Average Savings in Electricity Bills for Households That Switched to Open Electricity Market

Mr Melvin Yong Yik Chye asked the Minister for Trade and Industry (a) what are the average savings in electricity bills for households that have switched to the Open Electricity Market; and (b) whether the Ministry has observed an increase in average household electricity consumption arising from the cost savings.

Mr Chan Chun Sing: Households that have switched to a retailer in the Open Electricity Market (OEM) have enjoyed between 20% to 30% savings compared to the regulated tariff.

Given that the OEM rollout was only completed recently in May 2019, it is too early to determine whether the cost savings have resulted in any changes to households' electricity consumption patterns. The Ministry of Trade and Industry (MTI) and Energy Market Authority (EMA) intend to conduct a study on this at an appropriate time.