Share: Share on Facebook Share on Twitter Share on LinkedIn I recommend visiting to read:%0A%0A {0} %0A%0A {1}

Launching Singapore’s Open Electricity Market


With yesterday’s launch of the Open Electricity Market by the Energy Market Authority in Singapore, all eyes are now on how households and businesses will benefit. Judging by a pilot study completed earlier this year, the signs are very positive indeed. The opening up of the Singapore electricity market has enabled consumers to decide which electricity retailer best meets their needs and requirements to power their homes.

The liberalisation has further empowered consumers to make an informed choice about the cost they are paying for the amount of electricity used. Under the Open Electricity Market, the amount of electricity consumed and how it translates to the final electricity bill is now in the hands of the consumer because individual households can keep tabs on the amount of electricity used, and how they could possibly adjust usage levels to benefit from discounts offered by the retailers.

This flexibility in deciding on a retailer that offers the most competitive rates should nudge consumers to be more conscious of electricity usage levels, and in turn encourage them to save electricity.

Piloting the Open Electricity Market in Jurong

Residents in the Western part of Singapore, in Jurong, experienced the first taste of electricity retail contestability in April 2018. A total of 108,000 households in the Jurong district were selected for the soft launch of the Open Electricity Market in which 14 approved retailers are offering electricity plans for households.

To date, about 30 per cent of residents in this estate are now buying their home electricity from retailers. These residents are enjoying discounted rates of up to 20% or more from the prevailing rates charged by SP Group, a market support services company regulated by Singapore’s Energy Market Authority. For a four-room household, this represents about S$16 to S$17 savings per month or S$380 to S$400 savings over two years. Some retailers are also offering sign-on gifts and rebate schemes. The numbers are set to increase as the Energy Market Authority implements the scheme in more housing estates. The market will be fully liberalised by the end of this year.

Empowerment Through Technology

The Internet of Things will take energy efficiencies to the next level. We are already witnessing the advent of smart homes, where appliances are automated to turn on or off based on pre-set timings and typical usage patterns. The smart home of the future will allow people to track their energy usage pattern to save money. Sensors can be installed to determine consumption details of all home appliances. These data can be transmitted online to a mobile application to monitor lifestyle habits and usage patterns. Knowing which appliance use up the most energy can enable the users to plan and cut down energy consumption and replace non-energy efficient appliances.

If the end goal for open market liberalisation is to encourage households to cut down on usage, the level of infrastructure has to develop in tandem to help consumers be more aware of the amount of electricity they consume. Singapore’s public housing developer The Housing Development Board and SP Group announced recently that they are exploring a centralised energy management system at the new Tengah town. One of the ideas being explored is to set up a smart energy concierge, which will use smart controls, sensors and algorithms to integrate the town’s energy solutions to generate efficiencies and energy savings. It is possible that these AI-based systems have the potential to be further integrated with smart home appliances to enable consumers to keep tabs on consumption levels on and off-peak every half hour.

Off-peak energy rates are lower and consumers can adjust their lifestyle to take advantage of the lower rates during non-peak periods. Consumers will be able to do this by installing smart Advanced Metering Infrastructure (AMI) meters in their homes that “talk” to the centralised smart energy concierge. Retailers will then have the flexibility to package further bulk discounts at an estate level. The upshot of all this is that consumers will increasingly become more cognizant of the amount of electricity they use daily and to get them thinking about how they are using this precious resource and to explore alternative sources like solar power.

This article first appeared on the C&W Services site under the title “Power to the People” on August 6, 2018. For more on how C&W Services can help your business manage its energy consumption, check out our end-to-end energy service offering here.

Related Insights

main streets across the world 2023

Main Streets Across the World 2023

In this 33rd edition of Main Streets Across the World, we’ll explore the near-term outlook for the retail sector; headline rent and ranking changes for best-in-class urban locations across the world; key indicators and global main street rankings; and key trends to watch such as the cost-of-living crunch, e-commerce and more.
Dominic Brown • 21/11/2023
Reworking the office
Research • Workplace

REWORKING the Office Asia Pacific

Our ‘REWORKING’ series examines decision-making for occupiers under four key considerations: Cost, Carbon, Culture and Community – under which the changing demands, needs and impacts on office spaces and strategies can be examined.
Grant Carter • 03/11/2023
Insights • Economy

Cushman & Wakefield Comments on URA private residential price index Q3 2023

Overall sales volume declined by 3.5% qoq in Q3 2023, reversing the past two consecutive quarters of increase. The fall in overall sales volume was driven by the new sales market, which declined by 8.5% qoq to 1,946 units in Q3 2023.
Xian Yang Wong • 27/10/2023

Related Stories

Dexcom Philippines New Office Fit-out Project
Dexcom Philippines • Healthcare
Learn More
Cushman & Wakefield Stories Philippines Inc. • Travel
Learn More
Cushman & Wakefield Stories
OMD Philippines • Advertising
Learn More
With your permission we and our partners would like to use cookies in order to access and record information and process personal data, such as unique identifiers and standard information sent by a device to ensure our website performs as expected, to develop and improve our products, and for advertising and insight purposes.

Alternatively click on More Options and select your preferences before providing or refusing consent. Some processing of your personal data may not require your consent, but you have a right to object to such processing.

You can change your preferences at any time by returning to this site or clicking on Privacy & Cookies.
These cookies ensure that our website performs as expected,for example website traffic load is balanced across our servers to prevent our website from crashing during particularly high usage.
These cookies allow our website to remember choices you make (such as your user name, language or the region you are in) and provide enhanced features. These cookies do not gather any information about you that could be used for advertising or remember where you have been on the internet.
These cookies allow us to work with our marketing partners to understand which ads or links you have clicked on before arriving on our website or to help us make our advertising more relevant to you.
Agree All
Reject All