Singapore used to have a sole provider of electricity, Singapore Power (SP Group) for the residential applicants. Before this, residential consumers have only one option which is to get their electricity supply from the SP Group at the regulated tariff, where the price of electricity is fixed every quarter. Recently, the Singapore government decided to open up the electricity market by inviting more players into the scene to keep the prices and services competitive. The Open Electricity Market initiative will be launched in phases across Singapore, with my housing unit having the chance to switch electricity retailers from 1 January 2019.
At the time of writing, we have stayed in our current unit for only 4 months. The average cost of our electricity bill is $40 per month. Taking that into account, I did my research on the plans that may be suitable for us.
Note: it is not compulsory to switch electricity providers.