Benefits of Having an Open Electricity Market in Singapore
Since April 2018, the government has made residential electricity plans more convenient through the open electricity market in Singapore.
But now that may already know that ins and outs of this new initiative, it’s now time for you to understand why it is beneficial to have OEM available.
Singapore electricity retailers have already launched their offers and plans for retail electricity. But is in it for you, really?
What makes it better for the consumers to have this type of market in the country. Here are some of the benefits:
More choices Since it is now open to more businesses, as a consumer you will have a variety of options to choose from. You can compare prices and plans between providers and choose the best one that suits your needs.
To put it in layman’s term, having OEM is like going to a shopping mall full of clothing stores when you only need to buy pants.
Instead of having just one store that sells pants, you will have a couple of stores sell pants in different designs, types, and colors.
With OEM, you will have the option to choose. Most importantly, if your current provider is not giving you the satisfaction anymore, you have the option to switch to a new company. Isn’t it great?
As a consumer, you are more free.
More competition, more competitive prices In Singapore, electricity retailers will be basically like phone or Internet providers. Since there will be more competition, these providers will have more innovative offers and competitive price plans for their prospective customers to win their hearts.
Let’s go back to the metaphor of having different stores that sell pants. If there will be more stores that sell the same thing, most likely they will have to come up with marketing strategies to lure the target market.
Same goes with OEM. Every provider will sure to introduce various promotional offers to be on the lead. That initiative is a plus for the consumers. They can get quality services for acceptable prices.
Hands on energy consumption As a residential owner, your electricity plans are sure to be controlled. With OEM, you have the capacity to control and maintain your energy consumption.
It’s not you will limit yourself from using electricity, but at least you will be aware of how much you are consuming in a month and do something to cut back a little.
This works perfectly if you are always working and is out of the house, you can look for a plan that has less consumption and less price.
Moreover, since you will have access to your plans, you will be more cautious with your usage.
To know more about Singapore’s electricity price and plans, you can check out various offers from different providers.
Basically, though, these providers will still be sourcing out to the SP Group so the core prices will not be so different.
The nationwide rollout of the Open Electricity Market in Singapore opens a lot of opportunities not just to prospective providers and potential consumers but also to the entire business market in the country.