By now, many of you would have heard of the open electricity market and have seen the roadshows by many of the new electricity retailers who are offering much lower prices than Singapore Power (SP) group’s current electricity tariff. There are as many as 13 different new retailers now apart from SP group. Many of you might have seen the prices and know that it is indeed lower but is there a catch to all these lower prices? Should we all be switching to these new electricity retailers to take advantage of the lower prices?
To answer all the above electrifying questions, we have to understand what is the open electricity market first. I know there are lots of info out there and it is confusing so in this article I will explain why electricity retailers can offer rates cheaper than SP group and why SP group could not in a