Businesses and households in Singapore's industrial sector Jurong will be able to buy electricity from retailers.
As per reports from the Energy Market Authority (EMA) in a media release to Channel NewsAsia on Friday, October 20, the Open Electricity Market is set to provide consumers with different choices thus making the course flexible.
The EMA further revealed that 108,000 household accounts and 9,500 business accounts will be open to purchase electricity from their choice of retailers or they can continue buying electricity at regulated prices from SP Group.
All those involved in the scheme will be notified of the same by the first half of 2018. Households and businesses whose postal codes begin with 60,61,62,63 and 64 will fall directly under the new scheme.
To make things easier for the consumers, an online information platform will be developed to help buyers deal with price plans and compare prices with the market standards.
S Iswaran, Minister for Trade and Industry, said that Singapore now focuses to launch the electricity retail market to competition.
Electricity will be open to purchase for all consumers residing in other parts of Singapore, by the second half of 2018.
The new venture seems extremely promising for customers giving them flexible choices. They can now buy electricity from a retailer and can decide on a specific price plan that will suit their needs. The consumers can also purchase electricity from SP Group's half-hourly wholesale electricity prices from its Wholesale Electricity market or directly from SP Group following the regulated price structure.
Consumers are now questioning whether the selection of an electricity retailer might affect their electricity supply or not, to which the EMA stated that electricity supply shall remain unaffected as SP Group will continue monitoring and controlling the whole agenda. Moreover, it is not compulsory for consumers to switch their electricity supplier.
Consumers will "continue to enjoy the same reliable electricity supply regardless of their choice of electricity retailer, as SP Group will continue to operate the national power grid", said EMA.