Thursday, September 23, 2021


Singapore liberates its power market

RESIDENTS in Singapore will be able to choose their electricity retailers starting from November, in an expansion of the open electricity market that launched in Jurong this April.



By May next year, 1.4 million more households and business accounts will be able to buy electricity from 12 different retailers, the country’s Energy Market Authority (EMA) announced
The nationwide launch will be rolled out progressively in four stages, according to postal codes. Those that begin with the numbers 58 to 78 will be the first to choose on November 1.
On January 1, it will be 53 to 57, 79 and 80, and 82 to 83.
Postal codes that begin with the numbers 34 to 52, and 81, can choose from March 1.
The last codes to choose, starting from May 1, will be those from 01 to 33.
Before the roll-out, which will impact 350,000 accounts in each phase, consumers will receive a notification package and information booklet.
EMA director for market development and surveillance Dorcas Tan said that the zonal roll-out was to ensure that retailers and the authorities would be able to focus their resources and fix issues that come up.
There is no deadline for switching and it is not compulsory for households to do so. Consumers can choose to stay with SP Group.
He said that more than 30 per cent of eligible accounts in Jurong switched their electricity retailer, which surprised the EMA, as the take-up rate in other parts of the world tended to be in the single digits.EMA chief executive Ngiam Shih Chun said: “Jurong residents benefited from more choice and flexibility.
Those who switched paid an electricity rate which was, on average, about 20 per cent lower than the regulated tariff.”
“This is all about choice,” said Ngiam, adding: “We now hope to bring the benefits of competitive pricing and innovative offers to the rest of Singapore.”
Speaking at the launch, Minister for Trade and Industry Chan Chun Sing said that after opening the electricity market to businesses, and following the Jurong pilot project, the rest of Singapore is now ready for liberalisation.
“We have done this carefully and progressively, and have collated our experiences to make sure that when we roll-out the market to the rest of the country, we will face the least problems.”

Published : September 23, 2018