With the Open Electricity Market or better known as OEM, Singaporeans can now make a choice of who they’d like to engage to provide electricity service to their homes.
At first glace, we’re all baffled at how these retailers have been able to charge much lower prices and/or offer discounted tariff rates against the SP Group prices. We’re being cheated is amongst those chief arguments that I’ve read and heard of, but does it really matter anymore now that there’s choice(s) for a change just like how the political scene is with Dr Tan Cheng Bock making a comeback.
I’m not one to jump into making decisions, not especially so when there’s a contract (tied down) and when there are significant costs involved.
So, I took my time to review majority of the retailers for their Fixed Price deals and came up with a chart.
The above comparison is very simplistic but provides a good enough comparison between several retailers.
Based on the above, in terms of overall costing, ESPower provides the best value but you do need to pay a security deposit and there’s also an early termination fee which if you do decide to terminate before the end of your contractual period would mean an additional $140 to be added into the overall cost.
The next best value retailer would be GENECO. Whilst there’s no security deposit required, an early termination fee of $130 is still cheaper than ESPower resulting in an overall lower cost on the whole over the contractual period.
But the big difference between the two retailers is GENECO has a tie-up with NTUC which gives you 4000 points. There are, of course, other retailers that have a tie up with NTUC but none gives you an instant 4000 points.
I didn’t review some of the other retailers because using the OEM calculator, these were the retailers that were on the top in terms of pricing. iSwitch no doubt offers really low prices but on the whole, they seem to be much more expensive.
I’m not sure if the other retailers charge a service fee as it wasn’t available/listed in their factsheet unlike iSwitch but even so, the termination charge for iSwitch is quite a headache to deal with.
If you were wondering on meter readings, I wrote in individually to all the retailers and SP Group is still in charge of meter readings and submission of your monthly meters is still to SP Group.
So, end of the day, the biggest player is still the biggest winner from a business perspective. All they have to do is to decentralise their work and give it away to others and they still profit from it.
It sure feels like even if the ruling party loses, they’ll still be in control.