In early 2019, Ohm Energy was one of the three finalists in the elimination battle on how to choose an open electricity market retailer in Singapore. Eventually, I was so impressed with Ohm Energy’s customer service that I signed up for a two-year contract. At that time, SP Group’s prevailing tariff was 22.93 cents/kWh. By comparison, Ohm Energy offered a fixed price at 17.71 cents/kWh. For the most part, this rate (offered by Ohm Energy) has been significantly lower than the prevailing electricity tariff for the past two years. How awesome can that be! In fact, it was lower than the lowest electricity tariff for the past five years.

Ohm Energy’s Exit

The electricity tariff has been volatile and difficult to predict. As a result, not all the electricity retailers were able to set the right price in their electricity plans. Given that inability to sustain the offer to its customers, the electricity retailer would be forced to cease its services. In this case, Ohm Energy would exit the retail electricity market with effect from 15th October 2021. Thereupon, all its customers would be transferred back to SP Group. In other words, we will pay for electricity at the prevailing electricity tariff. If you are curious, then here is a list of the open electricity market retailers that have exited the retail electricity market.

• ES Power (transferred to iSwitch on 6th June 2019)
• Ohm Energy (exited on 15th October 2021)
• Best Electricity (exited on 19th October 2021)
• iSwitch (exited on 11th November 2021)

Ex-Gratia Payment

At this point, here is a reminder on why I chose to tie myself down with Ohm Energy for two years. Despite that slightly higher price as compared to its competitors, Ohm Energy won my heart with top notch customer service. Though it is shutting its doors now, Ohm Energy intends to present its customers with an ex-gratia payment as a token of appreciation for their support. This ex-gratia payment is not mandated by law. Therefore, it is heartwarming to receive such a gesture for sure!

Electricity Account

You would have received a notification from SP Group with the subject “Notification of Transfer of SP Services”. In detail, the letter would state that your existing retailer (Ohm Energy) is unable to continue retailing electricity to you. Accordingly, SP Group would transfer your electricity supply services to SP Services Ltd on 20th October 2021. It is important to realise that your electricity supply would not be affected in any case.

What’s Next?

The quest to pay a lower rate for electricity continues. If you intend to save some money off your monthly electricity bill, then check out my latest comparison on how to choose an open electricity market retailer in Singapore.

What is Open Electricity Market?

Back in November 2018, Energy Market Authority (EMA) launched the Open Electricity Market. Thereupon, you are able to choose who you want to work with for your electricity supply. Before you make that decision, let’s understand the open electricity market first. You may read more about the open electricity market and the types of plan that the electricity retailers offer here.

First Published: 13 November 2019
Last Updated: 9 November 2021