Open electricity market was an open effort by the Singaporean Electricity Market Authority in November 2018 to have options in switching between electricity providers. Though it was only SP providers before, now there are many more options available. Let’s learn more about the features of open electricity market retailers.
There is no period for switching between retailers. Though you may switch to different retailers, the actual electricity is still supplied by SP providers as they control the electricity board throughout the country. Switching can be done easily because of this reason. The retailer works with SP to help you make the switch.
Since everyone competes to get the power supply, they will have to come up with creative options to attract their customers. This is only done through very creative and interesting plans for their customers. So depending on their daily need, they can switch to the right retailer and have electricity that is only required for them.
Now there are 9 different retailers, though it started with 20. They all have different plans to provide. So check through their plans and be thorough with their terms before switching to a source.
The SP providers charged according to a tariff. This price has to be followed by all other open electricity market retailers. But this is not the case. Most of them provide it at a lower price, with discounts and offers to attract their customers. They are all in it for the money and business and they need to make their way to the top with customer satisfaction alone.