Singaporeans can look forward to potentially lowering their power bills as the Open Electricity Market (OEM) rolls out in zones across the island. Mr Yeap Ming Feng, head of content at personal finance portal Seedly.sg, says it is timely for consumers to switch to a retailer from a cost-saving point of view as most of the available plans can help them reduce their electricity bills. There are 12 retailers and the list will change over time. Buying electricity from a retailer does not change the way power is physically supplied to you because SP Group will continue to operate the national power grid. However, bear in mind that if you have opted for a contractual period of between six months and two years and oil prices drop, for example, you may not benefit from cheaper power. Of course, you can switch plans once your contract period ends. DBS Electricity Marketplace was launched in Mar to offer convenience to consumers who want to switch to other retailers, starting with new players iSwitch and Keppel Electric.... Continue Reading