With the nationwide launch of the Open Electricity Market (OEM) back in 2018, I have made the switch to an electricity retailer, Geneco in March 2019.
It was a fixed price electricity plan at 17.78 cents/kWh for a contract duration of 24 months. The alternative that was on the table was a 22% discount off the electricity tariff.
Now as the contract has expired, I have consolidated sufficient data to determine how much I have saved since the switch. This can also help to answer if I have made the wise choice in deciding between the 2 electricity plans.
For the avoidance of doubt, all figures presented are inclusive of GST.
Electricity Tariff
Before the rollout of OEM, residential consumers in Singapore can only purchase electricity directly from SP Group which was the sole electricity retailer then.
The tariff set by SP Services is reviewed each quarter and is regulated by the Electricity Market Authority.
This regulated tariff translates to the price of electricity that consumers are paying on their usage.
Given that the prices of natural gas are indexed to oil prices, fluctuations in the tariff rate are commonly observed in the above chart.
Comparison of Electricity Plans
With information on the quarterly household electricity tariff, we can now compare the two electricity plans — namely the fixed price of 17.78 cents/kWh and 22% discount off tariff.
Amount saved on Electricity Bills
Switching out of Geneco
Upon expiry of the 24 months contract with Geneco, I have managed to switch out of Geneco and transfer to SP Wholesale plan.
However, the overall process of transferring electricity account has not been a smooth experience for me.
Based on the FAQ listed on the website, the contract will be automatically renewed upon expiry of the existing contract. Therefore, consumers should notify their intent to switch 30 days prior to the contract expiry. If no action has been taken, the contract will be renewed for the same duration of the initial contract (24 months in my scenario).
With the intention to switch out, I have written in to request for transfer to SP upon contract expiry. However, weeks passed and I have not heard from the team on my termination request.
After a few tries, I have managed to put through the request verbally after reaching the customer service officer on the line. Thereafter, I have received an email confirmation on the electricity account transfer to SP.
And I would have thought that this marks the end of relationship with Geneco until they have informed that my contract has been renewed one month later.
Logging on to the Geneco portal, it was shown that the contract has been renewed, lasting till 2023 at 18.83 cents/kWh.😱
This came as a shock to me and has caused much distress as the notification was sent on weekend and there was no way I can seek immediate assistance from the customer service officers to clarify on this matter.
Eventually, the issue was resolved when they have explained that an internal system error has triggered the update on the contract, thus allowing me to heave a sigh of relief.
Currently, I have switched to the SP Wholesale plan. A comparison with the plans offered by electricity retailers will be made once there is sufficient data to explore with. Stay tuned!
