May 2019 will mark a significant moment in Singapore’s energy market.

By then, all households and businesses in the island will be able to select their preferred electricity retailer on the Open Electricity market (OEM).

Currently on a progressive rollout area-by-area, many may have seen retailers promoting their electricity plans. However, consumers in the market may have some questions about these plans and how they affect their bills, before making the switch.

What are the Price Plans Offered by Retailers?

Retailers offer various standard and non-standard price plans.

In terms of standard price plans, there are two types which exists in the OEM. The first plan, called the Fixed Price Plan, require consumers to pay a fixed price throughout the duration of the contract irrespective of its deviation from the regulated tariffs. The other plan, called the Discount-Off-the-Regulated-Tariff Plan provide customers with a fixed discount on the prevailing regulated tariffs.…