You are probably overpaying for electricity right now. We’re talking $100 to $200+ annually just thrown away. For typical families, that’s real money. The fix? Five minutes.
About 63% of Singapore households are still on SP Group’s default price plan, and most of them don’t know retailers can beat it.
The electricity tariff is regulated by the Energy Market Authority (EMA) of Singapore, and it reflects the actual cost of electricity.
If you haven’t made any switch at all, you’re already on SP Group’s default tariff plan. You’re not being penalized, but you’re likely paying the standard rate that retailers can beat.
Beyond the noise, the real question you want answered is simple: should you stay with SP Group (if you are still with them), or switch to a more optimal price plan with a different retailer?
My personal view, not financial advice. Some links may earn me a referral commission.
Investing involves risk, past performance doesn’t guarantee future results, and you should do your own research. While efforts are made to ensure the accuracy of content at the time of publication, I am not responsible for any errors, omissions, or outdated information.
- Quick Summary (TL;DR)
- Why Electricity Tariff Keeps Rising
- The Full List Of OEM Electricity Retailers
- Is It Safe to Switch?
- Market Share Overview
- Important GST Confusion Alert
- Types of Price Plan Available
- Why the Digital Meter Matters
- Which Plan Type Should You Pick?
- Market Pulse Oct 2026: Rates & Best Picks
- Case Study: Tuas Power Renewal
- Consolidated Billing: Tuas and Sembcorp
- How to Switch (It Takes 5 Minutes)
- The Renewal Game (Don’t Get Lazy)
- Common Mistakes to Avoid
- What You Can Consider Doing Now
- Final Thoughts
- Frequently Asked Questions (FAQ)
- Resources
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Best Electricity Plans In SG
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Quick Summary (TL;DR)
Things To Know
- SP Group remains the default option for all if we are not signed up with an electricity retailer.
- SP tariff prices trend upward over time, because inflation makes sure of that.
- Electricity retailers often offer cheaper plans than SP Group.
- Switching is painless because your power never actually goes off.
- During renewal, look out for exclusive rates, promo codes or bill rebates.
- Have a digital meter? You can see when you use the most power, which tells you if time-of-use plans suit you.
Fixed-Rate Plan
A fixed-rate plan is like hedging against price increase, because you’re locking in specific prices for stability.
Discount-Off-Tariff Plan
A discount-off-tariff plan is like betting that market prices will drop, because your rate falls whenever the SP tariff does.
Time-Of-Use Plan
A time-of-use plan is like behaviour arbitrage, because we profit from willingness to shift usage patterns.
Why Electricity Tariff Keeps Rising
About 93% of Singapore’s electricity is generated from imported natural gas.
Electricity tariff reflects the cost of this natural gas, which fluctuates with global energy prices and foreign exchange rates.
If you’ve never switched retailers, your electricity bill is based on this SP-regulated tariff, the default plan that every household starts with.
Over time, the tariff moves in one general direction, and that’s up, due to inflation at work.
There were rare exceptions, though, which I will briefly touch on below.
The Two Price Crashes — 2016 and 2020
In recent years, there were two significant price crashes which you can see from the chart above.
- 2016 Oil Glut: A global oil glut pushed energy prices to multi-year lows, both directly (cheaper oil-indexed LNG) and indirectly.
- 2020 Covid Pandemic: The Covid pandemic stopped 99% of travel and demand collapsed, which caused prices to crash.
Those years were great for consumers because it meant cheap electricity everywhere.
Could that happen again? Possible, but unlikely. Energy producers learned hard lessons from those cycles and now manage supply tighter. Unless another black-swan event hits, prices are more likely to hover higher than before.
Historical SP Tariff Trends (for Benchmark)
You’ll notice the pattern from historical electricity tariff data: sharp dips in 2016 and 2020, followed by gradual climbs.
SP’s default (and only) plan mirrors the market pricing of LNG, and we can see that the long-term average is creeping upward.
That benchmark only matters if you know who you can buy from instead. Time to meet the players.
The Full List Of OEM Electricity Retailers
Singapore’s Open Electricity Market (OEM) launched in 2018 to increase competition (lower prices) and encourage innovation through retail choice. Before OEM, SP Group was the sole provider with regulated uniform pricing. Now, licensed retailers can compete for customers while SP Group remains the default safety net.
Six residential electricity retailers are open for sign-ups and renewals today, with SP Group as the default for households who never switch.
- Tuas Power (China Huaneng Group)
- Geneco (YTL Group)
- Keppel Electric (Keppel Ltd)
- Senoko Energy (Sembcorp Industries and Marubeni)
- PacificLight Energy (First Pacific and Meralco Powergen Corporation)
- Sembcorp Power (Sembcorp Industries)
All six retailers are owned by power-generation companies, meaning they have direct access to generation infrastructure. This gives them an advantage in sustaining operations and offering competitive plans.
It is no surprise that retailers which ceased operations tend to be independent retailers (e.g. Ohm Energy) dependent on procuring wholesale electricity themselves.
Unlike private retailers, SP Group doesn’t offer fixed-rate plans and only provides regulated tariffs, and this means you are essentially taking the 0% discount-off-tariff plan.
Six licensed alternatives, and yet most households haven’t moved. The usual reason is a worry about safety, so let’s settle that.
Is It Safe to Switch?
Let’s get this out of the way first, because it’s the question that stops most people from acting.
Short answer: Yes, it’s completely safe.
Your electricity comes from the same power grid. Whether you’re billed by SP Group or any of the electricity retailers, the electricity flowing to your home is identical. You’re just changing who sends you the bill.
All retailers are licensed by the Energy Market Authority. They must meet strict regulatory requirements to operate. This isn’t like choosing a random online seller, and these are all established companies with reliable operations.
What if a retailer goes bust? It’s happened before (Ohm Energy, iSwitch, etc). When a retailer ceases operations, affected customers are either transferred to another retailer, or back to SP Group at the regulated tariff. Your power supply is never interrupted. Most likely, you just get a letter saying “You’re back with SP Group now.”
What is the biggest risk then? You might pick a wrong plan that is not suitable for your usage patterns. Which is what this post is meant to address.
Safe, then. So who is everyone signing up with?
Market Share Overview
Power Generation Capacity
When we talk about market share, let’s first talk about power generation capacity, and not the number of households signed up. The breakdown highlights how much electricity each of these companies generated as of 2025.
- Senoko Energy — 18.7%
- Tuas Power — 18.5%
- Geneco (YTL PowerSeraya) — 13.9%
- Others — 48.9%
All non-SP providers have serious power-generation abilities, unlike the smaller retailers in the past who had to buy electricity in order to resell them, all of which have ceased operations.
The Big 3 power generation companies (gencos) alone — Senoko Energy, Tuas Power, and YTL PowerSeraya — produce just over half (51%) of Singapore’s electricity. Each runs its own generation plants and retail arm.
Because they control both supply and sales, they can price flexibly to capture customers when SP tariffs rise or fall. This puts them in an advantageous situation versus smaller retailers (that have since closed down) that usually buy from these big players, which means they can’t undercut for long.
Residential Account Breakdown
When it comes to market share by number of residential accounts, the data paints a different story.
- Regulated Tariff — 63.08%
- Retail Price Plan — 36.85%
- Wholesale Electricity Plan — 0.08%
A whopping 63.08% of residential households are leaving money on the table, and have not yet switched to any of the retail price plans.
Of the 36.85% who are currently with an electricity retailer:
- Geneco — 29.5%
- Tuas Power — 24.8%
- Keppel Electric — 21.0%
- Senoko Energy — 16.7%
- Sembcorp Power — 4.7%
- Others (including PacificLight Energy) — 3.4%
My subjective opinion as to why Sembcorp Power and PacificLight are propping up the bottom:
- Sembcorp Power — Limited number of plans available
- PacificLight Energy — Complicated plans with sneaky embedded costs e.g. daily charge in Easy Peasy plan
What Your Neighbours Are Doing
Geneco has captured 29.5% of retail customers. Nearly 1 in 3 households who switched chose them, and Keppel Electric is punching way above its weight.
Many people gravitate toward the Big 3 gencos for peace of mind even when they are not always the cheapest, but they can be perceived as being more stable.
That said, don’t let popularity alone drive your decision, so run the numbers for your household to be sure.
Takeaway
The bigger gencos control supply and retail, giving them pricing power smaller retailers never had. This is why Ohm Energy, iSwitch, and others failed. They bought wholesale and couldn’t compete long-term. These days, the remaining electricity retailers are gencos which comes with inherent stability.
Before you start comparing any numbers, there is one trap that catches almost every first-time comparer.
Important GST Confusion Alert
One small but irritating detail that has consistently irked me:
- SP tariff announcements give prices that are before GST
- Retail electricity plan prices are shown after GST
This can make things confusing for regular consumers. So when you’re comparing, you might think a retailer’s plan looks slightly more expensive, when it’s actually not.
SP Group
The electricity tariff is a cost-based benchmark that excludes GST to remain consistent with industry and regulatory cost components.
Electricity Retailers
Retailers are businesses selling directly to households, so by law they have to show the final payable prices that includes GST.
Takeaway
Always compare apples-to-apples by making sure GST is applied.
With the GST trap out of the way, the next question is which type of plan fits you.
Types of Price Plan Available
Here’s what households can expect in terms of plan structure.
1. Fixed-Rate Plan
You’re locking in a flat rate for a period of time. Great option, if you expect prices to rise.
Fixed = hedge against price increases.
2. Discount-Off-Tariff (DOT) Plan
You float with the SP tariff, with a guaranteed discount percentage or flat amount lower. These plans automatically adjust with quarterly tariff updates.
Variable = bet on price decreases, or simply deciding that guaranteed cheaper rates than SP Group is good enough.
3. Time-Of-Use (TOU) Plan
Peak vs. off-peak billing makes a world of difference. Charging higher rates during peak hours and lower during off-peak can encourage smarter energy use and potentially save loads of cash.
Time-of-use plans only pay off if you know your usage pattern, and there’s a tool for that sitting in your switch room.
Why the Digital Meter Matters
If you have an advanced electricity meter (also called a digital meter), you can see your hour-by-hour consumption in the SP app. This data is gold because you’ll know:
- Whether off-peak plans suit your lifestyle
- Which appliances are guzzling energy
- How much you’re saving when you switch plans
Don’t have one yet? You can pay a one-time installation fee of $43.60 (including GST), or wait for HDB’s scheduled free rollout. Worth it if you’re considering time-of-use plans.
What the digital meter taught me: When I checked my hour-by-hour consumption in the SP app, I noticed that our household uses the power at all times of the day (haha), so off-peak plans wouldn’t benefit us much. This confirmed that a straightforward DOT/fixed plan was the right call. Even when I was overseas, the fridge and other appliances that were constantly powered on drained 2.5 kWh per day. Energy-saving appliances would definitely be our priority in future.
Pro tip 1: Check your usage pattern before choosing a plan type, because it is directly related to your cost for time-of-use plans. For example, if you’re a heavy evening user (dinner, aircon, TV from 7pm-11pm), time-of-use plans can serve you better than fixed-rate or discount-off-tariff plans. Always pick a plan based on what matches your actual life.
Pro tip 2: Calculate your average monthly consumption and run the numbers. Sometimes a small difference in rate or discount makes a noticeable impact over a year.
Armed with your usage pattern, the choice between the three plan types becomes a short quiz.
Which Plan Type Should You Pick?
Here is a simple decision framework that I use.
Are you risk-averse and want predictable bills every month?
→ Consider Fixed-Rate Plan
Do you want flexibility and believe tariffs will stay stable or drop?
→ Consider Discount-Off-Tariff Plan
Do you use most power only during weekends or late nights (after 7pm)?
→ Consider Time-Of-Use Plan
Not sure about your usage pattern?
→ Check your energy usage in the SP app. Look at when you actually use power, then decide.
In short, no one knows which option will win next year, which is why you base your decision on comfort, not prediction.
You know your plan type. Time for the live numbers.
Market Pulse Oct 2026: Rates & Best Picks
The SP tariff is 31.16¢/kWh this quarter, down 10.4% from the previous 34.78¢ (both after GST). The tariff is a lagging indicator: it’s set from gas prices between 1 July and 15 September, when global fuel was cheaper. SP has warned that prices rose again in September on Middle East tensions. If that lasts, next quarter’s tariff could go up.
This quarter, three of the four discount-off-tariff plans work out cheaper than the cheapest fixed rate of 28.90¢/kWh. A fixed plan still makes sense if you expect the tariff to rise, because it locks in a rate below today’s tariff for three years.
Current SP tariff figures
The current SP tariff (1 Oct to 31 Dec 2026) is:
- 31.16¢/kWh after GST
- 28.59¢/kWh before GST
The next quarterly revision will happen on 1 January 2027.
Plan Comparison Table
| Provider | FR Plan ¢/kWh | DOT Plan | TOU Plan |
|---|---|---|---|
| Tuas Power | 29.40 36 Months | 10% ✅ 6 Months | – |
| Geneco | 31.00 12 Months | – | Yes |
| Keppel Electric | 28.90 ✅ 36 Months | 12% ✅ (*) No Contract | Yes |
| PacificLight | 29.40 36 Months | 8% 60 Months | Yes |
| Sembcorp | 29.80 24 Months | – | – |
| Senoko | 28.90 ✅ 36 Months | 1.64¢/kWh Discount | Yes |
| SP Group | – | 0% (31.16) | – |
(*) Keppel’s DOT plan is exclusive to households switching from SP Group.
Notes:
- FR Plans (Fixed Rate): All retailers offer them; SP Group does not. These provide price stability over the contract period.
- DOT Plans (Discount-Off-Tariff): Only some retailers offer these, and the discount varies between a flat cent amount or a percentage off the regulated tariff. SP Group’s default regulated tariff is equivalent to a DOT plan with 0% discount.
- TOU Plans (Time-Of-Use): Now offered by Geneco, Keppel, Senoko, and PacificLight in various peak/off-peak shapes.
1. Best Fixed-Rate Plan
Two retailers share the lowest fixed rate at 28.90¢/kWh (after GST), both on 36-month terms:
- Keppel Electric, FIXED36: 28.90¢/kWh
- Senoko, LifePower 36: 28.90¢/kWh
2a. Best Discount-Off-Tariff Plan (SP Households)
Keppel Electric offers an SP-exclusive discount-off-tariff plan:
- Keppel Electric, SURESAVE DOT: 12% off the regulated tariff, no contract, no early termination charges. Exclusive to households switching from SP Group.
At the current tariff, 12% off works out to an effective 27.42¢/kWh (after GST). That’s cheaper than any fixed plan this quarter. Because the discount floats, your rate goes up if the tariff does.
If you’re not currently under the SP Group, see 2b below.
2b. Best Discount-Off-Tariff Plan (Non-SP Households)
- Tuas Power, PowerDOT 6 (6 months): 10% off the regulated tariff, an effective 28.04¢/kWh (after GST)
That’s also below the cheapest fixed rate this quarter. The 6-month term is short. If the tariff goes up, you can move to a fixed plan when it ends. Read the terms before signing.
3. Best Time-Of-Use Plans
If your household has a predictable cycle of being out for work/school on weekdays, time-of-use plans (all w/GST) can work well:
- Keppel Electric, Weekend Saver (24 months)
- Peak = 39.90¢/kWh
- Off-Peak = 27.90¢/kWh
- Geneco, Get It 7 To 7 (24 months)
- Peak = 32.50¢/kWh
- Off-Peak = 27.90¢/kWh
- Senoko, LifeSavvy24 (24 months)
- Peak = 36.95¢/kWh
- Off-peak = 20.05¢/kWh
Nobody home during weekday peak hours, aircon running every night? These plans fit that life. Check your digital meter data first, because the peak rates punish anyone who guesses wrong.
Takeaway
Rates and promos change frequently, and the table above is only as fresh as its date. Verify at each retailer’s website before signing anything, and use the EMA Price Comparison Tool with your own usage numbers.
Numbers on a page are one thing. My own renewal shows how the maths plays out in practice.
Case Study: Tuas Power Renewal
This case study is from my renewal in October 2025. The specific rates are history now, but the decision process is the part worth copying.
When I last renewed with Tuas Power as my previous 12-month fixed plan approached its 1-year mark, here’s how the numbers (rates after GST) worked out:
My household profile:
- 4-room HDB
- Family of 2 adults
- Average monthly usage: 400 kWh
- Previous plan: Tuas PowerFIX 12 at 29.57¢/kWh
Options I considered then:
- Tuas Power, PowerDOT 10% – Safe, guaranteed savings
- Geneco, Get It Fixed 24 months at 25.85¢/kWh → Promo offer
- Tuas Power, PowerFix 36 months at 26.08¢/kWh with first-month 50% off → Renewal offer, 25.72¢ effective rate
Time-of-use plans weren’t suitable for us since both my wife and I are often at home during weekdays.
What I chose and why: Tuas Power renewal offer, option 3.
- Renewal loyalty perks – I’ve gotten exclusive portal deals that non-customers never see. This makes the renewal offer slightly better than Geneco, plus I avoided the switching hassle. Sometimes loyalty is rewarded! But only if you check the portal.
- Consolidated billing – All utilities (water, gas, electricity) on one SP bill. Simplifies tracking, one payment, government rebates show clearly.
- No switching friction – Already set up with recurring payments tagged to my credit card, hence one less thing to manage.
- Locking in a rare low rate – My renewal locked in an effective 25.72¢/kWh (after GST). Looking at the historical tariff chart, prices don’t stay this low often. This was one of those “grab it when it comes” rates.
Green line: Fixed rate that I have locked in for 3 years (2025 to 2028)
The math (October 2025 rates): Based on my past 12 months of usage, I saved approximately $15.40/month compared to my previous fixed-rate plan with Tuas Power.
| Monthly Usage | SP Tariff Q4 2025 (30.03¢/kWh) | PowerFix Old (29.57¢/kWh) | PowerFix New (25.72¢/kWh) |
|---|---|---|---|
| 400 kWh | $120.12 | $118.28 | $102.88 |
This means I save money without having to do a single thing:
- Savings vs. SP Group (Q4 2025): $17.24/month ($206.88/year)
- Savings vs. my old plan: $15.40/month ($184.80/year)
Not life-changing money, but enough to cover our monthly eSIM mobile phone bills!
If Tuas Power fits your situation (the consolidated billing and renewal perks above are the honest reasons it fits mine), my referral code RC6LV7T gets both of us a bill rebate when you sign up. Tuas may not be the cheapest option when you read this though. The Market Pulse table above doesn’t lie, so pick whatever saves you the most.
One of those honest reasons deserves its own section, because only two retailers offer it.
Consolidated Billing: Tuas and Sembcorp
One differentiating factor is the convenience of having a consolidated bill for all your utilities from SP, but this option is only available for specific electricity retailers.
Currently, only Tuas Power and Sembcorp offer integrated billing.
While this is not exactly a life-changing reason to choose a particular provider, benefits of a consolidated bill include:
- Clearer indication of the utilization of U-Save and/or other rebates provided by Government
- Easy access for multiple users via the SP Group utilities mobile application
- Reflection of actual meter reading taken by meter reader in the invoice
- Existing payment arrangement with SP Services continue, and no change is required
If inertia and procrastination is your greatest enemy (just like two-thirds of the residential population who are currently with SP Group), these benefits would ensure that the switching of electricity retailer has minimal impact with the least hassle.
Speaking of minimal hassle, the switch itself is shorter than a coffee break.
How to Switch (It Takes 5 Minutes)
Worried that switching sounds complicated? It’s not. Here’s the entire process:
- Step 1: Go to your chosen retailer’s website
- Step 2: Click “Sign Up” and input referral code, if any (going with Tuas?
RC6LV7Tgets us both a bill rebate) - Step 3: Choose your preferred plan (DOT, Fixed, or Time-of-Use)
- Step 4: Fill in basic details – NRIC/FIN, contact info, move-in date if applicable
- Step 5: Submit, and you are done
That’s it. The retailer handles everything else, including notifying SP Group. Your electricity supply stays on throughout the entire process with no downtime and no technician visit needed.
Can you switch back? Yes. There’s no penalty for switching between retailers when your contract ends (or even during, if you’re on a no-lock-in plan). You are never stuck.
Signing up is the easy half. The half most people fumble is what happens when the contract ends.
The Renewal Game (Don’t Get Lazy)
When your plan’s about to end, most retailers send you a renewal offer that usually includes some incentive. Maybe a bill rebate, referral perk, or promo code only available via their site or account portal.
What most people miss: the best renewal deals aren’t always in the email.
When I renewed with Tuas in 2025, they offered me an exclusive renewal offer that wasn’t advertised anywhere. I only found it by logging into my account portal before clicking the renewal email link. It was sitting there, hidden in plain sight, waiting for customers who actually bothered to check.
How to Play the Renewal Game Right
Set a calendar reminder 1 month before your contract ends. That’s when renewal offers appear, and you have time to compare without rushed decisions.
Log into your retailer’s account portal, not just the email. Emails show you the default renewal rate. Portals sometimes show exclusive promos, like what I experienced with Tuas Power.
Compare your renewal rate vs. new customer rates. If your retailer is charging you MORE than they’re charging new sign-ups, that’s a red flag. They’re banking on your inertia. Switch.
Check competitor rates too. Just because you’ve been with Tuas or Geneco doesn’t mean you owe them loyalty. If Keppel’s offering a better deal, move.
If your retailer isn’t offering you any renewal rewards for customer loyalty, it might be a sign to start looking elsewhere.
Play the renewal game right and you avoid the three mistakes I keep seeing.
Common Mistakes to Avoid
I’ve seen friends, family, colleagues make these same errors over and over. Don’t be one of them.
Mistake #1: Staying with SP Group because switching sounds complicated
What happened: Inertia. Pure inertia. “I’ll do it next month.” Next month becomes next year. They’ve now overpaid by $10-$20 monthly because they couldn’t be bothered to spend 5 minutes signing up.
Lesson: It takes 5 minutes. Your power doesn’t go off. This is the easiest bill optimization you’ll ever do. Stop overthinking it.
Mistake #2: Auto-renewing without comparing
What happened: Contract ended, retailer auto-renewed them at prevailing rates. They didn’t notice for 6 months.
Lesson: Set a calendar alert 2 months before contract ends. Check renewal rates vs. competitor rates. If your retailer is charging you more for loyalty than they charge strangers for sign-ups, leave.
Mistake #3: Picking an off-peak plan when you’re a heavy evening user
What happened: Saw “off-peak rates = cheaper!” and signed up without checking their digital meter. Turns out their usage pattern doesn’t really align that well with the off-peak hours. Ended up hardly saving any money, all while wasting mental energy trying to adjust their lifestyle e.g. doing laundry at specific times which was a huge pain.
Lesson: Check your actual usage pattern in the SP app first. Off-peak plans only save money if you actually USE power during off-peak windows. If you don’t, it’s just marketing.
Mistakes covered. Here’s the action plan, sorted by where you’re starting from.
What You Can Consider Doing Now
Now that you’ve read this far, here is an action plan based on your situation:
If you’re currently with SP Group (like 63% of households):
- You have the most options, including DOT plans reserved exclusively for SP households (see Market Pulse section 2a above)
- Takes 5 minutes online with zero risk
- Even if you do nothing else, just this can potentially save you $100-$200/year
If you’re already with a retailer (not SP Group):
- SP-exclusive DOT plans are off the table, but the fixed-rate picks in the Market Pulse table are open to you
- If your retailer’s renewal offer isn’t competitive, switch (there is no loyalty bonus for staying put)
If you want predictable bills and hate surprises:
- Go for a fixed plan (current best picks are in the Market Pulse section)
- You’re essentially “hedging” against future tariff increases
- Makes budgeting easier, especially for young families
If you have a digital meter:
- Log into the SP app and check your hour-by-hour usage pattern
- Heavy evening/weekend usage? Consider time-of-use plans, now offered by four retailers
- Light usage spread throughout the day? Stick with standard fixed or DOT plans
Want to see your exact savings? Use the EMA’s Price Comparison Tool to input your actual usage and compare all retailers side-by-side. It takes 2 minutes and shows you real numbers, not estimates.
Final Thoughts
If you’ve read this far, you’re already ahead of most people. The whole point isn’t to time the market or chase promo codes.
It’s about knowing your baseline (current SP tariff) and making informed choices (choosing the right retailer).
Electricity plans aren’t complicated once you realize they’re all selling the same electrons at different prices and packaging.
- Compare with the SP tariff (after GST)
- Choose a plan type that matches your comfort level
- Check renewals every year or two
- Don’t overthink it. Even a “decent” choice saves you money over doing nothing
- Use the marketplace to get a sense of current rates, but always check the offers at each individual retailer’s website
Electricity bills may feel boring, but a small switch can save hundreds (or even thousands) over a couple of years. That’s a weekend getaway, a nice dinner series, or just money that stays in your pocket instead of disappearing into utility payments.
And if this post helped you decide, great! That’s what this blog’s about. I’m not here to sell you plans. Although I do have an affiliate sign-up link with Tuas Power, you should simply go with the best-value plan with the most savings.
What I’m Doing Next
My current contract ends in October 2028, which is pretty far away, although I can renew up to 1 year in advance. Nevertheless, here’s my renewal checklist:
- Set calendar reminder before expiry
- Check exclusive renewal offers by logging into my electricity retailer portal
- Compare against available plans online
- Switch without hesitation if renewal rate isn’t competitive
The whole process takes less than an hour. I’ve switched retailers in the past, and it’s painless every time.
If this post helped you figure out your own plan, great. Feel free to share it with anyone still on SP Group’s default tariff! Most people don’t know they’re overpaying.
Remember those 63% of households overpaying? You’re definitely not one of them anymore. Forward this to someone who still is. Till then, thanks for reading!
Do drop me a comment or message if you’ve found this helpful!
Frequently Asked Questions (FAQ)
Do I need to inform SP Group when I switch? No. Your new retailer handles all the paperwork and notifications. You don’t need to communicate with SP Group at all.
Will switching affect my power supply? There is no downtime, no interruption, and no technician visit. The entire switch happens in the backend systems only.
Can I switch retailers if I’m still under contract? If you terminate your contract early, there will be a penalty fee. Plans with no lock-in can be switched anytime without penalty.
Do all retailers cover my area? Yes. All licensed retailers operate across the entire Singapore power grid. Your postal code doesn’t matter.
What happens if I forget to renew and my contract auto-expires? Most retailers will perform auto-renewal of existing contract, with specific terms and conditions already stated in your existing contract. Remember to set that calendar reminder 1 month before expiry to avoid being locked into potentially sub-optimal rates!
Resources
Open Electricity Market
- Open electricity market
- Open electricity market price comparison tool
- Electricity tariff revision (News & Media Releases)
Electricity Retailers
Get S$20 bill rebateOfficial
Tuas Power
Sign UpOfficial Website with code RC6LV7T
Valid UntilOngoing
I may earn a reward if you sign up with my link and code. You pay nothing extra.
Kevin started Turtle Investor after hitting rock bottom at negative $25,755 net worth. Today, his monthly alternative income pays for all his daily expenses. He shares what actually works (and what doesn’t) for Singaporeans building wealth. Learn more about Kevin here.
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