Dear readers, the current SP Group electricity tariff is 29.88 cents (before GST) per kWh for the Jul to Sep 24 period.
The current SP’s tariff is higher than the tariff offered by the Open Electricity Market players. For example, Tuas Power is currently offering 29.42 cents (including GST) per kWh or just 26.99 cents before GST. Tuas Power tariff is hence about 8.7% lower than SP tariffs.
This means that for a household with a monthly electrical bill of $100, the household can save around $8.70 by being on Tuas Power plan as versus SP Group plan. Annually the household can save around $100.
With the relatively higher SP tariffs now, I believe it makes economical sense now to be subscribed to an Open Electricity Market electricity retailer which offers tariff rates lower than SP’s.
Given SP tariffs may change over time (though I hold the view that tariffs should head up more likely in the long term), subscribers may still be able to switch over to SP electricity plans once their contract with the Open Electricity Market retailer concludes.