Singapore’s Open Electricity Market kicked off its soft launch on 1 April 2018 amongst residential households and businesses in Jurong, and will be extended to the rest of island in the second half of 2018.
Whilst about three in five (61%) of Singaporeans are aware that there is now a retail electricity market, less than half (44%) know about additional retailers apart from SP Group, the current energy supplier for most Singapore households.
New providers will benefit from better publicity efforts given that a majority of Singaporeans (56%) are keen to purchase from an electricity retailer at a price plan that best meets their needs. Over a third (36%), however, say they will continue the current arrangement of buying electricity from SP Group.
But expectations are high. Consumers are looking to reap the advantages of a competitive electricity retail market. Nearly half (49%) believe that the Open Electricity Market will see them pay less on their monthly electricity bill. Only 9% think they will be paying more, whilst 16% foresee no change. About one in four (26%) are still unsure of how a more dynamic electricity market will bode for consumers.