SINGAPORE (Apr 23): This month, Joshua Loke switched his electricity service provider. Instead of Singapore Power Services, Loke now buys electricity from Keppel Electric. He will pay about 20% less than what SPS currently charges, he says.

Loke lives in Jurong, where the Energy Market Authority has soft-launched the open electricity market. Since April 1, households and businesses whose premises have postal codes starting with 60, 61, 62, 63 or 64 can buy electricity from a retailer of their choice. The OEM will be extended to the rest of the country in 2H2018.

Not everyone has been as quick as Loke in making the switch. Mrs Koh is adopting a “wait-and-see” attitude, as is her mother-in-law, who also lives in Jurong but in a separate household. “No one wants to be the guinea pig,” Koh says, adding that SPS has done a good job so far. “People trust the government more.” While electricity plans that offer discounts on tariffs may be enticing, Koh thinks that these could be just a temporary marketing ploy. She says she and her husband will only consider switching to a different retailer when more people have switched.

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