9 Jun 2021

Correspondingly, every Singapore Power Services (SP Group) where it is an electricity company that generates our electricity (GROUP, 2020) for our home. In recent years, many other electricity companies came onboard providing every residential and private commercial owner a new source of electricity supply.

Based on the rapid demand for electricity in Singapore, many new electricity companies identify the potential of this business and establish it. Having said that, with an additional of 12 numbers of choice namely: “Best Electricity”, “Diamond Electric”, “iswitch”, “Keppel Electric”, “Ohm”, “Pacific Light”, “SembCorp”, “Senoko”, “Geneco”, “Sunseap”, “Tuas Power” and “Union Power” respectively on 1 Nov 2018 (MARKET, 2018).

Figure 1. 12 New electricity company in Singapore (MARKET, 2018)

Eventually, these will create a very competitive electricity market competency in Singapore, giving all residential and commercial owners a better choice to choose from different electricity sources apart from just Singapore Power Services (SP Services) for over the past 50 years in Singapore. Arguing with that, looking from the business perspective, competition of electricity companies will create peer pressure on one another and as a result, Ministry of Renovation (MOR) believes that these will bring benefits to the market for every homeowner and business owners. Now, electricity companies will need to invest in attractive marketing proposals to attract homeowners or business owners to engage with their electricity products.

Nevertheless, MOR will keep up the updates of every single electricity company in Singapore, bringing the latest and best information to the community.

List of References

GROUP, S., 2020. Corporate Profile. [Online]
Available at: https://www.spgroup.com.sg/about-us/corporate-profile
[Accessed 23 Apr 2020].

MARKET, O. E., 2018. Open Electricity Market Retailers. [Online]
Available at: https://www.openelectricitymarket.sg/residential/list-of-retailers
[Accessed 23 Apr 2020].