I am renewing my open electricity. It has been 2 years since I switched to an open electricity retailer. Back then, there were two standard price plans which are the Fixed Price Plan and Discount Off the Regulated Tariff Plan. I have opted for the Fixed Price Plan with SembCorp Power at 17.78 cents per kWh.
I have received a letter from SembCorp Power notifying me to renew my contract with them. Recently, I have heard from my friend that there was a lack of discounts given for renewal with the same open electricity retailer. So the big question comes. Should I renew my contract or switch to another open electricity retailer? Should I choose the fixed price plan or discount off the regulated tariff?
Below are the price plans that I have gotten from the individual open electricity retailer’s website.
|Fixed Price Plan||Discount Off Tariff Plan|
|Retailer||12 months||24 months||12 months||24 months|
As you can see above, SembCorp Power and Tuas Power offers the most competitive rates for their Fixed Price Plan (12 or 24 months). If you are going for Discount Off Tariff, I will go for Tuas Power (12 months) and SembCorp Power or Senoko Energy (24 months).
Below is the Electricity Tariff from 2017 to 2021. The orange and green lines give you an indication of how much you will be paying per kWh if you decided to opt for the discount off tariff plan.
The downside of opting for the Discount Off Tariff plan is that when electricity prices suddenly hikes, you are actually paying more than the fixed price plans.
With all my research done, I have decided to renew my contract with SembCorp Power.
Even though SembCorp Power’s 12 months contract offers a lower price, I dislike the administrative work of having to do my research and renewal that soon. Thus, I opted for the 24 months plan.
I believe electricity will get more expensive and thus I am taking on the 24 months Fixed Price Plan whereby I will be paying 17.63 cents/kWh.
If you wanted to sign up for SembCorp Power Price Plans after reading this, use my referral code 8XSWFGMN to earn $20 bill rebates. Bill rebates will be used to offset your monthly electricity bills.