Many are still wondering and not quite aware what is open electricity market (OEM) and the ins and outs. So, here are the things you need to know about it. The Energy Market Authority (EMA) is a Singapore-based statutory board under the Ministry of Trade and Industry. They make sure that a reliable and secure energy supply is available for the people, the effective competition gets promoted in the energy market, and a dynamic energy sector is well-developed in Singapore.
1. Roles of Energy Market Authority
EMA finds to forge a progressive energy landscape for sustained growth. They act as the power systems operator to the critical delivery infrastructure being utilized in the electricity supply to homes and offices, as well as industries. They also regulate the electricity and gas industries in Singapore, as well as district cooling services. At the same time, they protect the consumer’s interests even if a fair competition is likely happening. They also do a proactive role as an industry developer by the means of the capabilities of manpower is advanced, the innovations are catalyzed, and the thought leadership is established.
2. About Open Electricity Market
The EMA group initiated the OEM to enable each consumer to buy electricity from a retailer at a price plan that best meets your needs. You can either continue to buy electricity from SP Group with a regulated tariff or switch to buy electricity from a retailer, which is not mandatory. If you want to switch, you can select your preferred price plan; then, your retailer will be bound to work directly with SP Group performing the switch for you. You do not have to worry anymore. No matter which one you chose, you will still receive the same electricity supply and be eligible for U-Save rebates. The SP Group will also carry on in operating the national power grid and will ensure that electricity is delivered to everyone regardless of which electricity retailer you switch to.
3. Benefits of Open Electricity Market
If you will use OEM for your business, the Singaporean electric company Geneco will be available to assist you in switching to a retailer once you wish and decide to do so. They make sure that you will have an easy and hassle-free switching. They offer a wide range of plans that best suits your needs to browse with and apply just online. They let you sign up on their sign-up page indicating your particulars. It is so easy and quick that you get to sit back and relax while waiting for your existing supplier to make arrangements in your switch. A big catch to the process is no installation and power disruption to your electricity supply. The transfer process will only take about 5 working days.