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:

- Cheapest Electricity Plan - SP Group Wholesale Electricity

- Cheapest Electricity Plan - SP Group Wholesale Electricity Part 2

- Cheapest Electricity Plan - SP Group Wholesale Electricity (2021)

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!

On a side note, Futu's moomoo app sign-up promotion is slightly different every month (AAPL shares, cash coupon, etc. Do read the T&C here for more information). If you have yet to open an account, you can do so using our referral link :)

Do like any of the following for the latest update/post!
1. FB Page - KPO and CZM
2. Twitter - KPO and CZM
3. Click here to subscribe using email :)
4. Instagram - KPO_and_CZM (Did you see those delicious food photos to the right --> Unfortunately, you can't see it on mobile.)

Cheapest Electricity Plan - SP Group Wholesale Electricity (2021)

Note: SP Group Wholesale Electricity No Longer The Cheapest Plan

In my previous article, I shared my last 3 months of electricity bills then (Feb, Mar and Apr 2020) to show that the SP Group Wholesale Electricity plan is probably the cheapest electricity plan available in the Open Electricity Market (OEM) as well as the remaining statements for the rest of 2020 here - Cheapest Electricity Plan - SP Group Wholesale Electricity Part 2. This is a continuation of that article by sharing the more recent statements too.

Jan 2021

177.43 kWh - $26.90 which translate to 15.16 cents/kWh

Feb 2021

357.93 kWh - $57.72 which translate to 16.12 cents/kWh

Mar 2021

326.14 kWh - $57.17 which translate to 17.53 cents/kWh (Do take note that this is no longer the cheapest rate at face value. I shall blog about it soon)

Apr 2021

353.93 kWh - $61.49 which translate to 17.37 cents/kWh

May 2021

360.82 kWh - $64.41 which translate to 17.85 cents/kWh

Jun 2021

416.49 kWh - $73.72 which translate to 17.70 cents/kWh

Jul 2021

385.56 kWh - $73.36 which translate to 19.02 cents/kWh

Aug 2021

345.35 kWh - $94.27 which translate to 27.30 cents/kWh (I ran out of credit and didn't make payment for the previous month. Regardless, this rate is crazy high! In fact, it was even higher than the tariffs rate at 24.11 cents/kWh.)

Using the Open Electricity Market Price Comparison site, there are definitely cheaper plans.

Sep 2021

285.56 kWh - $57.47 which translate to 20.13 cents/kWh 

It seems the SP Group Wholesale Electricity is the cheapest again. Guess I will just continue to observe.

Again, the above are just rough estimates as I included other fees such as GST, meter reading, etc. The more accurate way is to remove them and compute but it is already lower even when I included those miscellaneous fees. You can decide for yourself :)

Anyway, if you are interested in this update, simply bookmark this page as I will just update it with the subsequent months' statement.

Do like any of the following for the latest update/post!
1. FB Page - KPO and CZM
2. Twitter - KPO and CZM
3. Click here to subscribe using email :)
4. Instagram - KPO_and_CZM (Did you see those delicious food photos to the right --> Unfortunately, you can't see it on mobile.)

Cheapest Electricity Plan - SP Group Wholesale Electricity Part 2

Note: SP Group Wholesale Electricity No Longer The Cheapest Plan

In my previous article, I shared my last 3 months of electricity bills then (Feb, Mar and Apr 2020) to show that the SP Group Wholesale Electricity plan is probably the cheapest electricity plan available. This is a continuation of that article by sharing the more recent statements too.

May 2020

298.45 kWh - $35.90 which translate to 12.02 cents/kWh

June 2020

274.86 kWh - $33.59 which translate to 12.22 cents/kWh

July 2020

253.32 kWh - $31.62 which translate to 12.48 cents/kWh

August 2020

307.68 kWh - $42.10 which translate to 13.68 cents/kWh

September 2020

268.71 kWh - $36.73 which translate to 13.67 cents/kWh

October 2020

269.73 kWh - $39.01 which translate to 14.46 cents/kWh

November 2020

288.19 kWh - $43.43 which translate to 15.07 cents/kWh

December 2020

223.58 kWh - $36.42 which translate to 16.29 cents/kWh

Again, the above are just rough estimates as I included other fees such as GST, meter reading, etc. The more accurate way is to remove them and compute but it is already lower even when I included those miscellaneous fees. You can decide for yourself :)

Do like any of the following for the latest update/post!
1. FB Page - KPO and CZM
2. Twitter - KPO and CZM
3. Click here to subscribe using email :)
4. Instagram - KPO_and_CZM (Did you see those delicious food photos to the right --> Unfortunately, you can't see it on mobile.)

Cheapest Electricity Plan - SP Group Wholesale Electricity

Note: SP Group Wholesale Electricity No Longer The Cheapest Plan

 By now, most would have already switched to one of the OEM electricity retailers. Moving away from the SP Group regulated tariff rate (23.02 cents/kWh) is a no brainer as there will definitely be significant savings. However, there are so many things to consider, fixed/variable plan, the duration of the contract, rebates/incentives, etc. This plan I am going to share/introduce is not a widely marketed variable plan which has no contract and is definitely the cheapest electricity plan in Singapore - SP Group Wholesale Electricity.

Think of all the OEM electricity retailers as the middle man, the OEM electricity retailers are either buying or generating the electricity at the wholesale rate and then packaging them as various plans to sell to the consumers (us) for a profit. Hence, the cheapest rate can only be the wholesale rate. Let me show some of my electricity bills.

April 2020

361.83 kWh - $46.87 which translate to 12.95 cents/kWh

Compare that against all the other electricity retailers and you can see how much additional savings we are getting in just 1 month.

March 2020

222.84 kWh - $33.37 which translate to 14.97 cents/kWh

Feb 2020

169.19 kWh - $28.37  which translate to 16.77 cents/kWh

The above are just rough estimates as I included other fees such as GST, meter reading, etc. The more accurate way is to remove them and compute but it is already lower even when I included those miscellaneous fees. On a side note, you can see the increase in electricity for the month of April as both of us started to work from home.

End of the day, one might still argue that the price of the wholesale rate may exceed those fixed plans. When that happens, the electricity retailers will be making a loss and once your contract is over, it will be higher too or worst case, they will close shop before that happens. lol.

My recommendation would be to ignore those little rebates/incentives the electricity retailers are using to attract new customers and locking them down with months/years of contracts. You can refer to the SP Group Wholesale Electricity Fact Sheet for more information. Interestingly, you will see this clause - SP Group is not allowed to offer any incentive. Imagine if they did, they will definitely be the clear winner.

Although this article might be a bit late, it will still be applicable to those that are still deciding or new BTO homeowners. Hope you find this useful!

Do take a look at this article too - Cheapest Electricity Plan - SP Group Wholesale Electricity Part 2

Do like any of the following for the latest update/post!
1. FB Page - KPO and CZM
2. Twitter - KPO and CZM
3. Click here to subscribe using email :)
4. Instagram - KPO_and_CZM (Did you see those delicious food photos to the right --> Unfortunately, you can't see it on mobile.)