Author Topic: Are you still using SP ?  (Read 2598 times)

Offline whitesox

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Are you still using SP ?
« on: November 04, 2018, 22:09 »
Hi Bro,
Today, there are two companies from Geneco and Keppel that had a roadshow located at Kampung admiralty and Causeway Point.
They were trying to convince me to switch my power supply from SP to them so I can save 20% of my current power bill.
I must sign a contract with them for 2 or 3 years in order to fix their rate.

https://blog.seedly.sg/electricity-retailer-comparison-cheapest-in-singapore/

Is it a good idea?
What is your opinion

 ???



« Last Edit: November 04, 2018, 22:11 by whitesox »

Offline Audiolab

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Re: Are you still using SP ?
« Reply #1 on: November 04, 2018, 22:30 »
I changed mine a few months back as my area was pilot.

I did hesitate and took 2-3 months before committing.

From then on, I never look back. Was saving good money as I got a fixed rate of 0.1638/kWh for 2 years. The same service provider has increased their price due to recent oil price hikes as well as price revision by SP. their current price on same contract terms is now 0.1937/kWh. That’s an increase of 18% vs my rate.

Current SP rate is 0.2413/kWh. I am getting a savings of about 47%. Based on my average usage, I am saving around $50 per month which is $600 per year. I am definitely not complaining.

Offline pschia

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Re: Are you still using SP ?
« Reply #2 on: November 04, 2018, 22:57 »
Which genco?
Keppel seems to have the lowest rate currently.
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Offline Audiolab

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Re: Are you still using SP ?
« Reply #3 on: November 04, 2018, 23:21 »
During when I sign up, Best is cheapest.

Offline pschia

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Re: Are you still using SP ?
« Reply #4 on: November 05, 2018, 01:55 »
Currently Keppel's fixed rate is 17.98 cents/kWh with GST.
Best is not the cheapest now.
Strangely, we can't choose Keppel from the Open Energy Market web site.
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Offline Audiolab

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Re: Are you still using SP ?
« Reply #5 on: November 05, 2018, 08:16 »
Just took a look at Keppel's facebook. Pretty scary in terms of comments.

Keppel is one of the OEM not assorb carbon tax, and better check on their fb review rating...been complaint till siao for their customer service quality. Dont just decide by the lowest rate. Sale service,promotion,rebate, company reputation also factors to be consider.
Keppel is one of the OEM not assorb carbon tax, and better check on their fb review rating...been complaint till siao for their customer service quality. Dont just decide by the lowest rate. Sale service,promotion,rebate, company reputation also factors to be consider.

Offline whitesox

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Re: Are you still using SP ?
« Reply #6 on: November 05, 2018, 15:40 »
Which genco?
Keppel seems to have the lowest rate currently.

I was told by Keppel guy (per kwh):
* Keppel:  16.80c
* Geneco: 16.88c
* SP       : 24.13c


Offline Audiolab

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Re: Are you still using SP ?
« Reply #7 on: November 05, 2018, 15:52 »
I just realize that Keppel charges Transmission Lost Factor to consumers as well. So that is another 3-4% additional.

I was told by Keppel guy (per kwh):
* Keppel:  16.80c
* Geneco: 16.88c
* SP       : 24.13c



Offline synthesis

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Re: Are you still using SP ?
« Reply #8 on: November 05, 2018, 16:21 »
Transmission loss factor, carbon tax,...... end up what? 19 cents per kwH? Still quite a bit cheaper than 24 cents per kwH from SP.

Offline Audiolab

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Re: Are you still using SP ?
« Reply #9 on: November 05, 2018, 16:27 »
Overall will still be cheaper. The only thing to note is that not all provider charge Transmission loss factor and carbon tax. So when comparison, must compare Apple to Apple. Dun just look at the advertise rate. Make sure to get the final rate with all the add ons.

To be fair, when I sign up earlier, I did not know about Transmission Lost Factor and etc. Only knew today after I read about the complains in Keppel Electric Facebook and they are one of the provider charging that.

Transmission loss factor, carbon tax,...... end up what? 19 cents per kwH? Still quite a bit cheaper than 24 cents per kwH from SP.

Offline kelvinsin

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Re: Are you still using SP ?
« Reply #10 on: November 05, 2018, 18:08 »
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Offline bigtree

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Re: Are you still using SP ?
« Reply #11 on: November 05, 2018, 18:46 »
can check what the chances for these power retailers to collect security deposit and run off like the bike sharing company? some names dun look familiar at all....

Offline pschia

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Re: Are you still using SP ?
« Reply #12 on: November 05, 2018, 18:49 »
So Keppel’s rates are already inclusive of Carbon Tax?
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Offline pschia

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Re: Are you still using SP ?
« Reply #13 on: November 05, 2018, 20:53 »
No
But the table you posted said Keppel's rate included Carbon Tax woh  ???
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Offline kelvinsin

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Re: Are you still using SP ?
« Reply #14 on: November 05, 2018, 21:39 »
But the table you posted said Keppel's rate included Carbon Tax woh  ???
Yes in the table. No on the rate stated in their flyer.
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Offline vink

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Re: Are you still using SP ?
« Reply #15 on: November 06, 2018, 18:27 »
Take note in Keppel's billings, unlike SP there is no mention of the actual meter readings. Only electricity usage, rate, total amount
and percent discount is stated. So you have no idea what is the the percentage of TL and carbon tax added to the usage figure.

Offline Audiolab

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Re: Are you still using SP ?
« Reply #16 on: November 07, 2018, 10:55 »
I have looked at my SP bills, there is no mention of actual meter readings as well. Its showing the consumption of that month in KWh.

Does your SP bill show actual meter readings?

Take note in Keppel's billings, unlike SP there is no mention of the actual meter readings. Only electricity usage, rate, total amount
and percent discount is stated. So you have no idea what is the the percentage of TL and carbon tax added to the usage figure.

Offline vink

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Re: Are you still using SP ?
« Reply #17 on: November 07, 2018, 12:25 »
I have looked at my SP bills, there is no mention of actual meter readings as well. Its showing the consumption of that month in KWh.

Does your SP bill show actual meter readings?


If you have  already switched to other sellers, SP bills would not show electricity meter reading, only water meter reading.
Every alternate months, SP will continue to check on the electricity meter numbers and provide info to Keppel for billing.

Offline Audiolab

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Re: Are you still using SP ?
« Reply #18 on: November 07, 2018, 12:35 »
I am referring to SP bills before I switched. The bills which include electricity does not show meter reading, it only show the KWh usage.

So my question is does your SP bill show meter reading or just KWh reading?


If you have  already switched to other sellers, SP bills would not show electricity meter reading, only water meter reading.
Every alternate months, SP will continue to check on the electricity meter numbers and provide info to Keppel for billing.



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Offline vink

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Re: Are you still using SP ?
« Reply #19 on: November 07, 2018, 13:03 »
I am referring to SP bills before I switched. The bills which include electricity does not show meter reading, it only show the KWh usage.

So my question is does your SP bill show meter reading or just KWh reading?

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The figures are listed below the trend chart as well as on the left side under Electricity Services - Usage: xxx kWh.
Same for water services as well.

Offline Audiolab

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Re: Are you still using SP ?
« Reply #20 on: November 07, 2018, 13:06 »
Thanks for the confirmation.

My understanding of meter reading is the actual meter number like picture below.



The figures are listed below the trend chart as well as on the left side under Electricity Services - Usage: xxx kWh.
Same for water services as well.



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Online Knight_Rider

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Re: Are you still using SP ?
« Reply #21 on: January 06, 2019, 16:53 »
So many company and iSwitch like very aggressive. Who has the best plan now?

Offline Boxerfan88

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Are you still using SP ?
« Reply #22 on: January 06, 2019, 17:40 »
Is this switching of retail service provider available Islandwide?


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Online Knight_Rider

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Re: Are you still using SP ?
« Reply #23 on: January 06, 2019, 17:42 »
More or less I see them everywhere

Offline etnt

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Re: Are you still using SP ?
« Reply #24 on: January 07, 2019, 09:54 »
Is this switching of retail service provider available Islandwide?
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rolling out in zones, by mid year will beisland wide

Offline etnt

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Re: Are you still using SP ?
« Reply #25 on: January 07, 2019, 09:55 »
So many company and iSwitch like very aggressive. Who has the best plan now?
https://compoundingdividendxdividend.blogspot.com/2019/01/hottest-topic-open-electricity-market.html
A good summary, not i do one.

Personally on geneco fixed 3 years. If need referral code (20bucks off for u and me), PM me.

Else hwz there very fierce about Ohm; and every other retailer's fb page also plastered with promo codes in comments.

Online Knight_Rider

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Re: Are you still using SP ?
« Reply #26 on: January 07, 2019, 10:02 »
https://compoundingdividendxdividend.blogspot.com/2019/01/hottest-topic-open-electricity-market.html
A good summary, not i do one.

Personally on geneco fixed 3 years. If need referral code (20bucks off for u and me), PM me.

Else hwz there very fierce about Ohm; and every other retailer's fb page also plastered with promo codes in comments.

Ok thanks will digest this

https://forums.hardwarezone.com.sg/eat-drink-man-woman-16/open-electricity-market-oem-part-3-a-5963931.html

Offline etnt

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Re: Are you still using SP ?
« Reply #27 on: January 07, 2019, 10:04 »
np. key is, just switch. any tom dick harry also cheaper than SP.

Online Knight_Rider

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Re: Are you still using SP ?
« Reply #28 on: January 07, 2019, 10:10 »
np. key is, just switch. any tom dick harry also cheaper than SP.

How about hidden cost like carbon tax? Comparison doesn't include these charges??

Offline etnt

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Re: Are you still using SP ?
« Reply #29 on: January 07, 2019, 10:18 »
most absorb carbon tax (at least those I made comparison with). Differences comes down to the rate itself, deposit, service fee (this one tricky, same retailer some plans can have some plans don't), termination fee, billing method, payment method.

All retailers give factsheet for each of the plan, but if want to save the hassle then follow the link.

Online Knight_Rider

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Re: Are you still using SP ?
« Reply #30 on: January 07, 2019, 10:24 »
Okok hahahaha Sunday free I a bit ??? how they know as meter is read once in two months  ;D

Offline etnt

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Re: Are you still using SP ?
« Reply #31 on: January 07, 2019, 10:25 »
Okok hahahaha Sunday free I a bit ??? how they know as meter is read once in two months  ;D
That one I think need smart meter to be wuhua, else they base on national average, which is quite dumb imo.

Offline Audio

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Re: Are you still using SP ?
« Reply #32 on: January 07, 2019, 10:42 »
There is no free lunch in the world....especially Singapore.

How is it that you can insert a middleman earning commision from SP who had been constantly servicing you for years?

(Audio)

Offline etnt

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Offline etnt

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Re: Are you still using SP ?
« Reply #34 on: January 07, 2019, 10:58 »
https://www.uob.com.sg/OEM/index.html
UOB also got promo, use them for recurring payment for $10 off

Online Knight_Rider

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Re: Are you still using SP ?
« Reply #35 on: January 07, 2019, 11:02 »
There is no free lunch in the world....especially Singapore.

How is it that you can insert a middleman earning commision from SP who had been constantly servicing you for years?

(Audio)

So what do you suggest?

Offline Audio

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Re: Are you still using SP ?
« Reply #36 on: January 07, 2019, 11:19 »
So what do you suggest?

Nothing to suggest.  Just sharing my thoughts.  One should look at the equation and think beyond just saving money.

I will stick with SP and monitor, I suppose.

(Audio)

Offline Doggie Howser

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Re: Are you still using SP ?
« Reply #37 on: January 07, 2019, 11:26 »
Over in Australia, there is a free market system too.

Many years ago circa 2012 there was a TV ad campaign to get a mass order program to switch to an upcoming electricity provider. Saved a lot going to them. But they kept upping rates every year but it seemed on par with the competition so I didn’t over analyze it.

Then I did a check end 2017 and realized I was overpaying them. My quarterly bill went from $450 to $160. Crazy.

Good to have competition but just check regularly.
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Offline Audiolab

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Re: Are you still using SP ?
« Reply #38 on: January 07, 2019, 11:27 »
One way to think is that there is something fishy going on and should not change. Another way to think is that we have ripped off by SP all these years.

Anyway open market electricity is not new globally. Just that it just started in Singapore.

For those who want to save money, just go ahead. For those worried about potential pitfalls, just continue to pay tariff rates from SP. Anyway based on the pilot trial in Jurong area, only 30% switch. So many still prefer to stay with SP. And I am sure SP is hoping most will stay with them.

Online Knight_Rider

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Re: Are you still using SP ?
« Reply #39 on: January 07, 2019, 12:26 »
It may not be a significant difference between all 3 plans. Fixed, discount, peak/off-peak. Just take the one that's offering most discount + freebies and shop again after 12 months. OEM retailers also not stupid and will not give too much discount on any type of plan.

Ohm is perfect for now = ALL INCLUSIVE lowest 16.80c fixed or max 25% discount, 6 months option, integrated GIRO billing with SP, $20 referral credit. New Ohm Customers – 25% off your second electricity bill with Ohm.

Hmmm Ohm 12 months discount, IMHO, it is ok to pay slightly higher (<S$0.50/month) for the flexibility to switch. Oil prices crashing now and will do so for the next quarter. 1H2019 tariff will sure drop. Take discount no need to care about oil price up or down. i.e. whether you win the House or not. Lengthy contract fixed rate at the top of the tariff cycle NOT advisable. Just take discount until the peak has passed. IMHO, probably 2Q2019.

What do you guys think?

Online Knight_Rider

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Re: Are you still using SP ?
« Reply #40 on: January 07, 2019, 12:27 »
Disclaimer :  I not agent/promoter hor

Got PM immediate from HWZ  ;D

Offline etnt

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Re: Are you still using SP ?
« Reply #41 on: January 07, 2019, 12:51 »
I just went for lowest fixed rate for longest period as I believe the general trend will be upwards.

Unless it's a continuous downward trend tariff, then discount will offer a lower rate but too lazy to go hunting around regularly.

But everybody will have their own reasoning lar, including those staying with SP.

Offline synthesis

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Re: Are you still using SP ?
« Reply #42 on: January 07, 2019, 13:23 »
From ~24 cents by SP to ~18 cents per kwh is good saving especially if your consumption is high. +/- 1 cents from 18 cents I don't bother much. Just pick any company you feel comfortable.

Offline Audiolab

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Re: Are you still using SP ?
« Reply #43 on: January 07, 2019, 14:17 »
Based on EMA info, average public housing power consumption in 2017 us 444.3 kWh while private housing is 661.3 kWh. Current tariff rates are 0.2552 while average open market rate is 0.1798. One can save about SGD400/ year for public housing while private housing save about $600 yearly.

At the end of the day, one has to decide whether the savings is significant enough to change. I for one has decided few months to jump in and enjoy the savings with no pitfalls so far.

Offline HoSaybo

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Re: Are you still using SP ?
« Reply #44 on: January 07, 2019, 16:50 »
I just went for lowest fixed rate for longest period as I believe the general trend will be upwards.

Unless it's a continuous downward trend tariff, then discount will offer a lower rate but too lazy to go hunting around regularly.

But everybody will have their own reasoning lar, including those staying with SP.
Agree. Feel that even if go any lower, it is unlikely to be significant. But if up, the jump could be high..... Just like our petrol.

Offline Boxerfan88

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Are you still using SP ?
« Reply #45 on: January 12, 2019, 07:36 »


So sad, gotta wait until May 2019 before switching...

Hope the oil prices remains Low until then.


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« Last Edit: January 12, 2019, 07:39 by Boxerfan88 »
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