How to switch electricity
retailer in Singapore.

Why switching matters

Singapore's Open Electricity Market (OEM) has been fully liberalised since 2018, giving every business the right to choose its electricity retailer. Yet a significant number of commercial and industrial businesses remain on SP Group's regulated tariff, which for Q2 2026 stands at 27.27 cents/kWh (before GST). With seven licensed retailers actively competing for business accounts, the gap between the regulated tariff and a competitively tendered retail rate can be meaningful, particularly for businesses with sizeable monthly consumption.

This guide walks through the switching process step by step, including what to check, what can go wrong, and how to make sure you are getting the best available deal rather than simply the most convenient one.

Are you eligible to switch?

All businesses in Singapore with an SP Services account are eligible to participate in the OEM. The key threshold is monthly consumption:

• Businesses consuming under 2,000 kWh per month can buy standard retail plans listed on the official OEM comparison portal at compare.openelectricitymarket.sg.
• Businesses consuming 2,000 kWh per month or more are classified as contestable consumers and can access bespoke, negotiated plans not listed on the public portal. This gives larger accounts more flexibility and often better pricing.

One important exception: businesses in multi-tenanted buildings under master-sub metering arrangements (common in strata office and retail developments) generally cannot switch individually. The building management must switch the entire building via the En-Bloc Contestability Scheme. If this applies to you, the conversation starts with your building management, not a retailer.

The switching process: step by step

Step 1: Understand your current position

Before approaching any retailer, note your current tariff or contracted rate, your remaining contract term if you are already with a retailer, and any early termination charges (ETCs) that may apply if you switch before expiry. Also check whether your premises has an Advanced Metering Infrastructure (AMI) smart meter installed, this records consumption every 30 minutes and is required for switching. If you do not have one, SP Group must install it first, which can add up to a month to your lead time.

Step 2: Gather your consumption data

Request 12 months of half-hourly consumption data from your current retailer or SP Group. This is the foundation of any meaningful comparison. Without it, retailers cannot give you accurate fixed-rate quotes and you cannot evaluate offers properly.

Step 3: Compare plans or run a tender

Smaller businesses can use the OEM comparison portal for a starting point. Larger contestable consumers should run a proper competitive tender, inviting quotes from multiple retailers simultaneously. This is where a significant portion of the savings opportunity lies: retailers price competitively when they know they are competing, and the spread between the best and worst offers in a properly run tender can be 1 to 3 cents per kWh or more.

Step 4: Review the Fact Sheet carefully

EMA requires all retailers to provide a standardised Fact Sheet before contract signing. Read it. Pay attention to the contract duration, the exact pricing mechanism (fixed, discount-off-tariff, or wholesale-linked), early termination charges, auto-renewal clauses, security deposit requirements, and how carbon tax pass-through is handled. The headline rate is just one number: the full contract terms determine the total cost.

Step 5: Sign and notify

Once you have chosen a retailer and agreed terms, sign the contract. Your new retailer notifies SP Group on your behalf. You do not need to do anything with SP Group directly.

Step 6: SP Group processes the transfer

For standard metered accounts, the transfer is approved within two business days. Master-metered accounts take up to five. Your contract can start as early as five business days after SP Group is notified, though realistically you should allow three to four weeks if any metering changes are needed.

Step 7: No interruption to supply

Switching retailers does not affect your electricity supply in any way. The physical wires, infrastructure, and grid remain under SP Group's management throughout. Only your billing and pricing arrangement changes.

How long does switching take?

If your AMI meter is already installed: as little as five business days. If a new meter is needed: allow up to four weeks. In practice, factoring in time to gather data, compare offers, and negotiate, a switching process from start to finish typically takes two to four weeks. This is why starting 60 to 90 days before your current contract expires is the right approach.

Auto-renewal rules and cooling-off periods

There is no statutory cooling-off period when you first sign an OEM contract. This means you are bound by the terms from the moment you sign, and ETCs will apply if you exit early.

For auto-renewals, EMA updated its Code of Conduct effective June 2026. Retailers must now provide two advance notifications before a contract auto-renews: one at least ten business days before expiry, and a second within three calendar days of the renewal date. If your contract does auto-renew without you acting, you have 60 calendar days to exit without penalty, extended from the previous 30-day window.

Mid-contract switches are possible but almost always incur ETCs. The cost depends on how much of the contract remains and the specific terms. If you are considering switching before your contract ends, the ETC calculation is the first thing to establish.

Six common mistakes businesses make when switching

• Not checking for an AMI meter upfront. Discovering you need a new meter after you have already chosen a retailer adds weeks of delay.
• Comparing only the headline rate. A lower cents-per-kWh figure can easily be offset by a larger security deposit, a restrictive ETC structure, or unfavourable carbon tax pass-through terms.
• Missing auto-renewal notifications. Being locked into a new term at rates you did not actively choose is one of the most common and avoidable electricity procurement mistakes.
• Assuming all retailers are equally stable. The 2021 to 2022 energy price spike caused several retailers to exit the market. All current licensed retailers are EMA-regulated, and SP Group provides seamless fallback supply if a retailer exits, but retailer track record and financial stability are still worth considering.
• Treating switching as a one-off event. Market conditions change with each contract cycle. A fixed rate that was excellent value in 2023 may be overpriced by 2025. Every renewal deserves a fresh competitive process.
• Ignoring bespoke options for larger accounts. Contestable consumers with significant monthly consumption can negotiate terms not available on the public portal, including volume-based pricing, hybrid contract structures, and customised carbon tax provisions. Many businesses never explore this.

Switching retailers is not complicated. What most businesses underinvest in is the comparison process that happens before the switch, and that is where the savings are found or lost.

Next steps

If you are unsure whether you are on the best available rate, a bill audit is the right starting point. From there, the most impactful action is usually a competitive tender run three to six months before your current contract expires.

You may also find it useful to read our guide on electricity contract renewal strategy and choosing an energy broker before your next renewal conversation.