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 …