates on bill payments, and taking advantage of referral and promo codes.
To take advantage of OEM prices, we need to understand how open electricity market prices differ from SP Group’s tariffs.
In case you didn’t already know, SP Group sets quarterly electricity tariffs based on fuel prices and non-fuel costs. When you purchase your electricity from SP Group, there is no contract, and you are free to switch providers whenever you want without incurring a penalty, but you’re also at the mercy of quarterly tariff fluctuations.
OEM tariffs are either pegged to SP Group’s tariff (the “regulated tariff”), with a percentage discount (i.e. discount off regulated tariff), or offer fixed tariffs locked in for the duration of your contract.
No matter which electricity retailer you opt for, the electricity supply still comes from SP Group, so you don’t have to worry about your electricity supply or service being affected when switching retailers.
Here’s an overview of the plans available from OEM retailers, compared against SP Group.
Overview of OEM Plans in Singapore
| Retailer | Plan | Electricity rate (incl. GST) | Pricing model | Contract duration |
| Geneco | Get It Fixed 24 | 29.00 cents/kWh | Fixed price | 24 months |
| Geneco | Get It Fixed 12 | 31.00 cents/kWh | Fixed price | 12 months |
| Geneco | Give Us A Try | 31.00 cents/kWh | Fixed price | 6 months |
| Geneco | Get It 7 to 7 | 27.90 cents/kWh (7pm-7am)
32.50 cents/kWh (7am-7pm) |
Peak and off-peak | 24 months |
| Keppel Electric | FIXED36 | 28.90 cents/kWh | Fixed price | 36 months |
| Keppel Electric | FIXED24 | 29.00 cents/kWh | Fixed price | 24 months |
| Keppel Electric | FIXED12 | 31.15 cents/kWh | Fixed price | 12 months |
| Keppel Electric | ecoGreen24 (green plan) | 38.80 cents/kWh | Fixed price | 24 months |
| Keppel Electric | Weekend Saver | 27.90 cents/kWh (weekend all day)
39.90 cents/kWh (weekday 9am to 9pm) 27.90 cents/kWh (weekday 9pm to 9am) |
Peak and off-peak | 24 months |
| PacificLight | Savvy Saver 36 | 28.90 cents/kWh | Fixed price | 36 months |
| PacificLight | Savvy Saver 24 | 29.00 cents/kWh | Fixed price | 24 months |
| PacificLight | Savvy Saver 12 | 30.50 cents/kWh | Fixed price | 12 months |
| PacificLight | Easy Peasy | 27.00 cents/kWh + 55 cents daily charge | Fixed price | No contract |
| PacificLight | Sunny Side-Up | 31.00 cents/kWh | Fixed price | 12 months |
| PacificLight | Easy Save | 18% off regulated tariff + 55 cents daily charge | Discount-off-regulated tariff | No contract |
| PacificLight | Stack It Up | 29.20 cents/kWh (first 300 kWh)
28.60 cents/kWh (next 301 to 600 kWh) 27.60 cents/kWh (above 600 kWh) |
Stacked fixed prices | 24 months |
| PacificLight | Classic 60 | 3% off SP regulated tariff + 5% prompt payment discount | Discount-off-regulated tariff | 60 months |
| PacificLight | Save While Sleeping | 23.00 cents/kWh (11pm to 7am)
33.00 cents/kWh (7am to 11pm) |
Peak and off-peak | 24 months |
| PacificLight | 9 to 9 | 20.05 cents/kWh (9pm to 9am)
36.95 cents/kWh (9am to 9pm) + daily charge of S$1.01 |
Peak and off-peak | No contract |
| Sembcorp Power | 24M Fixed Price Plan | 29.00 cents/kWh | Fixed price | 24 months |
| Sembcorp Power | 12M Fixed Price Plan | 31.00 cents/kWh | Fixed price | 12 months |
| Senoko Energy | LifePower36 | 28.90 cents/kWh | Fixed price | 36 months |
| Senoko Energy | LifePower24 | 29.00cents/kWh | Fixed price | 24 months |
| Senoko Energy | LifePower12 | 30.50 cents/kWh | Fixed price | 12 months |
| Senoko Energy | LifeGreen24 | 29.68 cents/kWh | Fixed price | 24 months |
| Senoko Energy | LifeSteady36 | 1.64 cents/kWh off regulated tariff | Discount-off-regulated-tariff | 36 months |
| Senoko Energy | LifeSteady24 | 1.64 cents/kWh off regulated tariff | Discount-off-regulated-tariff | 24 months |
| Senoko Energy | LifeSavvy24 | 20.05 cents/kWh (11pm to 7am)
36.95 cents/kWh (7am to 11pm) |
Peak and off-peak | 24 months |
| SP Group | – | 31.16 cents/kWh | Regulated tariff (fluctuates every quarter) | No contract |
| Tuas Power Supply | PowerFix 36 | 29.40 cents/kWh | Fixed price | 36 months |
| Tuas Power Supply | PowerFix 24 | 29.80 cents/kWh | Fixed price | 24 months |
| Tuas Power Supply | PowerFix 12 | 31.00 cents/kWh | Fixed price | 12 months |
Electricity Tariff in Q4 2026
SP Group’s regulated electricity tariff for the period from 1 October to 31 December 2026 is 31.16 cents/kWh, including GST. This is 10.4%, or 3.62 cents/kWh, lower than the previous quarter’s 34.78 cents/kWh (inclusive of GST).
OEM Plans Explained
Plans on the OEM tend to fall into the following categories:
- Fixed price plans – You pay a fixed rate for the duration of your contract, typically one to two years. This protects you from price fluctuations, but means you could end up paying more than you need to if market prices ever fall below the fixed price.
- Discount-off-regulated-tariff plan – Offers a percentage discount on the SP tariff. You’ll pay lower prices than what SP Group is charging, but are still subject to price fluctuations.
- Peak and off-peak plans – Such plans charge a cheaper non-peak fixed rate, usually late at night and early in the morning, and a much higher rate during peak hours.
Fixed Price Plans
OEM providers typically offer fixed price plans on 6-, 12-, 24- and 36-month contracts. Such contracts offer a fixed tariff for the duration of the contract.
Fixed price plans tend to be beneficial in times of global uncertainty and turmoil, and when fuel prices are expected to rise. They may also be preferred by risk-averse households who don’t like seeing their electricity bills fluctuate.
Discount-Off-Regulated Tariff Plans
Discount-off-regulated-tariff plans give you a percentage discount on the SP Group rate, so you can always be sure you’ll be paying less than the regulated rate. However, the rates for such plans will fluctuate every quarter along with the regulated tariff, exposing you to the risk of price increases.
Such plans are beneficial during periods when global market conditions are relatively stable. But you will need to be able to tolerate some risk of price fluctuations.
Peak and Off-Peak Plans
Peak and off-peak plans charge a higher rate during peak hours, usually during the daytime, and a lower off-peak rate during off-peak hours, usually late at night and very early in the morning.
This sort of plan is suitable if you are an extreme night owl or work the graveyard shift. To fully benefit, you’ll have to be prepared to use certain household appliances like the washing machine and dishwasher during off-peak hours. Beware of using electricity during peak hours, as the peak rate is much higher than for other types of plans.
Best Fixed Price Electricity Plans
Contracts from OEM providers tend to run for 6, 12, 24 or 36 months. You can get an estimate of the various plans and providers using the OEM comparison tool.
Here’s a comparison of fixed price plans, and how much households living in a 4-room HDB flat would pay for them, based on the average electricity consumption of 391 kWh (August 2026).
| Retailer | Plan | Electricity rate (inclusive of GST) | Estimated monthly bill (inclusive of GST) | Contract duration | Promotions |
| Senoko Energy | LifePower36 | 28.90 cents/kWh | S$113.00 | 36 months | Rebates and gifts |
| Keppel Electric | FIXED36 | 28.90 cents/kWh | S$113.00 | 36 months | Bill rebate of up to S$120 |
| PacificLight | Savvy Saver 36 | 28.90 cents/kWh | S$113.00 | 36 months | From 8 Oct to 31 Dec 2026: earn up to 8,000 welcome and usage miles + 2,000 miles for the first 100 sign-ups. Use promo code “BONUSFLY36”.
From 20 Aug to 11 Oct 2026: enjoy S$250 bill rebate off your third month’s bill with promo code “ATE36”. Valid for the first 200 new sign-ups only |
| Tuas Power Supply | PowerFix 36 | 29.40 cents/kWh | S$114.95 | 36 months | S$160 bill rebate. Valid until 11 Oct 2026. Use promo code “ONPROMO” |
| Keppel Electric | FIXED24 | 29.00 cents/kWh | S$113.39 | 24 months | One-time bill rebate of S$125 for new sign-ups + S$20 Maybank card rebate |
| PacificLight | Savvy Saver 24 | 29.00 cents/kWh | S$113.39 | 24 months | From 8 Oct to 31 Dec 2026: earn up to 6,000 welcome and usage miles + 1,000 miles for the first 100 sign-ups. Use promo code “BONUSFLY24”.
From 27 Jul to 26 Oct 2026: receive 10,000 yuu points when you apply with promo code “YUU24” |
| Geneco | Get It Fixed 24 | 29.00 cents/kWh | S$113.39 | 24 months | One-time S$100 bill rebate for first 300 new customers. Use the “GENECO100“. Valid from 1 Sep to 16 Oct 2026 |
| Senoko Energy | LifePower24 | 29.00 cents/kWh | S$113.39 | 24 months | Rebates and gifts |
| Sembcorp Power | 24M Fixed Price Plan | 29.00 cents/kWh | S$113.39 | 24 months | – |
| Senoko Energy | LifeGreen24 | 29.68 cents/kWh | S$116.05 | 24 months | Rebates and gifts |
| Tuas Power Supply | PowerFix 24 | 29.80 cents/kWh | S$116.52 | 24 months | S$120 bill rebate. Valid until 11 Oct 2026. Use promo code “ONPROMO” |
| Keppel Electric | ecoGreen24 (green energy plan) | 38.80 cents/kWh | S$151.71 | 24 months | Bill rebates up to S$120 for new sign-ups |
| PacificLight | Savvy Saver 12 | 30.50 cents/kWh | S$119.26 | 12 months | From 27 Jul to 26 Oct 2026: receive 500 yuu points when you apply with promo code “YUU12”
From 8 Oct to 31 Dec 2026: earn up to 2,500 welcome and usage miles. Limited to the first 20 sign-ups. Use promo code “KFLYER12”. |
| Senoko Energy | LifePower12 | 30.50 cents/kWh | S$119.26 | 12 months | Rebates and gifts |
| PacificLight | Sunny Side-Up 12 (green energy plan) | 31.00 cents/kWh | S$121.21 | 12 months | – |
| Geneco | Get It Fixed 12 | 31.00 cents/kWh | S$121.21 | 12 months | S$15 bill rebate for new customers. Sign up using code “GENECO15”. Valid till 31 October 2026 |
| Sembcorp Power | 12M Fixed Price Plan | 31.00 cents/kWh | S$121.21 | 12 months | – |
| Tuas Power Supply | PowerFix 12 | 31.00 cents/kWh | S$121.21 | 12 months | – |
| Keppel Electric | FIXED12 | 31.15 cents/kWh | S$121.80 | 12 months | – |
| Geneco | Give Us A Try | 31.00 cents/kWh | S$121.21 | 6 months | – |
| SP Group | – | 31.16 cents/kWh | S$121.84 | – | – |
Best 6-Month Fixed Plans
The only 6-month fixed plan on the market right now is Geneco Give Us A Try.
While shorter plans tend to be more costly, Geneco’s 6-month pricing of 31.00 cents/kWh is on par with or lower than longer, 12-month plans from PacificLight, Sembcorp Power, Tuas Power, and Geneco’s own Get It Fixed 12 plan, making it a relatively cheap yet low-commitment option.
Best 12-Month Fixed Plans
Senoko LifePower12 and PacificLight Savvy Saver 12 currently offer the lowest 12-month fixed rates at 30.50 cents/kWh. These are slightly lower than competing 12-month plans at 31.00 cents/kWh, including Geneco Get It Fixed 12, Keppel Electric FIXED12, PacificLight Sunny Side-Up 12, Sembcorp’s 12-month fixed plan, and Tuas Power PowerFIX12.
Since the prices are fairly similar for 12-month plans, it’s worth comparing their sign-up promotions to see which attracts you most. For example, PacificLight may appeal to households that value yuu points, while Senoko currently offers options like bill rebates or gifts.
Best 24-Month Plans
The cheapest 24-month plans are currently:
- Keppel Electric FIXED24
- PacificLight Savvy Saver24
- Geneco Get It Fixed 24
- Senoko Energy LifePower24
- Sembcorp Power 24M Fixed Price Plan
All five plans charge a competitive 29.00 cents/kWh.
Best 36-Month Plans
The cheapest 36-month fixed plans are Senoko Energy LifePower 36, PacificLight Savvy Saver36, and Keppel Electric FIXED36, all at 28.90 cents/kWh.
Best Discount-Off-Regulated-Tariff Plans
Let’s have a look at the discount-off-regulated-tariff plans available on the market, compared against SP Group’s prices.
| Retailer | Price Plan | Electricity rate | Contract duration | Estimated monthly bill (inclusive of GST) |
| PacificLight | Classic 60 | 3% off SP regulated tariff + 5% prompt payment discount | 60 months | S$112.27/month if prompt-payment discount earned |
| PacificLight | Easy Save | 18% off SP regulated tariff + 55 cent daily charge | No contract | S$116.41/month |
| Senoko Energy | LifeSteady36 | 1.64 cents/kWh off regulated tariff | 36 months | S$115.42/month |
| Senoko Energy | LifeSteady24 | 1.64 cents/kWh off regulated tariff | 24 months | S$115.42/month |
| SP Group | – | 31.16 cents/kWh | No contract | S$121.84/month |
Based on our calculations, the cheapest discount-off-regulated-tariff plan is PacificLight Classic 60.
Best Peak and Off-Peak Plans
Some retailers offer lower off-peak prices for households with non-standard consumption habits. You’ll pay a lower fixed rate during their off-peak window. However, the downside is that such plans usually come with much higher fixed rates during peak hours.
Different retailers define peak and off-peak hours differently, so examine the details carefully and pick a plan that suits your unique usage habits.
For an apples-to-apples comparison, we did a 50% peak and 50% non-peak split based on 391 kWh/month usage:
| Retailer | Price Plan | Off-peak rates and hours | Peak rates and hours | Contract duration | Estimated monthly bill (inclusive of GST) |
| Geneco | Get It 7 To 7 | 27.90 cents/kWh from 7pm to 7am | 32.50 cents/kWh from 7am to 7pm | 24 months | S$118.08 |
| Keppel Electric | Weekend Saver* | 27.90 cents/kWh (weekend all day)
27.90 cents/kWh (weekday 9pm to 9am) |
39.90 cents/kWh (weekday 9am to 9pm) | 24 months | S$125.86 |
| PacificLight | Save While Sleeping** | 23.00 cents/kWh from 11pm to 7am | 33.00 cents/kWh from 7am to 11pm | 24 months | S$119.26 |
| PacificLight | 9 to 9 | 20.05 cents/kWh from 9pm to 9am | 36.95 cents/kWh 9am to 9pm + daily charge of S$1.01 | No contract | S$140.76 |
| Senoko Energy | Lifesavvy 24^ | 20.05 cents/kWh from 11pm to 7am | 36.95 cents/kWh from 7am to 11pm | 24 months | S$122.45 |
| SP Group | – | 34.78 cents/kWh | – | No contract | S$136 |
*Weekends at 27.90 cents; weekdays split equally between 27.90 cents and 39.90 cents
**8 hrs/day at 22.50 cents, 16 hrs/day at 34.50 cents
^8 hrs/day at 20.05 cents, 16 hrs/day at 36.95 cents
Under this scenario, Geneco Get It 7 To 7 is the cheapest at about S$118.08/month.
For electricity plans to be worthwhile, you’ll want to be sure it is convenient for you to use the aircon, charge EVs and use household appliances like the washing machine and dishwasher during off-peak hours.
OEM vs SP Group: Should You Switch?
In terms of price, staying with SP Group is generally the more expensive option. If you opt for a discount-off-regulated-tariff plan, you are virtually guaranteed lower prices. However, in the current global turmoil, many might opt for fixed plans in hopes of enjoying even bigger, albeit non-guaranteed cost savings.
If you can’t tolerate fluctuations and hope to maximise your savings in the current global instability, you’ll probably want to go for a fixed price plan.
However, even if you are happy with SP Group’s prices and would rather bear with fluctuations than lock yourself into a fixed price, it’s still better to opt for a discount-off-regulated tariff plan than stay with SP Group.
That said, there is one benefit to staying with SP Group: the lack of a contract or lock-in period. The few contract-free plans on the open electricity market aren’t very attractive. If you plan to move house soon and risk having to terminate your contract early, staying with SP Group might be a better option.
In a similar vein, if you’re looking to sign up for a new contract with a retailer on the open electricity market but wish to wait a few months to see how rates evolve, you might opt to stick with SP Group in the interim instead of committing to a new contract right away.
How to Switch Electricity Providers in Singapore
How to switch electricity providers? It’s easy with our step-by-step guide.
1) Compare plans on the OEM and determine the best one for your needs. You will find all the information you need in this guide, the OEM comparison tool and retailers’ websites.
2) Sign up with your retailer of choice via their website. They will liaise with your current provider and switch electricity providers on their end.
3) Submit your meter reading according to the instructions from your retailer.
Will My Electricity Be Disrupted When I Switch Provider?
No, your electricity will not be disrupted during the switch.
Are There Any Charges for Switching Providers?
There are no switching fees, but early termination charges may apply if you switch electricity providers before your current contract ends.
Things to Consider Before Choosing an Electricity Plan
- Contract duration – Longer contracts come with lower prices, but also lock you in for a longer time.
- Early termination fees – Termination fees will apply if you switch providers before your contract expires.
- Late payment fees – Penalties may be imposed if you pay your bills late.
- Auto-renewal clauses – Check whether your contract will automatically renew and on what terms, or if you need to sign up again when it expires. If you don’t wish to continue with the contract, you must cancel it before it auto-renews. Also, check if there is a grace period during which you can cancel an auto-renewed contract without incurring early termination fees.
- Payment terms – Know the payment mode and terms so you can correctly pay your bills on time.
- Security deposit – Check whether there is a security deposit and how and when it will be refunded at the end of your contract.
- Billing – Know how and when you will receive your bills. Some providers charge a fee that can exceed S$3 per bill if you don’t opt out of receiving hard copies, so it’s smart to opt for digital bills whenever possible.
- Promotions, credit card rebates and USPs – Retailers often dangle perks. Keep yourself informed about the latest promotions so you can take advantage of them.
- Any other additional fees – Watch out for hidden costs such as admin fees, security deposits, paper billing fees and so on.
- Bill payment – most credit cards exclude utility payments, but you can use CardUp to pay your electricity and utility bills to earn miles for a service fee. That said, you could also earn Max Miles when paying with the Chocolate Finance Card (capped at 100 Max Miles/month).
Conclusion
Staying with SP Group rarely makes financial sense unless you have special reasons for needing to remain contract-free in the short term.
When choosing a plan on the open electricity market, you should consider whether you want to lock in a fixed price plan to avoid price fluctuations. In times of global uncertainty and rising fuel prices, a fixed price plan can offer protection against price increases.
For those with non-standard usage patterns and the discipline to only use energy-intensive appliances late at night or very early in the morning, a peak and off-peak plan might make sense.
If you are convinced that electricity prices will fall in the near future, you might wish to opt for a discount-off-regulated-tariff plan instead. But given recent global fuel price fluctuations, make sure you can comfortably tolerate potential price spikes before choosing this option.
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