The Open Electricity Market (OEM) in Singapore has been nothing short of a great initiative by the Energy Market Authority (EMA). The aim of the OEM is to ensure that homeowners and businesses are provided with competitive prices and diversified offers from electricity retailers. While this sounds like a better option for consumers, one needs to know when their business or household account can benefit from the OEM. Highlighted below are a couple of tips to help keep you informed about its progression.

The Open Electricity Market is for Everybody

The main objective of the open electricity market is achieved by affording consumers with the right to choose their preferred retailers. Unlike what used to be the case, you don’t need to meet any special condition as a business account or reside in certain areas with special postal codes before you can enjoy the benefits that come with open electricity market Singapore.

For example, in April 2018, only residential and business units in the Jurong area were able to purchase electricity at different price plans from a licensed electricity retailer. The soft launch was initiated to test the receptivity of a portion of Singaporeans to the liberalisation of the electricity market.

Rollout schedule based on postal codes

The OEM’s implementation has been drafted into several stages. According to that plan, the EMA intend to make this option available to consumers on a zone by zone basis by May 1, 2019.

The EMA has decided to rollout the open electricity market to 4 geographical zones, you can pay attention to these postal codes and their respective rollout dates, as each zone is being characterised by a range of postal codes.

• Postal codes starting with 58 – 78^ had an implementation date of November 1, 2018, which can only mean that willing consumers in that region are already enjoying the benefits of OEM as we speak.Examples of areas in this zone are Kranji and Yishun.
• Postal codes starting with 53 – 57, 79 – 80, 82 – 83 equally had their rollout date set for January 1, 2019, and they are already entitled to the service.Examples of areas in this zone are Bishan and Ang Mo Kio.
• Postal codes beginning from 34 – 52, 81 have been marked out as those in zone 3, their rollout date was billed for March 1, 2019.Examples of areas in this zone are Simei and Tampines.
• Postal codes beginning from 01 – 33 will experience the OEM from May 1, 2019.Examples of areas in this zone are Telok Blangah and Orchard.

Households and businesses who have switched to another retailer can look forward to a significant reduction in their monthly electricity bill. And if you are not satisfied with your current retailer after making the switch, you can always go back to subscribing with SP group at a regulated tariff or choose another electricity provider.

Visit the following website to find out more about the different aspects of the Open Electricity Market through a retailer.