SINGAPORE: From April next year, households and businesses in Jurong will be able to buy their electricity from a retailer.
This soft launch of the Open Electricity Market will "provide consumers with more choices and flexibility", the Energy Market Authority (EMA) said in a media release on Friday (Oct 20).
A total of 108,000 household accounts and 9,500 business accounts will be able to buy electricity from a retailer of their choice, or continue buying it from SP Group at the regulated tariff, EMA said.
It added that all those involved would be notified in the first quarter of 2018. The launch will involve households and businesses whose addresses have postal codes starting with 60, 61, 62, 63 and 64.
EMA said that it would also be developing an online information platform to help consumers compare price plans.
This follows Minister for Trade and Industry (Industry) S Iswaran saying that Singapore aims to fully open the electricity retail market to competition.
The option to shop around for electricity suppliers will be extended to the rest of Singapore in the second half of 2018.
WHAT CONSUMERS NEED TO KNOW:
What will be the choices available for consumers?
Consumers can choose to buy electricity from:
- An electricity retailer at a price plan that best meets their needs
- The Wholesale Electricity market at the half-hourly wholesale electricity prices through SP Group
- SP Group at the regulated tariff
Will consumers' electricity supply be affected if they choose to switch to an electricity retailer?
Consumers will "continue to enjoy the same reliable electricity supply regardless of their choice of electricity retailer, as SP Group will continue to operate the national power grid", said EMA.
Must consumers switch to a retailer?
It is not compulsory for consumers to switch to a retailer.