Sunday, October 31, 2021

Which electricity plan to choose?

Our Geneco fixed plan contract ends in February 2022. The rate we are enjoying now is $0.1662 kWh ( without GST). The current Geneco fixed plans in the market is $0.2334 kWh ( without GST) . This is a 40% increase in rates. This is a lot! My electricity bills average about $150 per month, a 40% increase is a $60 increase per month.

This is a comparison table on the best fixed plan , best discount off and SP regulated Tariff. 

Updated 31 Oct

A quick summary on the options available to the readers. In Singapore, household residents can choose to buy electricity from three sources.
  • Singapore Power under the regulated tariff plan ( regulated by Energy Market Authority)
  • Singapore electricity retailers ( Geneco, Keppel electric, Senoko, Pacific light, Tuas power, Sembcorp e.t.c)
  • Singapore Power under the wholesale electricity plan
The trades offs between the above are price stability, prices, contracts lock-in and promotions such a credit card discounts or promo codes. 

In my opinion, one should never choose the SP regulated tariffs so i was quite surprised to read on papers that about 50% of households are still on the SP regulated tariffs. Get out of it! Its a low lying sure save money choice.

It was reported in the papers that a very small percentage are on the SP wholesale electricity plan. 
Let us see how wholesale electricity prices compare with the SP regulated tariff and electricity retailer prices in September. 

On the horizontal axis, period refers to the time of the day. 
Period 0 - 0000 to 0030
Period 1 - 0030 to 0100
Period 47 - 2300 to 2330
Period 48 - 2330 to 0000

Chart showing the average whole sale electricity for the Sep 2021

Interesting. More due diligence needed. Expect more future posts on the findings.  Perhaps, i could switch to the SP whole electricity plan when my contract ends. What better period to stress test the SP wholesale electricity plan than now when the natural gas prices are so volatile and expensive, with winter coming!

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