Advertisement
Singapore markets closed
  • Straits Times Index

    3,224.01
    -27.70 (-0.85%)
     
  • Nikkei

    40,168.07
    -594.66 (-1.46%)
     
  • Hang Seng

    16,541.42
    +148.58 (+0.91%)
     
  • FTSE 100

    7,952.62
    +20.64 (+0.26%)
     
  • Bitcoin USD

    70,802.59
    +1,989.01 (+2.89%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • S&P 500

    5,252.84
    +4.35 (+0.08%)
     
  • Dow

    39,794.10
    +34.02 (+0.09%)
     
  • Nasdaq

    16,378.52
    -21.00 (-0.13%)
     
  • Gold

    2,241.80
    +29.10 (+1.32%)
     
  • Crude Oil

    82.99
    +1.64 (+2.02%)
     
  • 10-Yr Bond

    4.2060
    +0.0100 (+0.24%)
     
  • FTSE Bursa Malaysia

    1,530.60
    -7.82 (-0.51%)
     
  • Jakarta Composite Index

    7,288.81
    -21.28 (-0.29%)
     
  • PSE Index

    6,903.53
    +5.36 (+0.08%)
     

SME businesses can “Refinance” Power supplier to save on Electricity Bill

SME businesses can “Refinance” your power supplier to Save on Electricity Bill

Paul Ho (iCompareLoan.com) Feb 2017.

You can refinance your home loan, but do you know that you can also “Refinance” or switch your power supplier.


Really? Can I really switch my power supplier? I thought that there is only Singapore Power (SP)?

Yes, if you are eligible, you can switch your power supplier now.

This is similar to telecommunication deregulation many years ago to bring in M1 and Starhub. So no longer is Telecommunication equal to Singtel. The same is going to be true for power supplier, no longer is Power and Utilities equal to SP.

Energy Market Authority – Deregulation of power supplier

How does this work? Since the deregulation of energy market, you are now free to switch supplier of power generation companies.

ADVERTISEMENT

The deregulation is gradual and is only open to companies or industries that has a power usage greater than 4000 k.w.h. and those who are “Contestable” customers. Central kitchens, light industrial, manufacturing companies, car workshop, those that uses machines and lathes will find this really helpful.


Diagram 1: Electricity Industry Structure, Energy Market Authority

The power grid remains the same, but you are now free to choose your power supply from the various power generation companies.

Through the Electricity retailers, they are now able to offer you a choice of power generation companies from which to sign up to. So SP Power no longer has a monopoly to Power generation.

Many small businesses, small industries, factories, commercial buildings are switching their power generation company supplier and saving on electricity bills.

Now that the economy is getting more and more challenging, it is wise to switch to another power generation company to save on your electricity bills.

How to switch to another cheaper Power Generation Company Provider?


In order to switch power generation provider, please the following: -

1. Scanned copy of your latest 3 month’s SP bills.

2. Make sure that your contract on the lease is more than 12 month’s remaining.

3. Make sure your power usage is more than 4000 K.w.h., or roughly $500 onwards in general.

The power generation company will check into the registry to confirm if you are eligible to switch.

If you can refinance your home loan, why not “refinance” your power generation provider? You will save on your electricity bills and hopefully survive and become a leaner company.