Singapore’s electricity market was powered up a notch with the country-wide extension of the Open Electricity Market (OEM) on 1 November, 2018. Consumers now have the ability to select who they want to buy their electricity from. While some may choose to remain with SP Group for their electricity supply, others may consider switching to another retailer.
As of now, there are 13 participating retailers offering a variety of price plans and choosing from amongst them might be quite overwhelming for a consumer at first. So, here is a quick guide which simplifies the process.
- Visit any comparison site: The consumer should first compare the price plans being offered by various retailers. This process can be simplified by taking the help of a price comparison site which breaks down and analyse the details of different plans.
- Set up an account with a retailer: While different electricity retailer sites have different procedures, most of them require the consumer to create an account in order to gain information about the customers (e.g. their monthly energy consumption).
- Contract Completion and Payment: Once a consumer chooses the price plan best suited for them, they may go ahead and complete the contract with the concerned retailer and make the payment to seal the deal. Consumers are also required to attach various necessary documents for billing and verification purposes.
Just like that, the process is complete. The retailer will discuss a suitable date of the switch with SP Group and eventually, the switch will take place without any kind of power disruption.
Will the Electricity Supply be Disrupted During the Switch?
Absolutely not! The switch happens without the consumer even noticing it. Once the consumer makes a contract with a retailer of choice, the concerned retailer works out the date of the switch with SP Group and makes sure that no power disruption takes place. Consequently, no inconvenience is caused to the consumer owing to the switch.
Under What Circumstances Can the Power Be Disrupted?
It is quite evident that there will be no kind of disruption in the electricity supply of the consumer while switching from SP Group to another retailer. However, with the extension of the OEM, the concept of smart meters came into being. There might be a temporary power disruption if the consumer opts for a meter change.
Does the Contract with the Provider Kick Off Immediately Following the Switch Confirmation?
Once the switch is confirmed by the consumer, their contract does not start immediately. Instead, it may take up to 2 weeks for the switch to be up and running. That being said, the power supply of the consumer does not undergo any kind of disruption within this switching period
What if the Consumer Change Their Mind in the Future?
If the consumer is not satisfied with their current retailer, they may choose to switch again to another one, or revert to SP Group. However, the policies of the new retailer must be taken into consideration as the policies of different retailers may vary. The consumer may be asked to pay a penalty fee in most of the cases.
Singaporeans may find it a bit strenuous to decide what’s best for them. However, they should not only consider the prices of various plans but pay attention to other secondary features such as incentives or company policies too.
Thirteen companies now provide for Singapore’s electricity needs, use this guide to switch to one which suits your needs most.