Singapore Electricity Open Market (SEOM) is an electricity market in Singapore that allows consumers to freely choose their electricity provider from a list of competing retailers. It was launched on 1 November 2018, and is a major step towards liberalizing Singapore’s energy sector. This market has enabled customers to switch providers, buy electricity packages and enjoy competitive rates. 

Definition of Singapore Electricity Open Market 

Affordable open electricity market retailers in Singapore gives customers the freedom to pick their own electrical retailer from a list of authorized retailers for their home or business premises in Singapore. Through SEOM, consumers are able to compare prices and services offered by different retailers before deciding on the package that best suits them. The SEOM also provides other benefits such as discounts on monthly bills if they opt for prepayment options or special promotions offered by the retailer. 

Overview of Open Electricity Market in Singapore 

The launch of SEOM has been beneficial for both consumers and businesses alike as it offers more choices at more competitive rates compared to the regulated tariff set by SP Group previously. Customers now have access to innovative products such as prepaid plans and green energy which were not available previously under SP Group’s regulated tariff plan. 

Benefits of the Singapore Electricity Open Market

The Singapore Electricity Open Market (SEO) came into effect in 2018, and it has been a beneficial change for the Singaporean consumer. The introduction of the SEO has brought with it improved choice for consumers, increased competition for cheaper prices, and easier access to renewable energy sources. 

  • Improved choice is one of the many benefits of SEO. Consumers now have more freedom to choose their electricity provider and are no longer restricted by a single supplier. There are now more than 20 different companies offering services under SEO, so customers can pick their preferred service plan that best suits their needs – such as low-cost plans or those which focus on renewable energy sources like solar power. This increased choice gives customers more control over their electricity bills and introduces a variety of pricing plans which ultimately helps them find a better deal that works best for them. 
  • The SEO is increased competition for cheaper prices between providers. With more suppliers competing against each other in an open market environment, prices become driven down due to natural competition between companies vying to offer better deals and services than rivals – resulting in lower electricity bills overall for consumers who take advantage of these great deals offered by providers. 

Drawbacks of the Singapore Electricity Open Market

The Singapore Electricity Open Market (SEOM) has been a boon for residents of the country, giving them the power to choose their preferred electricity retailer and customize their electricity plans. However, like most new technologies, there are drawbacks that come with using SEOM as well. The two main drawbacks of SEOM include difficulty understanding options and contracts, as well as risks associated with signing up with unreliable retailers. 

To begin with, navigating through the different options available on SEOM can be tricky for those without a technical background. Consumers need to understand concepts such as ‘renewable energy certificates’ (RECs), which are bundled in packages offered by each retailer. Furthermore, consumers also need to understand contract terms such as length of term and cancellation fees when comparing offers from different retailers on the platform before making an informed decision on which plan is best suited for them. 

Another major risk consumers face when using SEOM is signing up with unreliable retailers who may not deliver on their promises or charge hidden fees after signing up customers onto a plan that was initially presented at a more attractive rate. Some companies may also fail to provide proper customer service or even refuse refunds if customers are not satisfied with their services or products purchased from these companies under a plan.


In conclusion, Singapore’s electricity open market has been a great success in providing more affordable and reliable energy to the nation. The availability of multiple suppliers allows for competition, which provides consumers with options that suit their budget and preferences. This market model has also helped to drive innovation in the industry, creating more efficient and sustainable energy sources for the future. Overall, it is evident that Singapore’s electricity open market is working well to provide citizens with quality energy at affordable prices.