Keppel Electric, Geneco, iSwitch top choices in power switch by consumers

Singapore

OVER a year since Singapore opened its electricity market to some 1.4 million residential consumers and sparked a bruising competition among over 10 players, four out of 10 households have been convinced, switching over to a new electricity retailer and ditching incumbent SP Services.

This 40 per cent of households who hadn't resisted change in the city-state's liberalised energy sector under the Open Electricity Market (OEM) plan and grabbed the chance to switch over to a new retailer are also enjoying the sweet payoffs of a 20-30 per cent cheaper power bill.

This latest data as at end-August 2019 was provided on Tuesday by industry regulator, the Energy Market Authority (EMA).

"The switch rate for Singapore in our first year is encouraging, and (it) continues to increase every week. It is also higher than the single-digit annual switch rates seen in other countries with open and competitive markets," an EMA spokesperson told The Business Times…