OEM stands for “Open Electricity Market”.
The Energy Market Authority is working towards implementing Open Electricity Market (OEM), formerly known as Full Retail Competition (FRC), in which households in Singapore have the option to continue buying electricity from SP Services (SPS) at regulated tariff prices, or to switch to buy electricity from Electricity Retailers at market prices.
Currently, only Commercial or Industrial (C&I) consumers with an average monthly electricity consumption of at least 2,000 kWh (electricity bill of around $400/month) are eligible for contestability.
The Soft Launch
EMA has announced that the soft launch of OEM will happen on April 2018, where households and businesses in Jurong can choose to buy electricity from a retailer with a price plan that best suit their needs. The soft launch will impact consumers whose premises have postal codes starting with 60, 61, 62, 63 and 64.
In the second half of 2018, the remaining 1.3 million accounts, mainly households, will also enjoy choice and flexibility in their electricity purchase.