Electricity Rates in Singapore Q2 2024: What Is the Electricity Rate in SP Group 2024?
The electricity tariff for Q2 2024 (1 Apr – 30 Jun) has decreased from 29.89¢ per kilowatt-hour (kWh) in Q1 2024 to 29.79¢/kWh.
This amounts to 32.47¢/kWh if you factor in the prevailing 9% Goods and Services Tax (GST).
But in case you were unaware, you could potentially save more on your electricity bill due to the Open Electricity Market (OEM).
If you’re wondering, “What is OEM?”
Just know that it means you can switch to an electricity retailer and save money on your electricity bill.
Interested?
Find out who the cheapest electricity retailer is and how to switch!
TL;DR: Ultimate Electricity Retailer Comparison (2024)
Cheapest Electricity Plan in Singapore for 2024
| Contract Length For Fixed Price Plan | Who provides the cheapest plan? (Incl. GST) |
|---|---|
| No Contract | Singapore Power (SP): 32.47¢/kWh |
| 6 Months | Senoko: 29.68¢/kWh |
| 12 Months | Geneco/Senoko: 29.68¢/kWh |
| 24 Months | Geneco/Senoko: 29.42¢/kWh |
This article was last updated on 12 April 2024. Figures are taken from Open Electricity Market. Do note that prices and promotions are subject to change without prior notice.
Save on Your Electricity Bill in Singapore: Click to Teleport
Who Has the Cheapest Electricity Rates in Singapore: An Electricity Plan Comparison
Well… if there’s one thing that Singaporeans care deeply about.
It’s saving money.
Especially when it comes to utilities like electricity.
In fact, when we first wrote this article and made a price comparison between the OEM electricity retailers, even The Straits Times picked it up:
#weirdflexbutokay
Open Electricity Market (OEM) Explained: Finding the Best Electricity Plan in Singapore
In October 2017, the Electricity Market Authority (EMA) first announced the Open Electricity Market (OEM) initiative in a bid to liberalise and encourage innovation in the power industry.
Fast forward to May 2019, all households in Singapore can choose to switch from the Singapore Power (SP) Group to their preferred electricity provider.
Compare Price Electricity: How Many Electricity Retailers Are There in Singapore?
There are currently seven surviving electricity retailers in Singapore:
- Geneco (by Seraya Energy Pte Ltd)
- Keppel Electric Pte Ltd
- PacificLight Energy Pte Ltd
- Sembcorp Power Pte Ltd
- Senoko Energy Supply Pte Ltd
- Tuas Power Supply Pte Ltd
- Union Power Pte Ltd
PSA: Sunseap has exited the Open Electricity Market.
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What Types of Electricity Price Plans Do Electricity Companies in Singapore Offer?
Ah…
Now you’re asking the right questions.
Most OEM retailers offer a selection of two different price plans.
Fixed Price Plan
This is similar to SP Group’s electricity plan.
You sign a contract with them and pay a fixed rate for whatever amount of power is used.
For obvious reasons, all electricity retailers are offering fixed-price plans that are competitively priced (read: lower than SP).
Discount Off Regulated Tariff (DORT) Plan
The price you pay is pegged to the regulated tariff announced by EMA, albeit at a discount.
SP Group’s price plan is always determined by EMA’s regulated tariff, and DORT plans charge you by taking a percentage of the cost from the EMA stipulated electricity tariff for the quarter.
This means that you’ll always be paying less than what SP Group would charge you if you’re on a DORT plan.
However, there are no DORT plans offered in Q2 2024.
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Which Singapore Electricity Retailer Has the Cheapest Electricity Rates in Singapore?
With so many retailers, choosing one can be quite a chore.
But we’re here to help by comparing all the plans they have for households.
If this is your first time choosing an electricity retailer, kWh stands for kilowatt-hours, which is the amount of energy used per hour.
In general, we noted that fixed-price plans are cheaper than you would pay if you’re paying SP based on the current electricity tariff.
| Company | No Contract | 6-Months | 12 Months | 24-Months | Promotions |
|---|---|---|---|---|---|
| Singapore Power (SP) | No contract: 32.47¢/kWh Average 4-room Monthly Bill (367kWh): $119.16 |
— | — | ||
| Geneco | — | Give Us A Try: 30.16¢/kWh Monthly Bill: $110.69 |
Get It Fixed 12: 29.68¢/kWh Monthly Bill: $108.93 |
Get It Fixed 24: 29.42¢/kWh Monthly Bill: $107.97 |
Up to $135 rebates + Price Match Guarantee |
| Keppel Electric | — | — | FIXED12: 31.28¢/kWh Monthly Bill: $114.80 |
FIXED24: 30.58¢/kWh Monthly Bill: $112.23 |
— |
| PacificLight | — | — | Savvy Saver 12: 30.07¢/kWh Monthly Bill: $110.36 |
Savvy Saver 24: 29.53¢/kWh Monthly Bill: $108.38 |
– |
| Sunny Side-Up 12m (Green Plan): 30.40¢/kWh
Monthly Bill: $111.57 |
|||||
| Sembcorp Power | — | — | 12M Fixed Price Home: 31.32¢/kWh Monthly Bill: $114.94 |
— | — |
| Senoko Energy | — | — | LifePower12: 29.68¢/kWh Monthly Bill: $108.93 |
LifePower24 29.42¢/kWh Monthly Bill: $109.97 |
Up to $163 bill rebate |
| LifeGreen24: 29.75¢/kWh Monthly Bill: $109.18 |
Up to $163 bill rebate | ||||
| Tuas Power | — | — | PowerFIX 12 Month (Same SP Bill): 31.48¢/kWh Monthly Bill: $115.53 |
PowerFIX 24 (Same SP Bill): 29.79¢/kWh Monthly Bill: $109.33 |
$80 Bill Rebate + Same SP Bill |
| PowerFix 24 (Same SP Bill): 30.83¢/kWh
Monthly bill: $113.15 |
— | ||||
| Union Power | Please email Union Power for customised rates Previous rates charged were 48.60¢/kWh for a 6 month plan |
||||
Note: Prices include GST and are rounded up to the nearest hundredth. The monthly bill is based on the electricity consumption of an average HDB 4-room flat in Singapore at 367 kWh (based on the latest data for Sep 2023).
Also, here are the cheapest fixed OEM plans (inclusive of GST) based on contract length:
| Contract Length For Fixed Price Plan | Who provides the cheapest plan? (Incl. GST) |
|---|---|
| No Contract | Singapore Power (SP): 32.47¢/kWh |
| 6 Months | Senoko: 29.68¢/kWh |
| 12 Months | Geneco/Senoko: 29.68¢/kWh |
| 24 Months | Geneco/Senoko: 29.42¢/kWh |
To save more, make sure to get referral codes and take advantage of the various credit card promotions available!
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SP Wholesale Electricity Plan: How Much Does 1 kWh Cost in Singapore?
On top of the regulated tariff, the SP Group offers a non-standard price plan where customers can buy electricity directly from the wholesale electricity market.
The good thing about this price plan is that there is no lock-in period or contract.
This means you can switch back to the SP-regulated tariff plan or sign up for an OEM plan without penalty.
However, note that the wholesale electricity price (WEP) varies every half hour depending on Singapore’s wholesale electricity market’s prevailing demand and supply situation.
Thus, you will have to bear the risk of price fluctuations if there are any abrupt changes in electricity demand and supply.
You can refer to the chart below to get an idea of the fluctuation of WEP:
Just in the months of October and November 2021, the half-hourly prices ranged between $0.069/kWh and $4.42/kWh!
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Electricity Bill Singapore Guide: Average Electricity Consumption of Households in Singapore
If you’d like to know how much you can potentially save if you switch to an OEM retailer, let’s look at how much Singaporean households spend on electricity per month, on average.
We will be using the current Q2 2024 electricity tariff rate of 32.47¢/kWh (including GST) and the latest data from SP (as of Sep 2023):
| Property Type | National Average Electricity Consumption Per Month (kWh) (As of May 2023) |
Average Cost of Electricity Per Month (Incl. GST), rounded up to nearest hundredth |
|---|---|---|
| HDB 1-Room | 143 | $46.43 |
| HDB 2-Room | 189 | $61.37 |
| HDB 3-Room | 269 | $87.34 |
| HDB 4-Room | 367 | $119.16 |
| HDB 5-Room | 427 | $138.65 |
| HDB Executive | 528 | $171.44 |
| Apartment | 515 | $167.22 |
| Terrace | 859 | $278.92 |
| Semi-Detached | 1,150 | $373.41 |
| Bungalow | 2,298 | $746.16 |
| Note: The figures exclude electricity consumption for PAYU customers and customers who are not purchasing electricity at the regulated tariff | ||
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How Are Electricity Tariffs Calculated?
Singaporeans are subjected to Electricity Tariff, which is regulated by EMA.
For Q2 2024, the electricity tariff is 29.79¢/kWh (excluding GST).
With 9% GST, the electricity tariff is 32.47¢/kWh.
For context, the Electricity Tariff is made up of four main components:
| Electricity Tariff Components | Price (Before GST) | How Often Is It Reviewed? |
|---|---|---|
| Market Administration and Power System Operation Fee
(Paid to Energy Company and Power System Operator) |
0.06 cents/kWh | Annually |
| Market Support Services Fee (MSS) | 0.43 cents/kWh | Annually |
| Network Cost | 6.25 cents/kWh | Annually |
| Energy Costs | 23.15 cents/kWh | Quarterly |
Source: SP Group
The sum of the four components makes up your Electricity Tariff, which the consumer pays for their monthly electricity bill.
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FAQs About OEM Electricity Providers in Singapore
Cost of Electricity in Singapore: Why Are Electricity Retailers Able to Charge more for Electricity than SP Group?
You’re probably going, “WALAO, has SP Group been overcharging me ALL THESE YEARS?!”
Not exactly.
The regulated tariff considers the cost of producing and delivering electricity, which includes the cost of building and operating power plants and maintaining the power grid.
On the other hand, the rates offered by retailers reflect current market conditions and the short-term costs of producing electricity.
If the current market conditions see excess supply compared to demand, the price of electricity will naturally be lower.
These retailers can then go into the wholesale market and buy electricity in bulk from power generation companies.
Of course, these prices offered by retailers are only fixed during your contract.
So they can adjust their prices and discounts over time.
But fret not; you can always switch back to buying electricity at the regulated tariff from SP Group at any time – after you complete your contract of course, unless you wish to pay the early termination fee and early account closure fees…
Speaking of early termination fees, please look for them before you put pen to paper and sign the contract.
For example, OEMs like Tuas Power charge an early termination fee of $200 (including GST) for their plans.
Apart from early termination fees, be sure to take note of the hidden fees or terms & conditions when choosing your electricity retailer!
2. How Do I Switch to Electricity Retailer?
As of today, you can switch to an Open Electricity Market retailer anytime.
But as with anything related to money, take the time to understand the OEM before you switch.
The retailers might be throwing promo codes around like Oprah Winfrey and shouting out how they’re the cheapest in town.
But you really should take the time to understand the other stuff which electricity retailers don’t usually talk about, like:
- Administrative fee
- AMI meter installation fee
- Auto-renewal of contract clause
- Carbon tax
- Early termination charges
- Late payment fee
- Paper bill
- Security deposit
- Transmission loss factor
- U-Save GST Voucher.
Read more: Hidden Fees And T&Cs To Take Note When Choosing An Electricity Retailer.
3. What Are Transmission Loss Factors (TLF)?
To put it simply, it’s a scaling factor applied at the metering point to account for network and transformer loss.
Think of it this way: To get you one unit of electricity, the retailer needs to send two units to account for the possible loss of one unit of electricity when electricity travels such a vast distance from the power plant to your home. That’s the TLF that they need to factor in when charging you.
Most of us fall under the 230kv/400kV load category:
SP Group should have already adjusted this to reflect consumer use, so retailers will adhere to SP Group’s recommended TLF and bill you accordingly.
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What Is the Best Electricity Plan Singapore in 2024?
With so many options in the market, it’s hard to decide which to switch to.
Besides comparing prices, why not find out what real users have to say about the various electricity retailers through our SeedlyReviews?
Find Me The Best Electricity Plan Now!
Utility Bills Singapore Credit Card Guide
Given that the prices will likely increase further, you can also consider using a credit card that offers cashback when you pay for utilities.
