Dear readers, it was reported today that iSwitch Energy, Singapore’s largest independent electricity retailer will stop retail operations from November 2021. I believe many Singaporeans will be like me, surprised at the closing down of iSwitch Energy in the market of open electricity retailers.
I recalled when the choice of open electricity retailers was offered to my area of residence, the first retailer which approached me in my neighbourhood was a promoter from iSwitch. iSwitch stood out for me from the other traditional electricity retailers by virtue of its name and modern branding. I did not take the offer from iSwitch from its promoter. In fact, it took me close to two years, after all the advertising of the various open energy retailers waned off that I decided to sign up with one open electricity retailer.
Which retailer did I choose? Well, I chose the retailer which is one of the largest in Singapore, simply because of pragmatism. I have the believe that size does still matter in the open electricity market as in if my open electricity plan is from a large player, the possibility of the large player to continue to offer me longer-term competitive electricity package will be bigger. This is especially importantly, since we are looking at higher electricity prices recently.
I don’t know if the discontinuation of iSwitch will be the start of yet more open electricity retailers also bowing out of the open electricity market.
Will Singapore’s size be sufficient to support and sustain a vibrant open electricity market for economies of scale?
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