Is Singapore Geared Up For The Open Electricity Market?

The Energy Market Authority (EMA) launched the Open Electricity Market (OEM) proper on November 1, 2018. As a measure to enhance the electricity market in terms of competitiveness and to encourage innovativeness, the OEM marks a progressive wave in the market. With a new market structure involving multiple retailers, consumers and operational processes, is Singapore geared up for it?

The Open Electricity Market
The full launch of the Open Electricity Market means that residential and business consumers have a choice in deciding who they want to purchase their electricity from, out of a current list of thirteen retailers.

Before the Open Electricity Market was introduced, Singaporeans only had SP Group to rely on for their electricity supply. Each retailer provides a range of standard and non-standard price plans for consumers to choose from. After comparing different price plans, they can choose one which befits their households’ and businesses’ electricity usage …