$$$ KPO and CZM $$$: SP Group Wholesale Electricity No Longer The Cheapest Plan

Sunday, November 21, 2021

SP Group Wholesale Electricity No Longer The Cheapest Plan

I have blogged about how cheap/low the SP Group Wholesale Electricity rate was previously but unfortunately, those days are gone:

I was shocked to see my latest electricity bill. 370.09 kWh - $200.35 which translate to 54.14 cents/kWh!

That is more than doubled the regulated electricity tariff rate of 25.80 cents/kWh.

The image is taken from Seedly

This should have been obvious given that 5 electricity retailers closed down last month - Seedly:
Why Are Electricity Retailers in Singapore Closing Down? What Does it Mean for Singaporeans? This is probably because if they had continued to operate, they will only be incurring more losses.

If you head over to the OEM site to compare prices/plans, the cheapest plan one can get now is a x% discount off the regulated tariff rate. If you scroll further down, some of the fixed-rate plans are even higher than the regulated tariff rate for this quarter. In my opinion, this is an indication that the regulated tariff rate will probably increase after this quarter and they are pricing it in now given that the plan/contract is going to be for the next 6-24 months.

Regardless, I have decided to cut our losses as well by switching the wholesale plan back to the regulated tariff rate. This can be done directly from the SP website.

It may/may not give you a date that is much further away but for my case, the default date was next year Jan. Obviously I am not going to wait that long -.-"

I selected the nearest/closest date where the transfer/switch can be done.

For the earlier date, one just got to submit your own self-read meter which isn't difficult.

A couple of reasons why I decided to just go back to the regulated tariff rate:
1. Less trouble/hassle - Everything can be done online and there's no need to worry about it "closing shop"
2. No contract - Assuming if the electricity rate ever falls again, I can easily switch back to the wholesale rate.
3. At the moment, I do not see significant savings for the hassle/trouble to switch to other retailers and getting myself  "locked" in a contract for a miserable 3-6% discount. Simply not worth my time and effort.

Hope this helps!

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  1. On the same boat as u. My bill is even higher than yrs! How do u find out the latest wholesale rate?

    Do foresee energy crisis to last a while. Geneco 6month plan without contract is 25.1 cents. Pondering..as my usage is quite high double of yrs.

    1. Hi tcs,

      I did try to find out what's the latest wholesale rate and that information is probably here - https://www.emcsg.com/marketdata/priceinformation#priceDataView (Scroll down, under Access Data for: Final Prices and Information on Registered Facilities, select Wholesale Electricity Prices).

      However, I didn't spend too much time to research/figure out how to read it. Generally, if you compare it against the last few months or even a year back, you can see the huge increase in WEP($/MWh).

  2. Hi, do you still make srs contribution ?

    1. Hi,

      That's very random. Yes, I contribute on a monthly basis. Just look at any other articles except the electricity related one. lol.