Currently, homeowners will be able to get their electricity supply either from SP Tariff rates, SP wholesale rate or providers from the Open electricity market.
Difference between SP Tariff rate and SP wholesale rate
Basically for tariff rate, SP will purchase electricity from generation companies and in turn resell to homeowners. The Electricity tariff is regulated by the Energy Market Authority (EMA) of Singapore and revised quarterly to reflect the actual cost of electricity.
The current tariff is 25.80 cents/kWh
Things become interesting when you opt for SP wholesale rate. There isn’t a fix/quarterly review on the price. What you pay will be based on every half-hourly pricing, depending on the demand and supply situation in the market or in any case on the outage of power generating units.
The below chart from the SP website shows a good representation of the bottom and peak of pricing happening in the month of February 2019.
Hold or Switch?
I am still holding onto despite the surge that happens in Oct-Nov, my bill came to be around 56 cents/kWh.
For the Nov-Dec bill, it drops drastically to 35 cents/kWh.
Nevertheless, I have plotted a chart and will be updating it monthly and posting it for record purposes.
My savings are gone from the first 10 months of SPWS due to the spike in Oct. The current saving has gone to negative but is still below 1%.