04 May How Can You Benefit From The Open Electricity Market (OEM)?
Do you know how much electricity you consume? Did you ever consider your electricity consumption pattern? If you answered ‘no’ to either or both of these questions, it may be time to start thinking. Amid rising living costs and increasing green efforts, the latest topic dominating kopitiams around Singapore is OEM. Not to be mistaken with the commonly known ‘original equipment manufacturer’, OEM here refers to the Open Electricity Market – a change in the electricity market that will allow households in Singapore to choose their electricity retailer.
Complementing your lifestyle and consumption
As of 1 April 2018, the Energy Market Authority (EMA) commenced the soft launch of OEM in Jurong, giving residents whose postal codes start with 60, 61, 62, 63 or 64 the choice of buying electricity from any authorised retailer with a price plan that best meets their needs. The rest of Singapore will be able to choose their retailer once the OEM is fully launched in the second half of this year. If you are one of the lucky residents in Jurong, you should read on to find out more!
Having the choice to select your preferred electricity retailer suggests greater flexibility, and savings but should you make the switch? Before you decide, here are three benefits to keep you in the know:
Greater flexibility and savings
Is your house empty during the day when you are at work and you only get home at night to use the television and air-conditioner? This means that your energy consumption is higher in the night time. Wouldn’t it be awesome if there’s an electricity plan that has a lower tariff just because you consume electricity in off-peak hours? Actually, there is!
PacificLight’s Save While Sleeping plan is suitable for consumers with larger electricity consumption at night, as it offers greater savings from 11pm to 7am either at a fixed rate or at a fixed discount off the SP Tariff.
Identifying your electricity consumption patterns and finding a suitable retailer with a price plan that complements your needs means that you can enjoy greater flexibility and savings!
Enhanced service standards and sweet deals
With a competitive market, retailers are going all out to impress potential customers like you with sweet deals, and this is especially so for Jurong residents partaking in the pilot OEM launch. For example, customers making the switch from SP Group can enjoy attractive promotions such as free 12-month Etiqa home insurance when you sign up a 24-month PacificLight home electricity plan. In addition to savings on your electricity bill, you can get extensive coverage for your home contents and renovations, 24-hour emergency home assistance, and family accident protection of up to S$50,000.
Play a part in saving the Earth!
With green electricity gaining traction with consumers, you can play a part in saving Earth’s limited resources. Simply use less electricity during peak consumption hours. Not only will you be able to save money, you will also be helping to conserve energy and preserve natural resources.
For your information, EMA has progressively opened up the retail electricity market to competition for the benefit of business consumers since 2001. Allowing consumers the choice to choose enables competitive pricing, enhanced service standards and innovative offers from retailers. OEM will soon be extended to all households and businesses in Singapore in the second half of 2018.
Choosing your electricity retailer
Now that you have a better idea of the OEM and its main benefits, here are some of the important traits to look out for when choosing an electricity retailer for your home:
You should definitely choose an electricity retailer that provides the right price plan based on your consumption and lifestyle needs, guarantees a hassle-free switch from SP Group, and lowers your monthly bills. Most importantly, be sure to review the contractual terms, the price plan details in the fact sheets, payment terms, renewal clauses, and contract termination.
PacificLight Energy is an electricity power generator and licensed retailer committed to helping customers manage their energy needs simply and effectively. The company offers 4 types of home electricity price plans: Stick To It, Confirm Save, Save While Sleeping ($), and Save While Sleeping (%).
Fixed rate all year at as low as $0.1678/kWh*
With Stick To It, consumer can rest easy knowing that the monthly electricity rate remains the same throughout the entire contract period, and consumer no longer need to monitor SP’s quarterly fluctuating rates!
Fixed discount up to 21%*
PacificLight can sweeten the deal with a discount off the regulated SP Tariff. With Confirm Save, consumer can enjoy a fixed discount up to 21%* off the regulated SP Tariff, which guarantees savings all year!
Greater saving from 11pm to 7 am
Save While Sleeping is for consumers with large electricity consumption at night, such as those who go to work during the day and only get home at night, or those who can’t sleep without air-con at night, as it offers greater savings from 11pm to 7 am, either at a fixed rate or at a fixed discount off the SP Tariff. This is a way for the smart consumer to enjoy greater savings!
PacificLight offers an additional 5% prompt payment discount when customers pay their monthly bill promptly and in full, and an additional S$1 off each month’s bill when you opt for e-billing!
With the collaboration between PacificLight Energy and Etiqa Insurance, we hope to protect your home with positive energy. From 28 April 2018, Jurong residents can sign up for a 24-month PacificLight home electricity plan and receive a complimentary 12-month Etiqa home insurance, with the promo code PLEETIQA.
Limited to the first 1,000 applicants. Sign up now and be lit up with this great deal at https://pacificlight.com.sg/promotions/pleetiqa or call PacificLight customer service hotline at +65 6266 1188.
For more information, visit https://www.etiqa.com.sg/promotion/pacificlight-etiqa
*Discount rate inclusive of 5% prompt payment discount
Committed to placing people over policies, Etiqa is a Singapore insurance company owned by Maybank Ageas Holdings. Maybank Ageas is a joint venture between Maybank Group–the fourth largest Banking group in Southeast Asia with more than 22 million customers across 20 countries worldwide, and Ageas –one of Europe’s largest insurance companies with 33 million customers across 16 countries and a history of over 180 years.
Protecting more than 300,000 homes in Singapore since 1961, Etiqa is best known as the appointed insurer for the Singapore Housing Development Board (HDB) Fire Insurance Scheme. Etiqa also provides comprehensive life and general insurance solutions with affordable and transparent insurance premiums. These include motor insurance (including motorcycle insurance), travel insurance, home insurance, maid insurance, personal accident insurance, insurance savings plan, retirement and legacy planning. Etiqa is one of the first insurance companies in Singapore to empower its customers with online insurance, offering innovative, customer-centric experience such as real-time travel delay insurance and usage-based car insurance.
Discover the full range of Etiqa online insurance plans: http://www.etiqa.com.sg/buy-insurance-online/
All information provided is true at the time of publishing and conditions may have changed since.
This policy is underwritten by Etiqa Insurance Pte. Ltd. (Company Reg. No 201331905K)
Protected up to specified limits by SDIC
As buying a life insurance policy is a long-term commitment, an early termination of the policy usually involves high costs and the surrender value, if any, that is payable to you may be zero or less than the total premiums paid.
This content is for reference only. You should seek advice from a financial adviser before deciding to purchase the policy. If you choose not to seek advice, you should consider if the policy is suitable for you. This advertisement has not been reviewed by the Monetary Authority of Singapore.
Information is accurate as at 30 August 2019.