Before electricity deregulation, consumers only had one option when it came to getting their energy supply; the local utility, there wasn’t any other choice. While this made things relatively simple, it could foster a rather monopolistic marketplace. Bo swee right!
That’s why since 2001, Singapore’s Energy Market Authority has been deregulating the electricity market in phases starting with businesses and from April 2018, consumers can now choose between different electricity retailers for the best electricity plan in the market at the launch of Open Electricity Market (OEM).
This liberalisation means retailers will be fighting hard for your business and we all get to enjoy cost savings on our electric bills!
Electricity Deregulation Is Happening Globally
While Singapore likes to be number 1 in everything (hint hint, Changi Airport), energy deregulation is nothing new and has been implemented in many countries from the USA to Australia. In fact, more than 35 countries have been deregulating their energy markets with the bulk of them being in the European Union.
Before energy deregulation of the entire continent, many parts of Europe were divided into different energy regions. While countries like the UK and Italy already had deregulated markets internally, some countries paid more, while others paid less. Not fair hor? Thankfully today, European customers can now choose their electricity supplier and generate individual supply agreements.
It is quite interesting to note that not all parts of America are able to enjoy electricity deregulation. Some states such as Texas allow 85% of their residents to benefit from electricity deregulation, while the majority of other states are fully regulated markets.
Australia & New Zealand
Been down under or visited the land of the kiwis? You might be surprised to learn that Australia & New Zealand are 100% deregulated meaning all residential and commercial customers can get to choose their electricity supply from various providers in the open market.
In fact, thanks to the significant amount of competition present due to deregulation, Australia now boasts one of the most open and best run electricity markets in the world.
But you might be wondering, what has all these got to do with me ah?
I tell you, it has everything to do with you – it concerns you saving money on your electricity bill!
While electricity deregulation is still new to residential customers in Singapore, the main thing we should note are the incredible benefits that are now open to us.
The 5 Biggest Benefits Of Singapore’s Open Electricity Market
1. Save More Money Lor!
With more choices in your electricity retailers means more transparency in prices and electricity plans. With every retailer trying their best to get your business, there will be more plans created to suit different types of consumers.
- Do you want guaranteed savings no matter what? – The Discount Over Tariff (DOT) plan is for you!
- Budgeting a key concern for you? – Fixed Price Plans might be your best choice!
No matter which plan you choose, it is likely you will be enjoying sweet discounts on your electric bill versus what you were paying before, when you were buying electricity directly from Singapore Power.
2. You Can Switch Without Interruption!
Deregulation only affects the supply of energy, not its distribution channels. That means you don’t need to install any new hardware or suffer any blackouts or periods without electricity.
It’s easy to switch. Just choose your new retailer and sit back and shake leg!
3. You Can Make A Conscious Decision & Go Green!
Are you an environmentalist or care greatly for the environment? Now you can do your part and make a conscious choice and opt for Green Energy. Deregulation allows retailers to give our customers green plans that help align with their priorities.
4. Enjoy Better Customer Service – People Will Now Pick Up The Phone!
Have you have tried calling in to check on your electric bill but left with a poor customer service experience? Not anymore!
As the competition heats up for your business, retailers will be doing their best in the customer service department; from helping you choose the best plan for your household to assisting you with any bill matters.
5. Rebates & Loyalty Programs
Yes, it can get even better!
With various rebates and loyalty programs, don’t be surprised if your retailer hooks you up with discounts, vouchers or even free movie tickets.
At iSwitch, we have partnered with various brands to bring you offers such as iPromo Plan with a complimentary iPad on top of the incredible savings on your electric bill and oh so awesome customer service of ours!
So if you haven’t switched to a new electricity retailer yet, it’s time to do so and start enjoying the benefits of Singapore’s Open Electricity Market. Click here to learn more about our electricity price plans.