Open Electricity Market (OEM) is a new electricity retail model that allows consumers to choose the retailer and plan that best suits their needs. It was introduced by the Energy Market Authority (EMA) of Singapore in 2018.
The purpose of OEM is to increase competition in the market, which will bring down prices as well as give consumers more options and flexibility in terms of their electricity plans.
What are The Top Advantages of Open Electricity Market?
Efficiency
The presence of more competition will lead to greater efficiency and innovation in the electricity market.
More choices for consumers
In an open electricity market, consumers will have more choices of electricity plans and providers. This will allow them to choose a plan that best suits their needs and budget.
Lower prices
The increased competition in the electricity market will lead to lower prices for consumers.
Improved service quality
The presence of more competition will also spur electricity providers to improve their service quality in order to win customers. This could include better customer service, faster response times, and more convenient payment options.
Overall, the benefits of open electricity market in Singapore are clear – it provides more choices and flexibility for consumers, increases competition in the market, and ultimately drives down prices for everyone. If you’re a consumer looking to switch to an OEM plan or provider, be sure to do your research and carefully consider all of your options.
Factors to Consider When Choosing Open Electricity Market
There are several factors to consider when choosing an open electricity market provider, including:
Provider reputation
The reputation and track record of the provider is an important consideration, as a reputable provider will likely provide better service quality and customer support.
Reliability of electricity supply
Another factor to consider is the reliability of the electricity supply provided by different providers. Some may offer lower prices but have less reliable power delivery, while others may have higher rates but provide more consistent power.
Customer service
The quality of customer service offered by different providers should also be considered. This includes factors such as the responsiveness of customer service representatives, the convenience of payment methods, and the overall friendliness of the company.
Reviews and testimonials
Also, reviews and testimonials from other consumers can be helpful in choosing a provider. These can give you insights into the quality of service and support offered by different companies.
Price
The most important factor is price – you will want to find a plan that offers the lowest rates while still meeting your energy needs. This may require doing some research and comparing different plans from various providers.
Customer service
You should also consider the quality of customer service offered by different providers. This may include factors such as responsiveness, payment methods, and overall friendliness. Ideally, you should look for a provider that offers high-quality support while maintaining competitive rates.
Other factors to consider include the reliability of electricity supply provided by different providers, as well as their track record and reputation. Ultimately, the best open electricity market provider for you will depend on your specific needs and budget. With careful research and consideration, however, you should be able to find a plan that suits your needs perfectly.
