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Open Electricity Market: Counteract Electricity Tariff Rates

In March, SP Group released a statement on a revision to the electricity tariff. This rise in the second quarter of 2021 applies to 51% of Singaporean households which have not made the switch to an electricity retailer under the Open Electricity Market (OEM). This new regulated electricity tariff will inevitably affect the amount homeowners are paying for their monthly electric bill – pushing for new ways to save on electric bills and other electricity providers in Singapore should be considered.

The electricity tariff in Singapore is constantly changing according to the global oil market conditions. Mimicking the fluctuations of total energy costs, the tariff regulated by the Energy Market Authority (EMA) is susceptible to revisions every quarter. For this specific quarter, spanning from 1st April to 30th June 2021, electricity tariffs have increased by 8.7% compared to the previous quarter. This increase is estimated to cause an average monthly increase of S$5.62, excluding Goods and Services Tax (GST), in electricity bills of domestic customers. However, only around 0.7 million households in Singapore will have to pay for their electricity usage according to this new regulated tariff. Why? Because the rest have made the switch to an electricity provider in the Open Electricity Market.

Switching to an Open Electricity Market Retailer

Given the choice of cheaper electricity prices, it is only natural to assume people will be excited about the OEM launch. However, with over 12 new electricity providers in Singapore, it comes as a surprise that only half of the households buy electricity from such retailers. Be it presuppositions about administrative hassles or the lack of awareness surrounding the new entrants into the OEM, some of the apprehension can be eased with the basic understanding of electricity retailers and how they compare up against SP Group.

Reset Your Power for Benefits

Not sure if there is anything to gain if you switch retailers? According to the EMA, when you switch to an OEM retailer in Singapore, you could enjoy up to 30% savings compared to the regulated electricity tariff. From potential large cost savings to consumption transparency, electricity providers are striving to differentiate themselves. With such competition comes more promotions, rebates, and perks that ease your financial burden – and this is a bandwagon that Senoko Energy has hopped on with its range of promotions. So, what exactly is in it for you?

1. Autonomy & Savings

As retailers, we buy electricity in bulk at wholesale prices and sell them to consumers at cheaper rates on a contractual basis. Offering two types of price plans – fixed price and discount off regulated tariff – you have the autonomy to decide how you buy your electricity. Fixed-price plans, like LifePower12 and LifePower24, require you to pay a fixed rate throughout your contract term regardless of quarterly tariff fluctuations. Discount off regulated tariff plans, such as the LifeSave12, offer fixed discount rates on prevailing electricity tariff rates. Either way, your utility bill may be reduced.

Unlike buying electricity from SP Group, where you have to pay the regulated tariff of your electricity, our two price plans are cheaper – reducing your average electricity bills. This is because any revisions to the regulated tariff rates will not apply to you when you switch to Senoko! By monitoring your electricity consumption on the Senoko Energy app, you can also make extra savings through understanding your usage patterns.

2. Attractive Promotions & Rebates

Beyond guaranteed savings, Senoko has more to offer. As mentioned, OEM retailers in Singapore are incentivised to release a slew of promotions and rewards in addition to lowered electricity rates. Earn rebates through the Refer & Earn and Senoko Smart Rewards programmes – enjoy more while doing less!

Make The Switch With Senoko

Bid adieu to stresses around quarterly tariff revisions and increased utility bills. With all these benefits and more to come, now is the time to make Senoko your choice energy provider. Switching over to Senoko Energy is an easy and seamless process - simply browse the various electricity plans and sign up online.