Open Electricity Market Promotion Singapore – The Changing Scenario
The last quarter of 2021 is said to witness an increase in the electricity tariffs. Taking GST into account will mean that the burden of bills on the common people. But fortunately, there is a ray of hope for the humble households of Singapore. The new open electricity market promotion singapore is here to regulate the prices and act as a silver lining.
What does open electricity market promotion Singapore has for common people?
OEM or Open Electricity Market is EMA’s solution to liberalize or decentralize the electricity market in Singapore. It will allow humble households to purchase electricity from retailers other than SP Group, the dominant name in Singapore that charges on a base tariff.
The advantages of open electricity market promotion in Singapore are listed below.
- With players other than SP Group in the market, customers get more options to choose from.
- With multiple retailers competing for customers, it makes room for healthy competition and innovations.
- With multiple retailers, consumers are more aware of their consumption patterns which help them use electricity more cautiously.
- More competition in the market is desirable for customers as they get better services with various price options.
- With the introduction of OEM, SP Group is not the dominant name anymore, giving a fair chance to other retailers.
The rising names in the market
With the introduction of OEM, many new retail players are rising to heights. Some of the top names are listed below.
- Best Electricity Supply
- Diamond Electric
- Geneco by Seraya Energy
- Keppel Electric