The Open Electricity Market in Singapore lets households choose who they buy electricity from. You have three options: stay with SP Group at the regulated tariff (the default, which needs no action), sign a price plan with an electricity retailer, or buy at the wholesale price through SP Group. The electricity itself and the grid do not change; only the price and the contract terms do.
At the time of writing (October 2026), about 61% of residential accounts were on the regulated tariff and about 39% with retailers, according to the Open Electricity Market (OEM) statistics page.
The short version: Switching is optional, there is no deadline, and your supply is not interrupted. A retailer plan can cost less than the SP tariff, but you take on a contract, possibly a deposit and an early termination charge. Compare the rate you would pay with the current tariff and read the contract’s fact sheet first.
The Open Electricity Market’s Three Options
| Option | Price | Contract | Who it may suit |
|---|---|---|---|
| SP Group regulated tariff (default) | Set every quarter; 31.16 cents/kWh with GST for Oct to Dec 2026 | None; no minimum period | People who want no contract and are happy for the price to move each quarter |
| Electricity retailer price plan | Set by the retailer: fixed price or discount off the tariff, among others | Usually 6, 12 or 24 months | People who want a lower or more predictable rate and will track their contract end date |
| Wholesale electricity price via SP Group | Changes every half-hour | None | Few households; OEM warns prices are volatile and you could pay significantly more |
The wholesale option is the one to be most careful with. OEM describes wholesale prices as “uncertain and volatile” and says buyers could pay significantly more than on the tariff or a retailer plan.
How Retailer Price Plans Work
OEM describes two standard plan types:
- Fixed price: you pay the same rate per kWh throughout the contract, whatever happens to the regulated tariff.
- Discount off the regulated tariff: you pay the SP tariff minus a fixed percentage, so your rate moves every quarter with the tariff.
Retailers also sell non-standard plans. OEM says their rates may not be all-inclusive and may change during the contract, so read those terms closely. Our worked comparison of fixed-price vs discount electricity plans shows how the two standard types compare at different tariff levels.
The official price comparison tool at compare.openelectricitymarket.sg lists standard plans (all-inclusive rates, fixed price or fixed discount, 6, 12 or 24-month contracts). OEM says it is an Energy Market Authority (EMA) initiative and EMA receives no commission from it.
How Switching Works in Practice
From the OEM FAQs:
- No interruption: there is no disruption to your electricity supply when you switch.
- No SP fee: SP Group does not charge for switching to a retailer.
- Your meter: you can start a contract using your existing meter. With an ordinary cumulative meter, your usage is split across the day using EMA’s average household load profile. With an advanced meter, you are billed on your actual half-hourly use.
- Timing: OEM’s pages say a switch can take effect in about five to six business days.
- Switching back: every household can return to SP Group’s regulated tariff.
The usual steps, set out on OEM’s switching page: compare plans, sign up with the retailer you choose, and the retailer arranges the switch.
Deposits, Fees and Contract Renewal
Three costs are easy to miss:
- Security deposit. OEM says a retailer should not collect more than twice your average monthly bill, and some ask for none. Any leftover deposit is refunded no later than 30 days after your final bill is settled.
- Early termination charge. These are not standardised. Check the retailer’s fact sheet before signing, especially if you might move house.
- Auto-renewal. Contracts renew automatically if you do nothing. The renewed rate must be lower than the regulated tariff at the time of renewal. From 19 June 2026, retailers must send two reminders through at least two channels, and you can end an auto-renewed contract within 60 days without an early termination fee.
How to Tell if Switching Is Worth It
Work out what you use first. Your SP Services bill shows monthly kWh. For reference, SP Group’s data show an average HDB 4-room household used 369 kWh in July 2026, and 3-room households 268 kWh.
Then compare the yearly cost. Illustration only, hypothetical retailer rate:
- SP tariff: 360 kWh x 31.16 cents x 12 months = about S$1,346 a year (if the Q4 2026 tariff held all year, which it will not).
- Fixed price of 27.00 cents/kWh including GST: 360 x 27.00 cents x 12 = about $1,166 a year.
- Difference: about $180 a year, before any deposit or fees, and only while the tariff stays above the fixed rate.
If the regulated tariff later falls below your fixed rate, the comparison reverses. That is why the plan type matters as much as today’s number.
What To Do Next
- Find your average monthly kWh on your last three SP Services bills.
- Compare standard plans on the official tool at compare.openelectricitymarket.sg, and read each retailer’s fact sheet for deposits and termination charges.
- If you already have a retailer, note your contract end date; see our Q4 2026 tariff news for where the SP rate stands.
- Keep the plan cost in your monthly budget planner, and check our year-end household money audit for other bills to review.
