7 Best Electricity Providers in Singapore | Best of Home 2023

Electricity consumption can incur one of the heftiest household expenditures. That’s why when it comes to anything related to it, homeowners do their best to make more informed choices in an attempt to cut down the costs. Thanks to the Open Electricity Market (OEM) that was launched in November 2018, homeowners get to enjoy a variety of choices and flexibility when buying electricity from one of the available electricity providers.

The advantage is that while people get access to more choices, the energy price plans have also become significantly lower than the previous years before the OEM initiative was launched. If you haven’t made the switch from SP Group to one of the recognised energy retailers yet, it’s time you consider doing so. Or, if your current contract is about to end, you might want to do a thorough review of the available choices. Whichever is the case, we came up with a handy list of the most recommended electricity providers in Singapore.

This article was last updated on 5 January 2023.

1. Geneco, best for fixed price plan for six months

Geneco offers homeowners with fixed price plans for six months, one year, or two years. In a fixed price plan, you pay a fixed rate per kWh no matter the amount of electricity you use during the entire period of your contract. Currently, Geneco offers the cheapest fixed price plan for six months as compared to all the other energy retailers in Singapore. When you subscribe to their six-month plan, your estimated monthly bill can be as low as $79.20. They also offer subscribers with attractive rebates aside from offering the lowest fixed rate plan. If short-term contract is what you’re looking for, Geneco is your best pick.

Note also that the company is highly recommended not just because of their cheap rates, but also because they’ve constantly received awards for their sustainability efforts in the previous years. In addition, they have 50 years of industry experience in power generation not just in Singapore, but overseas as well.

2. Tuas Power Supply, best for discounted off the regular tariff plans and one-year fixed price plan

Another standard way that retailers price their electricity plans is the “discounted off the regular tariff” rate. This means that you may get 20% off the regulated tariff that SP assigns per kWh. For this particular category, Tuas Power Supply gets the spotlight. They offer the cheapest rates not just for the six-month contract but also for the one year and two-year contracts! For the six-month contract, you get a 16% discount giving you an estimated monthly bill of only $75.66. Meanwhile, homeowners get an even bigger discount for the one-year contract, giving them an estimated monthly bill of $73.86 for the 18% discounted rate.

The company also top-notches the list of electricity providers that offer the cheapest rates for the 24-month contract. Same with their six-month energy plan, they are offering homeowners with the rate 16% less the regular tariff. So, consumers get an estimated monthly bill of $75.66.

Besides discounted off the regular tariff plans, Tuas Power Supply also offers attractive fixed price plans. In fact, for the one-year contract, they offer the cheapest rate per kWh, giving consumers an estimated monthly bill of $79.85.

3. Pacific Light Energy, for one-year discounted off the regular tariff plan

Pacific Light Energy has opened their doors in 2013 to Singaporean consumers, providing them with effective energy solutions. Their power plant operates 24 hours a day and can power over a million Singapore households. The company has been listed as one of the electricity providers offering the lowest priced energy plans. But what shines from their offers is the one-year discounted off the regular tariff electricity plan. With a 13.80% discount, consumers get an estimated monthly bill of $77.64.

For the other plans, consumers get to pay an estimated monthly bill of $81 which is still significantly cheaper than what other companies offer.

4. Keppel Electric, for two-year discounted off the regular tariff plan

For 21 years and counting, Keppel Electric has powered over 30,000 commercial spaces, residential properties, and government establishments. Consumers can’t help but notice their attractive discounted off the regular tariff plan for two years. With a 12.80% discount, consumers can expect to pay an estimated monthly bill of $78.54. This makes Keppel Electric the second ranking company with the cheapest two-year discounted off the regular tariff plan. If you want to eliminate the hassle of having to renew contracts more frequently, then Keppel Electric’s budget-friendly two-year contract might work for you.

5. Senoko Energy, for one-year and two-year discounted off the regular tariff plan

Senoko Energy has been recognised as a pioneer in power generation in Singapore. Thanks to their services, they provide about 20% of the island’s electricity needs. Trusted for their reliability and credibility, Senoko Energy holds several international global certifications including ISO 50001 for energy management system, ISO 9001 for quality management system and ISO 14001 for environmental management system.

Senoko’s longer term contracts for discounted off the regular tariff are the best options among their available energy plans. Offering 11% discount, consumers can expect to pay an estimated monthly bill of $80.16 for one to two years.

6. Sembcorp, for both short term and long-term fixed price contracts

Sembcorp is one of the leading electricity providers in Singapore. They are known for their initiatives for sustainability and innovations for renewable energy. Recognised for such efforts, they’ve received several accolades including the Greentech Environment Award in 2020, and the 2021 Most Outstanding Company in Singapore in the Energy Sector (Asiamoney Asia’s Outstanding Companies Poll).

If you wish to buy electricity from them, you can choose among their fixed rate plans which are some of the cheapest options around. Whether you only want to try their service for six months, or you’re up for longer term contracts for one year or two years, you can expect to pay as low as $81 per month.

7. Union Power, for long-term fixed price contracts

Whether you’re choosing a long-term electricity provider for your new home or business establishment, Union Power provides attractive options. Specifically, their one year and two-year fixed price electricity plans are some of the most affordable rates for a long-term contract. So aside from skipping the hassle of switching from one electricity provider to another, consumers get to enjoy a budget-friendlier yet reliable power supply.

One of the several considerations to think about is that some experts say that you will be able to save more by not committing to longer term contracts since there are quarterly fluctuations in the tariff. It means that the estimated monthly bill can change from time to time. By opting for short-term contracts, you’ll be able to make a thorough review and comparison of the available choices for the next months when your current electricity plan ends. But if switching from one provider to another is inconvenient to your situation, you can also opt for a long-term contract. After all, the price difference among the cheapest electricity price plans is not too big.

I hope that this article has helped you to choose the most ideal electricity provider whether for your home or business. Please also share this with your family and friends who wish to make more informed choices.