When you first move into a home here, one small surprise is that you can often pick who sells you your power. Choosing an electricity retailer in Singapore is a bit like choosing a mobile plan: the electricity flowing to your flat is exactly the same, but the price and the contract behind it can differ. If you came from mainland China, where the State Grid or China Southern Power Grid simply bills every household at a set rate, this element of choice can feel unfamiliar at first. The good news is that it is genuinely optional, the switch is admin-light, and you can stay with the default provider if you prefer simplicity.
This guide explains how the market is set up, what the main plan types look like in general terms, and how to switch without any drama.
How the Open Electricity Market Works
Singapore runs something called the Open Electricity Market (OEM). Under this scheme, most households can buy electricity either from SP Group, the national default, or from one of several licensed retailers competing on price and contract terms.
Here is the key point that reassures most newcomers: no matter which retailer you sign with, the physical electricity, the wires, and the meter are all still operated by SP Group. The retailer is essentially reselling power to you under their own pricing. So there is zero risk of “worse” or less reliable electricity, and if a retailer ever exits the market, your supply automatically falls back to SP Group without any blackout.
SP Group charges households at the regulated tariff, a rate reviewed every quarter and published openly. Retailers then design plans that are priced against that tariff, hoping to look more attractive. Whether they actually save you money depends on the plan, your usage, and where tariff levels sit at the time, so treat any headline claim as something to check rather than accept.
The Main Types of Electricity Plans
Retailers usually package their offers into a few recognisable shapes. The names vary between companies, but the underlying ideas are consistent.
- Fixed price plans. You lock in a set price per kilowatt-hour for the whole contract, often 6, 12, or 24 months. Your rate does not move even if the regulated tariff rises or falls. This gives predictability, which many families like for budgeting.
- Discount-off-tariff plans. You pay a percentage below the prevailing regulated tariff. Your bill still moves up and down with the tariff each quarter, but always sits a little under the SP Group rate. You benefit from any tariff dip but also feel any rise.
- Staying on the regulated tariff. Doing nothing is a perfectly valid choice. You remain an SP Group customer at the published tariff with no contract, no lock-in, and no early-exit considerations.
Some retailers also offer greener plans, peak-and-off-peak plans, or bundles with perks. Read the fine print for contract length, security deposits, auto-renewal terms, and any early-termination charge before you sign.
Fixed vs Discount vs Default: A Quick Comparison
The table below compares the plan types in general terms. It does not quote prices, because rates and tariffs change constantly. Always check each retailer’s current offer and the latest regulated tariff before deciding.
| Feature | Fixed price plan | Discount-off-tariff plan | Regulated tariff (SP Group) |
|---|---|---|---|
| Price stability | High, rate is locked | Moves with the quarterly tariff | Moves with the quarterly tariff |
| Benefit if tariff falls | You keep paying the locked rate | Your bill falls too | Your bill falls |
| Risk if tariff rises | You are protected | Your bill rises, but stays below tariff | Your bill rises |
| Contract lock-in | Usually yes | Usually yes | None |
| Best for | Budgeters who want certainty | Those comfortable with some movement | Those who prefer no contract |
Which one suits you depends on your appetite for predictability versus flexibility, and on where tariffs are heading, which nobody can promise. When in doubt, a shorter contract keeps your options open.
How to Compare Retailers Fairly
Because the electricity itself is identical, you are really comparing contracts and service. A few things worth weighing:
- Effective rate, not just the headline. A big discount off tariff and a low fixed rate can end up close in practice. Look at the actual price per kilowatt-hour.
- Contract length and exit terms. Longer contracts can lock in a good rate but cost you if you move house or want to switch early.
- Deposit and fees. Some plans ask for a security deposit or charge administrative fees. Factor these in.
- Auto-renewal. Note what happens at the end of the term so you are not rolled onto a less favourable rate automatically.
- Billing and support. Check whether the retailer bills you directly or through SP Group, and whether customer service is easy to reach.
You can review the current list of licensed retailers and the latest household tariff on the official Open Electricity Market and SP Group websites. Treat comparison sites as a starting point, then confirm figures at the source.
How to Switch, Step by Step
Switching is designed to be simple, and there is no interruption to your supply.
- Have your latest utilities bill and your address handy, along with an idea of your monthly usage.
- Compare licensed retailers and pick a plan type that fits your budgeting style.
- Sign up directly with the retailer, online or by phone.
- The retailer arranges the changeover with SP Group. You do not need an electrician, and no one needs to visit to change wiring.
- Your meter stays the same; only the billing arrangement changes.
If you ever want to leave, you simply switch again or return to the SP Group regulated tariff, subject to any contract terms you agreed to. Remember that this is general information, not financial advice, and that tariffs, plan structures, and retailer offerings change over time, so verify the current details with SP Group and the Open Electricity Market before you commit.
Explore more
For the bigger picture of getting your home running, see our guide to utilities and home setup for newcomers in Singapore, which covers water, gas, and connecting your account. If you are just settling in, our guide to renting your first home and our overview of cost of living in China vs Singapore help you plan household budgets with confidence.
Frequently Asked Questions
Can I switch electricity retailers if I live in an HDB flat? Generally yes, as most households can choose between SP Group’s regulated tariff and a licensed retailer. Eligibility details and the sign-up process can change, so check the Open Electricity Market and SP Group websites for the current rules before you apply.
Will switching retailer change my meter or cause a power cut? No. SP Group still runs the wires and meter whichever retailer you pick, so only the billing arrangement changes. You do not need an electrician, and your supply carries on without interruption during the changeover.
What happens if my electricity retailer goes out of business? Your supply does not stop. If a retailer exits the market, your account falls back to SP Group automatically, so you will not face a blackout. You may then be on the regulated tariff until you choose a new plan, so keep an eye on your bills.
How do I tell if a retailer’s discount is really cheaper? Compare the effective price per kilowatt-hour rather than the headline percentage. Then weigh contract length, deposits, fees and auto-renewal terms. Check the latest regulated tariff on the SP Group website, because a discount off tariff only helps if the tariff itself is competitive.
Is it worth switching if I rent and may move in a year? It can be, but a shorter contract is safer for renters. A long lock-in may carry an early-termination charge if you move out, so read the exit terms first. If you prefer no commitment, staying on the regulated tariff has no contract at all.
Official sources: Energy Market Authority
Further reading: Why Singapore Electricity Tariffs Change Every Quarter