Open Electricity Market is a soft launch project to "provide consumers with more choices and flexibility", the Energy Market Authority (EMA) said in a media release on Friday (Oct 20).
The rollout of the Open Electricity Market includes a total of 108,000 households and 9,500 businesses in Jurong with postal codes starting with 60-64, the Energy Market Authority (EMA) said on Friday. These areas pertain to Jurong East, Jurong West, Pioneer, Tuas and Boon Lay.
Consumers involved will be notified in the first quarter of 2018, and may still choose to continue purchasing from SP Group directly at the regulated tariff, the EMA added.
"Our main objective of introducing the Open Electricity Market is to promote greater competition in the electricity market. With competition, consumers stand to benefit from competitive pricing, enhanced service standards and innovative packages from electricity retailers," said EMA's chief executive Ng Wai Choong.
The Singapore retail electricity market has undergone liberalisation in multiple stages. Currently only businesses consuming more than 2,000kWh/month are eligible to buy energy from electricity retailers to enjoy savings on their electricity bills. After Open Electricity Market ( OEM ), the remaining 1.4 million households will have the option to switch retailers to buy electricity or to remain on the regulated tariff from SP Services (SPS) 2nd half of 2018.