Best Electricity Plans In Singapore (2026) – Beragampengetahuan

You are probably overpaying for electricity right now. We’re talking $100 to $200+ annually just thrown away. For typical families, that’s real money. The fix? Five minutes.

Here is why 63% of Singapore households are still throwing money away on SP Group’s default price plan, and how to stop being one of them.

The electricity tariff is regulated by the Energy Market Authority (EMA) of Singapore, and it reflects the actual cost of electricity.

But here’s something many people don’t realize. If you haven’t made any switch at all, you’re already on SP Group’s default tariff plan.

You’re not being penalized, but you’re likely paying the standard rate that retailers can easily beat.

Beyond the noise, the real question you want answered is simple: should you stay with SP Group (if you are still with them), or switch to a more optimal price plan with a different retailer?

Quick Summary (TL;DR)

• SP tariff prices trend upward over time, because inflation makes sure of that.
• Electricity retailers often offer cheaper plans than SP Group.
• A fixed-rate plan is like hedging against price increase, because you’re locking in specific prices for stability.
• A discount-off-tariff plan is like betting that market prices will drop.
• A time-of-use plan is like behaviour arbitrage, because we profit from willingness to shift usage patterns.
• Switching is painless because your power never actually goes off.
• SP Group remains the default option for all if we are not signed up with an alternative electricity retailer.
• During renewal, look out for exclusive rates, promo codes or bill rebates.
• Have a digital meter? You can actually see when you use the most power which let you know if you should opt for time-of-use plans.

Bottom line → Never overpay for electricity. Click here for plan comparison table.

Why Electricity Tariff Keeps Rising

About 93% of Singapore’s electricity is generated from imported natural gas.

Electricity tariff reflects the cost of this natural gas, which fluctuates with global energy prices and foreign exchange rates.

If you’ve never switched retailers, your electricity bill is based on this SP-regulated tariff, the default plan that every household starts with.

Over time, the tariff moves in one general direction, and that’s up, due to inflation at work.

There were rare exceptions, though, which I will briefly touch on below.

The Two Price Crashes — 2016 and 2020

In recent years, there were two significant price crashes which you can see from the chart above.

• 2016: A global oil glut pushed energy prices to multi-year lows, both directly (cheaper oil-indexed LNG) and indirectly.
• 2020: The Covid pandemic stopped 99% of travel and demand collapsed, which caused prices to crash.

Those years were great for consumers because it meant cheap electricity everywhere.

Could that happen again? Possible, but unlikely.

Energy producers learned hard lessons from those cycles and now manage supply tighter. Unless another black-swan event hits, prices are more likely to hover higher than before.

Historical SP Tariff Trends (for Benchmark)

Referencing what I have mentioned earlier, you’ll notice the pattern from historical electricity tariff data: sharp dips in 2016 and 2020, followed by gradual climbs.

SP’s default (and only) plan mirrors the market pricing of LNG, and we can see that the long-term average is creeping upward.

The Full List Of Electricity Retailers

Singapore’s Open Electricity Market launched in 2018 to increase competition (lower prices) and encourage innovation through retail choice. Before OEM, SP Group was the sole provider with regulated uniform pricing. Now, licensed retailers can compete for customers while SP Group remains the default safety net.

There are six electricity retailers operating in Singapore today that are currently open for sign-ups and renewals.

All six retailers are owned by power-generation companies, meaning they have direct access to generation infrastructure. This gives them an advantage in sustaining operations and offering competitive plans.

It is no surprise that retailers which ceased operations tend to be independent retailers (e.g. Ohm Energy) dependent on procuring wholesale electricity themselves.

Remember, SP Group remains the default provider for households who don’t actively switch. Despite all the competition, the majority of households are still with SP Group.

Unlike private retailers, SP Group doesn’t offer fixed-rate plans and only provides regulated tariffs, and this means you are essentially taking the 0% discount-off-tariff plan.

Is It Safe to Switch?

Let’s get this out of the way first, because it’s the question that stops most people from acting.

Short answer: Yes, it’s completely safe. Here’s why:

Your electricity comes from the same power grid. Whether you’re billed by SP Group or any of the electricity retailer, the electricity flowing to your home is identical. You’re just changing who sends you the bill.

All retailers are licensed by the Energy Market Authority. They must meet strict regulatory requirements to operate. This isn’t like choosing a random online seller, and these are all established companies with reliable operations.

What if a retailer goes bust? It’s happened before (Ohm Energy, iSwitch, etc). When a retailer ceases operations, affected customers are either transferred to another retailer, or back to SP Group at the regulated tariff. Your power supply is never interrupted. Most likely, you just get a letter saying “You’re back with SP Group now.”

What is the biggest risk then? Well, you might pick a wrong plan that is not suitable for your usage patterns. Which is what this post is meant to address.

Market Share Overview

Power Generation Capacity

When we talk about market share, let’s first talk about power generation capacity, and not the number of households signed up. The breakdown highlights how much electricity each of these companies are generating as of 2025.

• Senoko Energy—18.7%
• Tuas Power—18.5%
• Geneco (YTL PowerSeraya)—13.9%
• Others —48.9%

All six private providers have serious power-generation abilities, unlike the smaller retailers in the past who had to buy electricity in order to resell them, all of which have ceased operations.

The Big 3 power generation companies (gencos) alone — Senoko Energy, Tuas Power, and YTL PowerSeraya — produce just over half (51%) of Singapore’s electricity. Each runs its own generation plants and retail arm.

Because they control both supply and sales, they can price flexibly to capture customers when SP tariffs rise or fall. This puts them in an advantageous situation versus smaller retailers (that have since closed down) that usually buy from these big players, which means they can’t undercut for long.

Residential Account Breakdown

When it comes to market share for the percentage breakdown of electricity purchase option by number of residential accounts, the data paints a different story.

• Regulated Tariff—63.36%
• Retail Price Plan—36.57%
• Wholesale Electricity Plan—0.07%

Surprisingly, a whopping 63.36% of residential households are leaving money on the table, and have not yet switched to any of the retail price plans.

Of the 36.57% who are currently with an electricity retailer:

• Geneco—29.6%
• Tuas Power—23.9%
• Keppel Electric—21.5%
• Senoko Energy—16.3%
• Sembcorp Power—5.3%
• Others (including PacificLight Energy)—3.5%

My subjective opinion as to why Sembcorp Power and PacificLight are propping up the bottom:

• Sembcorp Power: Limited number of uncompetitive plans available
• PacificLight Energy: Complicated plans with sneaky embedded costs e.g. daily charge

What Your Neighbours Are Doing

Interestingly, Geneco has captured 29.6% of retail customers. Nearly 1 in 3 households who switched chose them, and Keppel Electric is punching way above its weight.

What does this tell us? Many people tend to gravitate toward the Big 3 gencos for peace of mind even when they are not always the cheapest, but they can be perceived as being more stable.

That said, don’t let popularity alone drive your decision, so run the numbers for your household to be sure.

Takeaway → The bigger gencos control supply and retail, giving them pricing power smaller retailers never had. This is why Ohm Energy, iSwitch, and others failed. They bought wholesale and couldn’t compete long-term. These days, the remaining electricity retailers are gencos which comes with inherent stability.

[Important] GST Confusion Alert

One small but irritating detail that has consistently irked me:

• SP tariff announcements give prices that are before GST
• Retail electricity plan prices are shown after GST

So when you’re comparing, you might think a retailer’s plan looks slightly more expensive, when it’s actually not.

• The electricity tariff is a cost-based benchmark that excludes GST to remain consistent with industry and regulatory cost components.
• Retailers are businesses selling directly to households, so by law they have to show the final payable prices with GST included.

This can make things confusing for regular consumers. If only all announcements and providers can standardize their rates to “after GST” to make comparisons transparent?

Takeaway → Always compare apples-to-apples by making sure GST is applied.

Types of Price Plan Available

Here’s what households can expect in terms of plan structure.

1. Fixed-Rate Plan

You’re locking in a flat rate for a period of time. Great option, if you expect prices to rise.

Fixed = hedge against price increases.

2. Discount-Off-Tariff (DOT) Plan

You float with the SP tariff, with a guaranteed discount percentage or flat amount lower. These plans automatically adjust with quarterly tariff updates.

Variable = bet on price decreases, or simply deciding that guaranteed cheaper rates than SP Group is good enough.

3. Time-Of-Use Plan

Peak vs. off-peak billing makes a world of difference. Charging higher rates during peak hours and lower during off-peak can encourage smarter energy use and potentially save loads of cash.

Why the Digital Meter Is a Game-Changer

If you have an advanced electricity meter (also called a digital meter), you can see your hour-by-hour consumption in the SP app. This data is gold because you’ll know:

• Whether off-peak plans actually suit your lifestyle
• Which appliances are guzzling energy
• How much you’re really saving when you switch plans

Don’t have one yet? You can pay one-time installation fee of $43.60 (including GST), or wait for HDB’s scheduled free rollout. Worth it if you’re considering time-of-use plans.

What the digital meter taught me: When I checked my hour-by-hour consumption in the SP app, I noticed that our household uses the power at all times of the day (haha), so off-peak plans wouldn’t benefit us much. This confirmed that a straightforward [DOT/fixed] plan was the right call. Even when I was overseas, the fridge and other appliances that were constantly powered on drained 2.5 kWh per day. Energy-saving appliances would definitely be our priority in future.

Pro tip 1: Check your usage pattern before choosing a plan type, because it is directly related to your cost for time-of-use plans. For example, if you’re a heavy evening user (dinner, aircon, TV from 7pm-11pm), time-of-use plans can serve you better than fixed-rate or discount-off-tariff plans. Always pick a plan based on what matches your actual life.

Pro tip 2: Calculate your average monthly consumption and run the numbers. Sometimes a small difference in rate or discount makes a noticeable impact over a year.

Which Plan Type Should You Pick?

Here is a simple decision framework that I use.

Are you risk-averse and want predictable bills every month?
→ Consider Fixed-Rate Plan

Do you want flexibility and believe tariffs will stay stable or drop?
→ Consider Discount-Off-Tariff Plan

Do you use most power only during weekends or late nights (after 7pm)?
→ Consider Time-Of-Use Plan

Not sure about your usage pattern?
→ Check your energy usage in the SP app. Look at when you actually use power, then decide.

In short, no one knows which option will win next year, which is why you base your decision on comfort, not prediction.

Plan Comparison Table (March 2026)

The table below covers the key plans that each electricity retailer offers.

Electricity Provider	DOT Plan (Contract)	Fixed Plan ¢/kWh (Contract)	Time-Of-Use Plan (Contract)
Tuas Power	10% (26.20) 12 Months	25.33 36 Months	–
Geneco	–	27.00 6 Months	Yes
Keppel Electric	15% (24.74) 0 Months (Switch From SP)	27.68 24 Months	Yes
Senoko	–	25.66 36 Months	Yes
PacificLight	3% (28.24) 60 Months	26.08 36 Months	Yes
Sembcorp	–	27.68 24 Months	–
SP Group	0% (29.11)	–	–

Notes:

• Fixed Rate Plans: All private retailers offer them; SP Group does not. These provide price stability over the contract period.
• DOT Plans (Discount-Off-Tariff): Only Keppel, Tuas, Senoko and PacificLight offer these, and the discount varies between a flat cent amount or a percentage off the regulated tariff. SP Group’s default regulated tariff is equivalent to a DOT plan with 0% discount.
• Time-Of-Use Plans: Peak/off-peak billing will be coming to more providers. Keppel Electric launched its “Weekend Saver” plan in 2025, and Tuas Power will join the bandwagon in Q1 2026.

Best Electricity Deals (March 2026)

Here’s the practical part: which plan actually saves you money?

1. Best Fixed-Rate Plan

If you want predictable bills, fixed-rate plans can be ideal. Both plans offer the same rates, with the caveat that there are for relatively short durations. At the end of the 6-month contract, renewal is necessary.

• Tuas Power, PowerFix (36 months): 25.33¢/kWh (after GST)

2a. Best Discount-Off-Tariff Plan (SP Households)

For reference, household electricity tariff for Jan-Mar 2026 is 26.71¢/kWh (before GST), 29.11¢/kWh (after GST).

If you’re currently with SP Group, Keppel Electric’s SURESAVE DOT Plan is hard to beat:

• 15% off the regulated tariff for the first 24 months
• No contract, no lock-in
• Price automatically adjusts with quarterly tariff updates, always staying 15% lower

There is no better way to overcome inertia than jumping onboard with Keppel Electric’s SURESAVE DOT Plan because you are guaranteed to significantly outperform (15% is a lot) what SP Group is offering. Unfortunately, I do not qualify when I was doing my research and homework, since this plan is exclusively for users from SP Group.

If we were to apply the 15% discount, the discounted rate comes up to 24.74¢/kWh (after GST) for the latest quarter. Keppel Electric might as well rename the plan to SUREWIN?

2b. Best Discount-Off-Tariff Plan (Non-SP Households)

For non-SP Group users:

• Tuas Power, PowerDOT (12 months): 10%

If we were to apply the 10% discount, the discounted rate comes up to 26.20¢/kWh (after GST) for the latest quarter.

3. Best Time-Of-Use Plans

If your household has a very predictable cycle of being out for work/school on weekdays only, time-of-use plans can be a gamechanger:

• Keppel Electric’s Weekend Saver Plan (24 Months):
  • Weekdays 9am – 9pm (peak): 32.90¢/kWh (w/GST)
  • Weekdays 9pm – 9am (off-peak): 23.90¢/kWh (w/GST)
  • Weekend all day (off-peak): 23.90¢/kWh (w/GST)

There is basically no one at home for most of the time during peak rates, and I can imagine this plan might be perfect for many households who sleep with air-conditioning on every night, like myself. Many other variations of time-of-use plans exist, but this is one that I thought would make the most sense.

Quick math for you: If you use 400 kWh monthly and 60% is during off-peak (nights + weekends), you’d pay ~$107/month vs $120 on SP Group and save $13/month. But if only 40% is off-peak, you’d pay $113 and barely save anything.

Takeaway → If you are eligible for either, Keppel Electric’s SURESAVE DOT (15%) and Geneco’s Get It Fixed (25.85¢/kWh) are hard to beat. Regardless of the type of plans, always check the websites of different retailers for current promos because rates and terms change frequently.

[Case Study] My Plan Renewal & Actual Savings

When I last renewed with Tuas Power when my previous 12-month fixed plan approached its 1-year mark, here’s how the numbers (rates after GST) worked out:

My household profile:

• 4-room HDB
• Family of 2 adults
• Average monthly usage: 400 kWh
• Previous plan: Tuas PowerFIX 12 at 29.57¢/kWh

Options I considered:

1. Tuas Power, PowerDOT 10% – Safe, guaranteed savings
2. Geneco, Get It Fixed 24 months 25.85¢ = Best public fixed rate (promo offer)
3. Tuas Power, PowerFix 36 months 26.08¢ with first-month 50% off = 25.72¢ effective rate (renewal offer)

Time-of-use plans weren’t suitable for us since both my wife and I are often at home during weekdays.

What I chose and why: Tuas Power renewal offer, option 3.

• Renewal loyalty perks – I’ve gotten exclusive portal deals that non-customers never see. This makes the renewal offer slightly better than Geneco, plus I avoided the switching hassle. Sometimes loyalty is rewarded! But only if you check the portal.
• Consolidated billing – All utilities (water, gas, electricity) on one SP bill. Simplifies tracking, one payment, government rebates show clearly.
• No switching friction – Already set up with recurring payments tagged to my credit card, hence one less thing to manage.
• Genco stability – Tuas is a major power generator (18.5% market share), not a reseller.
• Locking in a rare low rate – My renewal with Tuas Power locks in an effective 25.72¢/kWh (after GST). If you look at the historical tariff chart below, prices don’t stay this low often. This is one of those “grab it when it comes” rates.

The math: Based on my past 12 months of usage, I’m saving approximately $15.40/month compared to my previous fixed-rate plan with Tuas Power.

Monthly Usage	SP Group Tariff (30.03¢/kW)	PowerFix Old (29.57¢/kWh)	PowerFix New (25.72¢/kWh)
400 kWh	$120.12	$118.28	$102.88

This means I can save money without having to do a single thing:

• Savings vs. SP Group (Q4 2025): $17.24/month ($206.88/year)
• Savings vs. my old plan: $15.40/month ($184.80/year)

Not life-changing money, but enough to cover our monthly eSIM mobile phone bills!

Consolidated Billing For All Utilities: Tuas and Sembcorp

One differentiating factor is the convenience of having a consolidated bill for all your utilities from SP, but this option is only available for specific electricity retailers.

Currently, only Tuas Power, and Sembcorp offer integrated billing.

While this is not exactly a life-changing reason to choose a particular provider, benefits of a consolidated bill include:

• Clearer indication of the utilization of U-Save and/or other rebates provided by Government
• Easy access for multiple users via the SP Group utilities mobile application
• Reflection of actual meter reading taken by meter reader in the invoice
• Existing payment arrangement with SP Services continue, and no change is required

If inertia and procrastination is your greatest enemy (just like two-thirds of the residential population who are currently with SP Group), these benefits would ensure that the switching of electricity retailer has minimal impact with the least hassle.

How to Switch (It Takes 5 Minutes)

Worried that switching sounds complicated? It’s not. Here’s the entire process:

• Step 1: Go to your chosen retailer’s website
• Step 2: Click “Sign Up”
• Step 3: Choose your preferred plan (DOT, Fixed, or Time-of-Use)
• Step 4: Fill in basic details – NRIC/FIN, contact info, move-in date if applicable
• Step 5: Submit, and you are done

That’s it. The retailer handles everything else, including notifying SP Group. Your electricity supply stays on throughout the entire process with no downtime and no technician visit needed.

Can you switch back? Yes. There’s no penalty for switching between retailers when your contract ends (or even during, if you’re on a no-lock-in plan). You are never stuck.

The Renewal Game (Don’t Get Lazy)

When your plan’s about to end, most retailers send you a renewal offer that usually includes some incentive. Maybe a bill rebate, referral perk, or promo code only available via their site or account portal.

Here’s what most people miss: the best renewal deals aren’t always in the email.

When I renewed with Tuas in 2025, they offered me an exclusive renewal offer that wasn’t advertised anywhere. I only found it by logging into my account portal before clicking the renewal email link. It was sitting there, hidden in plain sight, waiting for customers who actually bothered to check.

How to Play the Renewal Game Right

Set a calendar reminder 1 month before your contract ends. That’s when renewal offers appear, and you have time to compare without rushed decisions.

Log into your retailer’s account portal, not just the email. Emails show you the default renewal rate. Portals sometimes show exclusive promos, like what I experienced with Tuas Power.

Compare your renewal rate vs. new customer rates. If your retailer is charging you MORE than they’re charging new sign-ups, that’s a red flag. They’re banking on your inertia. Switch.

Check competitor rates too. Just because you’ve been with Tuas or Geneco doesn’t mean you owe them loyalty. If Keppel’s offering a better deal, move.

If your retailer isn’t offering you any renewal rewards for customer loyalty, it might be a sign to start looking elsewhere.

Common Mistakes to Avoid

I’ve seen friends, family, colleagues make these same errors over and over. Don’t be one of them.

Mistake #1: Staying with SP Group because switching sounds complicated

What happened: Inertia. Pure inertia. “I’ll do it next month.” Next month becomes next year. They’ve now overpaid by $10-$20 monthly because they couldn’t be bothered to spend 5 minutes signing up.

Lesson: It takes 5 minutes. Your power doesn’t go off. This is the easiest bill optimization you’ll ever do. Stop overthinking it.

Mistake #2: Auto-renewing without comparing

What happened: Contract ended, retailer auto-renewed them at a prevailing rates. They didn’t notice for 6 months.

Lesson: Set a calendar alert 2 months before contract ends. Check renewal rates vs. competitor rates. If your retailer is charging you more for loyalty than they charge strangers for sign-ups, leave.

Mistake #3: Picking an off-peak plan when you’re a heavy evening user

What happened: Saw “off-peak rates = cheaper!” and signed up without checking their digital meter. Turns out their usage patterns doesn’t really align that well with the off-peak hours. Ended up hardly saving any money, all while wasting mental energy trying to adjust their lifestyle e.g. doing laundry at specific times which was a huge pain.

Lesson: Check your actual usage pattern in the SP app first. Off-peak plans only save money if you actually USE power during off-peak windows. If you don’t, it’s just marketing.

What You Can Consider Doing Now

Now that you’ve read this far, here is an action plan based on your situation:

If you’re currently with SP Group (like 63% of households):

• Keppel Electric 15% DOT is worth considering – it’s what I’d choose if I were starting from scratch
• No lock-in, instant savings, no-brainer
• Takes 5 minutes online with zero risk
• Even if you do nothing else, just this can potentially save you $100-$200/year

If you’re already with a retailer (not SP Group):

• Your options are more limited because you can’t access Keppel Electric 15% DOT
• Check your renewal email for hidden promos before auto-renewing, this was how I got mine with Tuas Power
• If your retailer’s renewal offer isn’t competitive, switch (there is no loyalty bonus for staying put)

If you want predictable bills and hate surprises:

• Go for a fixed plan
• You’re essentially “hedging” against future tariff increases
• Makes budgeting easier, especially for young families

If you have a digital meter:

• Log into the SP app and check your hour-by-hour usage pattern
• Heavy evening/weekend usage? Consider time-of-use plans (available now from some retailers, expanding in 2026)
• Light usage spread throughout the day? Stick with standard fixed or DOT plans

Want to see your exact savings? Use the EMA’s Price Comparison Tool to input your actual usage and compare all retailers side-by-side. It takes 2 minutes and shows you real numbers, not estimates.

Final Thoughts

If you’ve read this far, you’re already ahead of most people. The whole point isn’t to time the market or chase promo codes.

It’s about knowing your baseline (current SP tariff) and making informed choices (choosing the right retailer).

Electricity plans aren’t complicated once you realize they’re all selling the same electrons at different prices and packaging.

• Compare with the SP tariff (after GST)
• Choose a plan type that matches your comfort level
• Check renewals every year or two
• Don’t overthink it. Even a “decent” choice saves you money over doing nothing
• Use the marketplace to get a sense of current rates, but always check the offers at each individual retailer’s website

Electricity bills may feel boring, but a small switch can save hundreds (or even thousands) over a couple of years. That’s a weekend getaway, a nice dinner series, or just money that stays in your pocket instead of disappearing into utility payments.

And if this post helped you decide, great! That’s what this blog’s about. I’m not here to sell you plans. Although I do have an affiliate sign-up link with Tuas Power, you should simply go with the best-value plan with the most savings.

What I’m Doing Next

My current contract ends in November 2028, which is pretty far away, although I can renew up to 1 year in advance. Nevertheless, here’s my renewal checklist:

1. Set calendar reminder before expiry
2. Log into my electricity retailer portal (Tuas Power) to check exclusive renewal offers
3. Compare against available plans online
4. If renewal rate isn’t competitive, switch without hesitation

The whole process takes less than an hour. I’ve switched retailers in the past, and it’s painless every time.

If this post helped you figure out your own plan, great. Feel free to share it to anyone still on SP Group’s default tariff! Most people don’t know they’re overpaying.

Remember those 63% of households overpaying? You’re definitely not one of them anymore. Forward this to someone who still is. Till then, thanks for reading!

Do drop me a comment or message if you’ve found this helpful!

Frequently Asked Questions (FAQ)

Do I need to inform SP Group when I switch? No. Your new retailer handles all the paperwork and notifications. You don’t need to communicate with SP Group at all.

Will switching affect my power supply? There is no downtime, no interruption, and no technician visit. The entire switch happens in the backend systems only.

Can I switch retailers if I’m still under contract? If you terminate your contract early, there will be a penalty fee. Plans with no lock-in can be switched anytime without penalty.

Do all retailers cover my area? Yes. All licensed retailers operate across the entire Singapore power grid. Your postal code doesn’t matter.

What happens if I forget to renew and my contract auto-expires? Most retailers will perform auto-renewal of existing contract, with specific terms and conditions already stated in your existing contract. Remember to set that calendar reminder 1 month before expiry to avoid being locked into potentially sub-optimal rates!

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Kevin started beragampengetahuan after hitting rock bottom at negative $25,755 net worth. Today, his investments and side hustles cover his expenses and travels. He shares what actually works (and what doesn’t) for Singaporeans building wealth. Learn more about Kevin here.