The rate has stopped moving and the rebates have taken over. Re-checked on 4 September 2026 against EMA's official comparison portal, all six retailers still quote exactly 29.80¢/kWh on 24 months: Geneco, Keppel Electric, PacificLight, Sembcorp Power, Senoko Energy and Tuas Power. What changed in the past week is the money attached to the signature. **Geneco raised its offer from $255 to up to $325 and swapped its promo codes, Senoko went from $228 to up to $279, and Tuas Power quietly cut PowerFIX 24 from $120 to $100 and retired its National Day code.** EMA has also revised its average household consumption down, so the portal now estimates $109.94 a month for an HDB 4-room flat at 29.80¢ against $128.31 on the regulated tariff, not the $115.77 and $135.12 the old averages produced. Coming off the SP tariff, Geneco's GENECO270 pays $270 and leads at about $96 a month; already with a retailer, GENECO100 pays $100 and Senoko leads instead. Two rates now sit below the pack, both gated: Keppel's referral-only FIXED24 Special at 29.30¢, and the 29.40¢ three-year plans.
Singapore's regulated electricity tariff is 34.78¢/kWh for 1 July to 30 September 2026, the highest it has ever been.
> Quick view: every 24-month plan in the market is still 29.80¢/kWh, so the rebate decides. Coming off the SP tariff, Geneco pays the most (up to $325 on code GENECO270), about $96 a month for a 4-room flat against $128.31. Already with a retailer? Geneco pays $100 and Senoko leads. Avoid Keppel's FIXED12 at 34.77¢.
When six retailers charge exactly the same rate, the money attached to the signature is the only thing left to compare, and Geneco pays the most. Its Get It Fixed 24 is 29.80¢/kWh, confirmed on 4 September 2026 both on EMA's portal and on Geneco's own price-plan page, which states it plainly as "29.80¢/kWh vs SP's 34.78¢/kWh". What changed since our August check is the money: the portal listing has gone from "Up to $255 rebates" to "Up to $325 rebates + Price Match Guarantee", and the promo codes are new. The plan data embedded in Geneco's own page now reads: SP customers use GENECO270 for a $270 bill rebate, everyone else uses GENECO100 and gets $100. The old POWER200 and POWER100 codes are gone, and so is the "first 3,100 sign-ups" cap we flagged in August, replaced by an unquantified "limited sign-ups" line pointing at a T&C PDF. Geneco's share sheet spells out how $325 is built: $270 plus a $20 referral code plus up to $35 in stacked credit-card rebates. Since about 62.8% of households are still buying at the regulated tariff, the larger figure is the one most readers will qualify for, and for them Geneco is the best deal in the market: roughly $2,314 over 24 months for an HDB 4-room household, or $96.40 a month averaged across the contract, which beats every rival and every 29.40¢ three-year plan. If you are already with another retailer, run it again at $100 plus the referral and card stack, which is about $103.48 a month. That is third place rather than last, a better position than the old POWER100 left it in. Note the 4-day online special dated to 6 September that Geneco's page ran the $270 under, so check the code is still live on the day you sign. The Price Match Guarantee is the genuinely unusual extra: Geneco says that if you find a lower price within seven working days of signing up, it will refund the difference on your bill for the contract duration. With every rate identical, it is insurance against the field moving under you. Geneco is the retail arm of YTL PowerSeraya, one of Singapore's largest generation companies. New since our last check is Get It 7 To 7, a 24-month two-tier plan at 27.90¢/kWh from 7pm to 7am and 32.50¢ from 7am to 7pm, dated 24 August on its fact sheet. It needs an advanced meter, but unlike Keppel's equivalent Geneco absorbs the $43.60 installation fee for first-time sign-ups. Its promotions page advertises $65 on that plan while the plan data says promo and referral codes do not apply, so confirm before you rely on it. Get It Fixed 12 is 31.00¢, filed to the portal at up to $60 but shown as $15 on Geneco's own promotions page, and Give Us A Try is 31.00¢ on a 6-month term. The Power Eco add-on starts from about $1 a month for carbon credits or RECs, and an 8th Anniversary offer currently waives the first eight months of it.
Get It Fixed 24 at 29.80¢/kWh with up to $325 in rebates plus a Price Match Guarantee; code GENECO270 pays $270 to SP customers, GENECO100 pays $100 to everyone else, and sign-ups are limited
PacificLight is the only retailer whose rate and rebate both held steady through the past week, which in this market counts as news. Savvy Saver 24 is still 29.80¢/kWh, repriced from the old 27.50¢ on 20 August 2026, and you can date that change precisely: the fact sheet linked from its own plans page is titled "savvy-saver-24-20-aug-2026". EMA's portal still lists it with "Up to $220 Bill Rebate", and PacificLight's ATE 2026 promotion, last updated 20 August, still explains where that comes from: promo code ATE24 pays a $200 rebate off your third-month bill, plus $20 if you add a referral code. Read the cap, because it is hard and it is close: the ATE24 rebate is limited to the first 100 successful new sign-ups and the promotion ends 30 September 2026. ATE36 pays $250 on the three-year plan and ATE60 pays $380 across your 15th and 24th bills on the five-year plan, both also capped at the first 100. The Maybank alternative, MBBON140, is capped at the first 40, and a yuu-branded code, YUU24, pays $50 plus 10,000 yuu Points to the first 500 until 26 October. With Geneco's $270 gated to SP switchers and Tuas having cut its rebate, ATE24's $200 is the largest unconditional cash rebate in the market right now. The other reason to look here is a range nobody else offers: ten residential plans, three of them with no contract at all. Three are new since our last check. Stack It Up 24 prices by usage band, 30.00¢ on the first 300 kWh, 29.40¢ from 301 to 600 and 28.00¢ above that, which only pays off for heavy users. Save While Sleeping 24 is 22.50¢ from 11pm to 7am against 34.50¢ from 7am to 11pm. 9 to 9 is a no-contract plan at 18.50¢ from 9pm to 9am and 38.00¢ from 9am to 9pm, and it carries a $1.01 daily charge, about $30.74 a month, which is the figure that decides it. Easy Peasy at 26.00¢/kWh is still the lowest flat headline rate, though its fact sheet also charges 55¢ a day, so read the section below the cards before you assume it is cheaper. Savvy Saver 36 is 29.40¢ and Sunny Side-Up 12 is the green option at 31.50¢, matching the portal, so the discrepancy we flagged in mid-August stays resolved.
Savvy Saver 24 at 29.80¢/kWh; ATE24 pays $200 plus a $20 referral, the biggest unconditional cash rebate in the market, capped at the first 100 sign-ups and ending 30 Sep 2026
Senoko charges the same 29.80¢ as everyone on LifePower24, and its portal listing has risen from "up to $228" to "up to $279 in promo gifts & rebates", second only to Geneco. Its own promotions page, checked 4 September 2026, now leads with "2 Samsonite and extra bill rebates worth up to $730", a two-piece Oc2lite luggage set worth $680 plus up to $50, on a 36-month plan with recurring payments on a Trust card. Read that stack for what it is: gift-led, not cash-led, and heavily tilted to 36 months. Check the catalogue before you choose, because five of the biggest gifts now read FULLY REDEEMED, all of them 36-month offers: the Ninja Foodi Airgrill worth $408, the Xiaomi Robot Vacuum S20 worth $359, a Samsonite Red TOIIS spinner worth $320, a TTRacing standing desk worth $339 and the PRISM+ PureFresh 50L mini bar fridge worth $339 that we recommended in August. What is still live on 24 months, all against GIRO, is a TTRacing Duo V4 gaming chair worth $259, a Shark Steam Mop worth $208, a Doobsta' fabric bean bag worth $199 and a La Gourmet multi-cooker worth $149. If you want cash rather than an object, the 24-month codes are MBFC130 for $130 on a Maybank credit card, TGBGN130 for $130 on a Tiger BOSS debit card, GIROFB100 for $100 on GIRO, or FB60 for $60 if you cannot set up recurring payments at all. New this month is NVX200, a Novowatt tie-up paying $120 in bill rebates plus $100 in EV charging credits on 24 months, which is worth more than any of them if you drive an electric car. Weigh a gift you would not otherwise buy at rather less than its sticker price before you rank this above Geneco's cash. The stronger argument for Senoko is still plan shape. LifePower36 is 29.40¢/kWh on its own site, matching the best three-year rate in the market. LifeSteady24 and LifeSteady36 track a flat 1.64¢/kWh off the regulated tariff for the whole contract, 33.14¢ today, so they follow the tariff down if the Q3 spike unwinds. LifeSavvy24 charges 20.05¢/kWh between 11pm and 7am against 36.95¢ from 7am to 11pm, still the lowest off-peak rate any retailer publishes. LifeGreen24 is 30.18¢ with 100% RECs, and the #TakeCharge programme is included free even on the standard plan, retiring Renewable Energy Certificates equal to 3% of your annual consumption.
LifePower24 at 29.80¢/kWh with up to $279 on the portal; the 36-month headline is a $680 Samsonite set on a Trust card, but five of the bigger gifts now read FULLY REDEEMED
Tuas Power went the other way this month. PowerFIX 24 is still 29.80¢/kWh, but the bill rebate has been cut from $120 to $100, the promo code has changed from the National Day-branded ONSGDAY26 to a plain ONLINE, and the grocery e-voucher alternative has gone from the plan cards. PowerFIX 36 took the same treatment, down from $200 to $160, which means it no longer carries the largest rebate on the market's best three-year rate; PacificLight's $250 ATE36 does. Both changes are on Tuas Power's own plans page and both are reflected on EMA's portal, which now lists PowerFIX 24 as "$100 Bill Rebate + Same SP Bill". That leaves Tuas second-last of the six on cash, ahead only of Sembcorp, which pays nothing. The reason to pick Tuas has never been the cash, and that case is intact: every PowerFIX plan is marketed as "Same SP Bill", so you keep receiving and paying a single consolidated SP Group bill instead of taking on a second billing relationship, a new GIRO arrangement and another app. If the reason you have never switched is that you did not want the admin, this is the retailer that removes it, and no rival offers it across the board. Alongside those sit PowerFIX 12 at 31.00¢, PowerFIX 25 G+, a 25-month green plan at 32.70¢ with $100 on code ONGREEN, and PowerDOT 6, the portal's only percentage-based discount-off-tariff plan, at a flat 10% off on a 6-month term, which is 31.30¢ at today's 34.78¢. Tuas also bundles 12 months of Singlife insurance cover free with PowerFIX sign-ups, your choice of a home, travel or personal accident plan, which no other retailer on this list attaches, and that benefit survived the rebate cut. Tuas Power is a wholly-owned subsidiary of China Huaneng Group and has operated in Singapore's generation market for decades.
PowerFIX 24 at 29.80¢/kWh with the same SP bill, but the rebate is now $100 on code ONLINE (was $120 on ONSGDAY26); PowerFIX 36 at 29.40¢ is down to $160 from $200
Keppel's FIXED24 is 29.80¢/kWh like everyone else, with $125 on the portal, a further $20 card rebate on top, and up to $145 when you set up recurring payments with a Maybank card. The interesting number is not on the portal at all. Keppel's own plan API lists a FIXED24 Special at 29.30¢/kWh, tagged "Exclusive Friends Rate", which is the only 24-month rate in Singapore below 29.80¢ and undercuts even the 29.40¢ three-year plans. The gate is that it is a referral plan: you need a code from an existing customer, and it carries up to $45 rather than $125, being $20 in card rebate plus a $25 referral rebate. Run the arithmetic before you chase it, because for an HDB 4-room household the 0.50¢ saves about $1.85 a month, or $44 over the contract, which the smaller rebate more than cancels against a straight FIXED24. Take the Special only if you were going to sign with Keppel anyway and someone hands you a code. One more cap worth knowing: a separate GIRO promotion offers $125 under code NEW125 to the first 1,000 new customers, plus $10 for setting up GIRO. SURESAVE DOT is still Keppel's most distinctive plan, at 12% off the regulated tariff with no contract and no early termination charge. Read the gates carefully, because there are three: it is exclusive to customers switching from SP Group, it is not valid for recontracts or relocations, and the contract starts from 1 October 2026, so it will run off the Q4 tariff rather than today's 34.78¢, which had not been published as of 4 September. The discount itself is guaranteed for 24 months. It is also a Non-Standard plan, which under EMA's own definition may carry recurring charges, so read the fact sheet for anything beyond the headline percentage. WEEKEND SAVER is a 24-month plan at 27.90¢/kWh every night and all weekend against 39.90¢ on weekdays from 9am to 9pm; it needs a smart meter, and Keppel charges $43.60 to install one if you do not have it, where Geneco absorbs the same fee on its rival two-tier plan. Keppel also lists FIXED36 at 29.40¢ with up to $120, ecoGreen24 at 38.80¢, and DOT24RN, a renewal-only plan at 5% off the tariff. The one to keep watching is FIXED12, still 34.77¢ on the portal, one-hundredth of a cent below the regulated tariff. That is a full year's commitment that saves an average 4-room household about four cents a month, while every other 12-month plan is 31.00¢. If you are quoted FIXED12, check the rate on the portal yourself before you sign anything.
FIXED24 at 29.80¢/kWh with up to $145 in rebates; a referral-only FIXED24 Special goes to 29.30¢, the lowest 24-month rate in the market, and SURESAVE DOT is 12% off the tariff with no contract for SP Group switchers from 1 Oct 2026
Sembcorp Power's 24M Fixed Price Plan Home is 29.80¢/kWh and its 12M plan is 31.00¢, confirmed on 4 September 2026 both on EMA's portal and on Sembcorp's own residential site, which lists those two plans and nothing else. Neither carries a sign-up incentive. That was a defensible position back when it matched a market where the rate did the work; it is a straightforward disadvantage now that the rate is identical everywhere and the rebate is the only variable left. Worse, the gap widened this month: while Sembcorp stood still, Geneco raised its offer to up to $325. You pay exactly what a Geneco customer pays while leaving all of that on the table, which over a full 24-month contract puts a 4-room household at roughly $2,639 here against $2,314 there. That is the most expensive contracted plan in this list, and the gap is now entirely self-inflicted. The case for Sembcorp is that its plans are also the plainest in the market. There is no gift catalogue to value, no bank-card qualifying spend, no stacked "up to" figure that turns out to need three conditions and a cap on the first hundred sign-ups. Just two rates and a contract. Sembcorp Industries is a Singapore-listed energy and urban group and one of the country's largest power generators, so it may still appeal if you value a simple contract with a major local operator, or if a promotion turns up directly on its own site that has not been filed to the comparison portal. Otherwise, take the same rate with money attached.
24M Fixed Price Plan Home at 29.80¢/kWh, the same rate as every rival but still the only one of the six with no sign-up rebate on EMA's portal or its own site
This is the default, and for most households it is still the status quo: as of 1 June 2026, about 62.8% of households were buying at the regulated tariff and only 37.1% were on an Open Electricity Market plan. For 1 July to 30 September 2026 that tariff is 34.78¢/kWh with GST, or 31.91¢ before GST, made up of energy costs (25.50¢), network costs (6.10¢), the market support services fee (0.23¢) and the market admin and power system operation fee (0.08¢), all before GST. Its one real advantage is that there is no contract and no early-termination fee, and the rate is revised every quarter, so it falls when fuel prices fall. The next revision takes effect on 1 October 2026, and as of 4 September SP Group had not published it. Its disadvantage is simply that it is 4.98¢/kWh more expensive than every 24-month plan in the market, which is 14.3% and about $18.37 a month or $220 a year for a 4-room flat, before any sign-up rebate. That monthly figure is lower than the $19.35 we quoted in August, and not because the gap narrowed: EMA has revised its average household consumption downward, so the same 4.98¢ now applies to 368.9 kWh instead of 388.5 kWh. Note that staying on the tariff is not what protects your U-Save rebate: that is credited to your SP Services account regardless of which retailer you buy electricity from, so switching costs you nothing there. Switching also does not change your wiring, your meter or your supply reliability. The electricity is physically identical, SP Group still operates the grid, and nothing gets cut off during the switch.
34.78¢/kWh incl. GST for 1 Jul to 30 Sep 2026, no contract and revised quarterly, but 4.98¢ above every 24-month plan in the market; the Q4 figure was still unpublished on 4 Sep
| Retailer | Plan | Rate (incl. GST) | Term | Est. bill (4-room) | Sign-up rebate |
|---|---|---|---|---|---|
| Keppel Electric | FIXED24 Special (referral code required, own site only) | 29.30¢/kWh | 24 mths | $108.09 | Up to $45 ($20 card + $25 referral) |
| PacificLight | Savvy Saver 36 (own site only) | 29.40¢/kWh | 36 mths | $108.47 | $250 with code ATE36, first 100 sign-ups, ends 30 Sep |
| Tuas Power | PowerFIX 36 (own site only) | 29.40¢/kWh | 36 mths | $108.47 | $160 bill rebate with code ONLINE (was $200) |
| Keppel Electric | FIXED36 (own site only) | 29.40¢/kWh | 36 mths | $108.47 | Up to $120 ($100 + $20 card) |
| Senoko Energy | LifePower36 (own site only) | 29.40¢/kWh | 36 mths | $108.47 | Gift-led: $680 Samsonite set + up to $50 on Trust card |
| Geneco | Get It Fixed 24 (best deal if you are on the SP tariff) | 29.80¢/kWh | 24 mths | $109.94 | Up to $325: $270 for SP customers (GENECO270), $100 for everyone else (GENECO100), plus $20 referral and up to $35 card |
| Senoko Energy | LifePower24 | 29.80¢/kWh | 24 mths | $109.94 | Up to $279 in gifts & rebates; best cash is $130 on a Maybank or Tiger BOSS card |
| PacificLight | Savvy Saver 24 | 29.80¢/kWh | 24 mths | $109.94 | Up to $220 (ATE24 $200, first 100, ends 30 Sep, plus $20 referral) |
| Keppel Electric | FIXED24 | 29.80¢/kWh | 24 mths | $109.94 | $125 bill rebate + $20 card rebate |
| Tuas Power | PowerFIX 24 | 29.80¢/kWh | 24 mths | $109.94 | $100 with code ONLINE (was $120) + same SP bill |
| Sembcorp Power | 24M Fixed Price Plan Home | 29.80¢/kWh | 24 mths | $109.94 | None listed |
| PacificLight | Stack It Up 24 (tiered by usage, own site only) | 30.00¢ / 29.40¢ / 28.00¢ | 24 mths | $110.26 | ATE24 $200, first 100, ends 30 Sep |
| Senoko Energy | LifeGreen24 (100% RECs) | 30.18¢/kWh | 24 mths | $111.34 | Up to $279 in gifts & rebates |
| PacificLight | Easy Peasy (no contract, own site only) | 26.00¢/kWh + 55¢/day | None | $112.65 | No promo codes allowed on this plan |
| Keppel Electric | SURESAVE DOT (no contract, own site only) | 12% off tariff (30.61¢ today) | None | $112.91 | SP Group switchers only, contract starts 1 Oct 2026 |
| Geneco | Get It Fixed 12 | 31.00¢/kWh | 12 mths | $114.37 | Portal says up to $60; Geneco's own page says $15 |
| Geneco | Give Us A Try | 31.00¢/kWh | 6 mths | $114.37 | See Geneco promotions |
| PacificLight | Savvy Saver 12 | 31.00¢/kWh | 12 mths | $114.37 | Up to $10 bill rebate |
| Sembcorp Power | 12M Fixed Price Plan Home | 31.00¢/kWh | 12 mths | $114.37 | None listed |
| Senoko Energy | LifePower12 | 31.00¢/kWh | 12 mths | $114.37 | Up to $169 in gifts & rebates |
| Tuas Power | PowerFIX 12 | 31.00¢/kWh | 12 mths | $114.37 | Same SP bill |
| Tuas Power | PowerDOT 6 (% off tariff) | 10% off tariff (31.30¢ today) | 6 mths | $115.48 | Same SP bill |
| PacificLight | Sunny Side-Up 12 (RECs) | 31.50¢/kWh | 12 mths | $116.21 | Up to $10 bill rebate |
| Tuas Power | PowerFIX 25 G+ (green, own site only) | 32.70¢/kWh | 25 mths | $120.63 | $100 with code ONGREEN |
| PacificLight | Easy Save (no contract, own site only) | 18% off tariff (28.52¢) + 55¢/day | None | $121.95 | No promo codes allowed on this plan |
| Senoko Energy | LifeSteady24 (cents off tariff) | Tariff minus 1.64¢ (33.14¢ today) | 24 mths | $122.26 | Up to $279 in gifts & rebates |
| Keppel Electric | FIXED12 (barely below tariff) | 34.77¢/kWh | 12 mths | $128.28 | Up to $10 bill rebate |
| SP Group | Regulated tariff (do nothing) | 34.78¢/kWh | No contract | $128.31 | None |
The rate side of this market has stopped moving. Re-pulled on 4 September 2026, EMA's portal still lists 17 residential plans, and all six retailers still quote 29.80¢/kWh on 24 months, exactly as they did on 27 August. Two other things moved instead, and both change the numbers on this page.
EMA revised its average household consumption downward. The portal's estimated monthly bill for an HDB 4-room flat at 29.80¢ has fallen from $115.77 to $109.94, which is not a price cut: it is the same rate applied to 368.9 kWh a month instead of 388.5 kWh. Every home type moved by roughly 5%. Because the same averages drive the regulated-tariff comparison, the "do nothing" figure fell too, from $135.12 to $128.31, so the gap between switching and not switching narrowed slightly in dollar terms while staying identical in cents.
Three of the six rebates changed in eight days. Geneco went from up to $255 to up to $325 and retired the POWER200 and POWER100 codes in favour of GENECO270 and GENECO100. Senoko went from up to $228 to up to $279. Tuas Power cut PowerFIX 24 from $120 to $100 and replaced its National Day code ONSGDAY26 with a plain ONLINE. PacificLight and Keppel held. Sembcorp still files nothing.
If you read this page in August, the ranking has shifted: Geneco is further ahead for SP-tariff switchers, and no longer last for everyone else.
Against the 34.78¢ tariff, 29.80¢ is 4.98¢/kWh cheaper, or 14.3% off. The 29.40¢ three-year rate is 5.38¢ cheaper, 15.5% off. Using EMA's current national average monthly consumption for each home type, the same figures its calculator uses, revised in early September:
| Home type | Avg. use/month | At SP tariff (34.78¢) | At 29.80¢ (24 mths) | At 29.40¢ (36 mths) | Best saving |
|---|---|---|---|---|---|
| HDB 3-room | 267.9 kWh | $93.16 | $79.82 | $78.75 | $14.41/mth |
| HDB 4-room | 368.9 kWh | $128.31 | $109.94 | $108.47 | $19.84/mth |
| HDB 5-room | 434.1 kWh | $150.99 | $129.37 | $127.63 | $23.36/mth |
| HDB Executive | 527.6 kWh | $183.49 | $157.22 | $155.11 | $28.38/mth |
| Condo/Apartment | 520.7 kWh | $181.11 | $155.18 | $153.10 | $28.01/mth |
Every one of those savings is against doing nothing. None of them is a reason to prefer one retailer over another, because on 24 months they all charge the same.
Run the full two-year cost for a 4-room household at 29.80¢, which is $2,639 at the revised average, then subtract what each retailer pays you to sign:
| Retailer | 24-month electricity cost | Less rebate | Net | Per month |
|---|---|---|---|---|
| Geneco Get It Fixed 24 | $2,639 | −$325 | $2,314 | $96.40 |
| Senoko LifePower24 | $2,639 | −$279 | $2,360 | $98.32 |
| PacificLight Savvy Saver 24 | $2,639 | −$220 | $2,419 | $100.77 |
| Keppel FIXED24 | $2,639 | −$145 | $2,494 | $103.90 |
| Tuas PowerFIX 24 | $2,639 | −$100 | $2,539 | $105.77 |
| Sembcorp 24M Fixed | $2,639 | none | $2,639 | $109.94 |
The spread from top to bottom is $325, which is the entire competitive difference in the 24-month market today, and it is wider than the $255 it was a week ago.
Four cautions on reading that table, because none of them appear in the portal's one-line summaries.
Geneco's $325 is a stack, and the biggest piece is gated to SP customers. The plan data embedded in Geneco's own price-plan page splits the offer: SP customers use promo code GENECO270 for $270, while everyone else uses GENECO100 and gets $100. The remaining $55 is a $20 referral code plus up to $35 in credit-card rebates, available to both. The "first 3,100 sign-ups" cap we reported in August is no longer on the page; it now says only "limited sign-ups" and links to a T&C PDF. If you are switching off the regulated tariff, which is about 62.8% of households, the table above is yours. If you are already with another retailer, the ranking changes but Geneco no longer falls to the bottom:
| Already with another retailer? | Rebate | Net over 24 months | Per month |
|---|---|---|---|
| Senoko LifePower24 | $279 | $2,360 | $98.32 |
| PacificLight Savvy Saver 24 | $220 | $2,419 | $100.77 |
| Geneco Get It Fixed 24 | $155 | $2,484 | $103.48 |
| Keppel FIXED24 | $145 | $2,494 | $103.90 |
| Tuas PowerFIX 24 | $100 | $2,539 | $105.77 |
| Sembcorp 24M Fixed | none | $2,639 | $109.94 |
Senoko's $279 is a gift stack, not cash. It is a $259 TTRacing gaming chair on GIRO plus a $20 referral. Value an object you would not otherwise have bought at what you would actually have paid, not at its sticker price. If you want cash from Senoko instead, the best 24-month codes are MBFC130 or TGBGN130 at $130, or GIROFB100 at $100, which puts it behind PacificLight rather than ahead of it.
PacificLight's $220 is capped and dated. It is $200 on promo code ATE24 plus a $20 referral, and the ATE24 half is limited to the first 100 successful sign-ups and expires 30 September 2026. With Geneco's larger figure gated to SP switchers, this is currently the biggest cash rebate anyone can claim without a qualifying condition, which also makes it the one most likely to hit its cap.
Tuas Power's number went down, not up. PowerFIX 24 was $120 on code ONSGDAY26 through August; it is now $100 on code ONLINE, and the grocery e-voucher alternative has gone. If you saved a comparison from last month, this is the line that changed against you.
Four retailers sell a three-year plan at 29.40¢/kWh, none of them filed to the portal: PacificLight's Savvy Saver 36, Senoko's LifePower36, Tuas Power's PowerFIX 36 and Keppel's FIXED36. The rate is genuinely lower, and the best cash rebate on it is PacificLight's $250 on code ATE36, plus a $20 referral.
It still loses. A 4-room household pays $108.47 a month at 29.40¢, so over 36 months that is $3,905, less $270, which averages $100.97 a month. Geneco's 24-month deal averages $96.40. You would be locking in an extra year to pay about $4.57 a month more, a wider gap than the $2.12 it was in August, because Geneco's rebate grew while Tuas cut its 36-month figure from $200 to $160.
The exception is Senoko's LifePower36, where the incentive is an object rather than cash: a two-piece Samsonite Oc2lite luggage set worth $680 plus up to $50 in rebates, on recurring payments with a Trust card. That is the largest single give in the market by sticker price. If you would genuinely have bought that luggage, it changes the answer; if you would not, it does not.
Otherwise the three-year plans are worth taking only if you actively want the longer rate certainty, or if you expect the tariff to keep climbing past 2029.
The lowest flat advertised rate in Singapore is not on the portal at all. PacificLight's Easy Peasy is 26.00¢/kWh with no contract and no early termination charge, which looks like it should end this article.
Its fact sheet adds a 55¢ daily charge, which is about $16.74 a month regardless of how little you use. That changes the arithmetic completely, and EMA's revised consumption averages have pushed one more home type onto the wrong side of the line:
| Home type | Easy Peasy (26.00¢ + 55¢/day) | Any 24-month plan (29.80¢) | Verdict |
|---|---|---|---|
| HDB 3-room (267.9 kWh) | $86.39 | $79.82 | 24-month plan by $6.57 |
| HDB 4-room (368.9 kWh) | $112.65 | $109.94 | 24-month plan by $2.71 |
| HDB 5-room (434.1 kWh) | $129.61 | $129.37 | 24-month plan by $0.24 |
| HDB Executive (527.6 kWh) | $153.92 | $157.22 | Easy Peasy by $3.30 |
| Condo/Apartment (520.7 kWh) | $152.12 | $155.18 | Easy Peasy by $3.06 |
The crossover is still at about 440 kWh a month, but the average 5-room flat now sits below it rather than above, so Easy Peasy lost that home type in the revision without its price changing at all. Add any sign-up rebate to the 29.80¢ side, which Easy Peasy cannot take (its fact sheet says promo codes, referral codes, discounts and vouchers cannot be used), and the 24-month plans win at every household size.
What Easy Peasy is genuinely good for is having no lock-in at all. Against the regulated tariff it wins from about 191 kWh a month upward, which is nearly everyone, so if you might move house or go overseas and will not sign a contract, it beats staying on 34.78¢ by roughly $16 a month for a 4-room flat. PacificLight's Easy Save is the same shape at 18% off the tariff plus the same 55¢/day, which is 28.52¢ today: worse than Easy Peasy while the tariff sits above about 31.71¢, better below it.
The same trap is worse on PacificLight's newest no-contract plan. 9 to 9 advertises 18.50¢/kWh from 9pm to 9am, the lowest number anyone quotes, but the peak rate is 38.00¢ from 9am to 9pm and the daily charge is $1.01, about $30.74 a month. For a 4-room household splitting its usage evenly between day and night, that works out near $135 a month against $110 on a plain 29.80¢ plan. It only makes sense if almost all your consumption is genuinely overnight.
Retailers do not have to file every plan to EMA, and the off-portal shelf keeps growing. Checked 4 September 2026:
These are the comparisons readers actually search for, so here is the short answer to each. All six charge 29.80¢/kWh on 24 months, so every one of these is decided by something other than the rate.
| Match-up | Who wins, and why |
|---|---|
| Geneco vs PacificLight | Geneco if you are coming off the SP tariff, on the $270 GENECO270 rebate against PacificLight's $200 ATE24. PacificLight if you are already with a retailer, because Geneco drops to $100, or if you want a no-contract plan, which Geneco does not sell. |
| Geneco vs Senoko | Geneco on cash, by $270 to $130. Senoko if you want an object instead: a $259 gaming chair on 24 months, or a $680 Samsonite set on 36. |
| Geneco vs Tuas Power | Geneco on money, by a wide margin now that Tuas has cut to $100. Tuas if you want to keep one consolidated SP Group bill and skip a second billing relationship. |
| Tuas Power vs Senoko | Senoko on value, $279 against $100, and it has far more plan shapes. Tuas on simplicity, with the same SP bill and 12 months of free Singlife cover. |
| Senoko vs Keppel Electric | Senoko on incentives, $279 against $145. Keppel if you want a rate below 29.80¢ (FIXED24 Special at 29.30¢, referral only) or a no-contract discount-off-tariff plan. |
| PacificLight vs Keppel Electric | PacificLight on cash, $220 against $145, and on choice, with ten residential plans and three with no contract. Keppel if you are switching from SP Group and want SURESAVE DOT's 12% off with no lock-in. |
| SP Group vs any retailer | The retailer, on every plan except Keppel's FIXED12. Staying on 34.78¢ costs a 4-room household about $18.37 a month more than 29.80¢, and your U-Save rebate is unaffected either way. |
| Sembcorp Power vs everyone | Everyone. Sembcorp charges the identical 29.80¢ and files no rebate, so it is the same electricity for up to $325 more over two years. |
The regulated tariff is revised every quarter to track fuel costs, so the Q3 spike is worth seeing in context. These are SP Group's own published household rates, including GST:
| Quarter | Tariff (incl. GST) | Change |
|---|---|---|
| Jul–Sep 2026 | 34.78¢ | +17.0% |
| Apr–Jun 2026 | 29.72¢ | +2.1% |
| Jan–Mar 2026 | 29.11¢ | −3.0% |
| Oct–Dec 2025 | 30.03¢ | +0.3% |
| Jul–Sep 2025 | 29.94¢ | −2.3% |
| Apr–Jun 2025 | 30.65¢ | unchanged |
| Jan–Mar 2025 | 30.65¢ | −3.4% |
| Oct–Dec 2024 | 31.72¢ | −2.6% |
| Jul–Sep 2024 | 32.57¢ | +0.3% |
Two things stand out. First, 34.78¢ really is unprecedented: SP's published series runs back to 2014 and the previous high was 32.58¢ in Q1 2024. Second, across the seven quarters before this one the tariff stayed inside a 29 to 32¢ band, and no single revision moved it by more than about 1¢. A 4.64¢ jump in one quarter is not the normal rhythm of this market, which is the honest argument for not assuming it is permanent when you choose a contract length. The next revision takes effect on 1 October 2026.
Almost every guide to cutting your electricity bill skips the largest single credit most households receive, because it does not come from a retailer. GST Voucher – U-Save is a government rebate credited straight into your SP Services utilities account, with no application needed. For FY2026 the amounts are:
| HDB flat type | U-Save for FY2026 |
|---|---|
| 1- and 2-room | $570 |
| 3-room | $510 |
| 4-room | $450 |
| 5-room | $390 |
| Executive / Multi-generation | $330 |
It is paid in four tranches, in April, July, October and January, and the July 2026 tranche was doubled. Two things are commonly misunderstood:
For a 4-room household, $450 of U-Save plus about $220 a year saved by moving off the tariff is roughly $670 in a year, most of which requires no action beyond the ten minutes it takes to switch.
A fixed-price plan locks your rate for the whole contract. That is protection if tariffs keep climbing, and a mild regret if they fall, because the tariff is revised every quarter and the Q3 spike was driven by a fuel-price window that may not repeat. Most retailers charge an early-termination fee if you leave before the contract ends, so a 24-month lock is a genuine commitment. If you would rather stay flexible, the options are Geneco's Give Us A Try at 31.00¢ on six months, Tuas Power's PowerDOT 6 at 10% off the tariff (31.30¢ today), and the three PacificLight no-contract plans, of which Easy Peasy is the cheapest above about 440 kWh a month.
We wrote the first version of this page on 29 July 2026, when all six retailers matched at 27.50¢. On 4 August Senoko repriced alone. By 15 August four more had followed and PacificLight stood alone at the old rate. Five days later it was gone too. On 4 September the rates had not moved at all, but three of the six rebates had, and EMA had quietly changed the consumption figures every estimate on this page is built on.
That is the real lesson here. A two-year signature deserves a check on the day you sign, not a comparison you read last month, including this one. Everything above was re-pulled from EMA's portal and the retailers' own sites on 4 September 2026. Rebates move faster than rates: most are promotional, several are capped at a fixed number of sign-ups, and the headline "up to" figures almost always stack conditions. Where the portal and a retailer's own page disagree, as they currently do on Geneco's 12-month rebate, treat the number as unconfirmed until you have it in writing.
On rate alone, none of them, because they all charge the same. As of our 4 September 2026 re-check of EMA's price-comparison portal, all six retailers price their 24-month plan at exactly 29.80¢/kWh including GST: Geneco, Keppel Electric, PacificLight, Sembcorp Power, Senoko Energy and Tuas Power, each estimated at $109.94 a month for an HDB 4-room household on EMA's revised 368.9 kWh average. That makes the sign-up rebate the entire decision, and the answer depends on where you are switching from. Geneco files the largest incentive, up to $325 with a Price Match Guarantee, but the plan data on its own page pays $270 on code GENECO270 only to customers coming off the SP tariff; everyone else uses GENECO100 for $100, and the $55 balance is a $20 referral plus up to $35 in card rebates. If you are on the regulated tariff, which is about 62.8% of households, Geneco is the cheapest at roughly $2,314 over 24 months, or $96.40 a month averaged across the contract. If you are already with another retailer, Senoko's $279 takes the lead at $98.32 a month, then PacificLight at $100.77, Geneco at $103.48, Keppel at $103.90 and Tuas at $105.77, with Sembcorp last at $109.94 because it offers no rebate at all. Note that Senoko's figure is a gift stack, not cash: on cash alone its best 24-month code pays $130, which puts it behind PacificLight's $200 ATE24. Off the portal, four retailers sell a 36-month plan at 29.40¢, but even PacificLight's $250 rebate on that rate only gets you to $100.97 a month, so the shorter contract with the bigger rebate still wins. The single cheapest 24-month rate anywhere is Keppel's FIXED24 Special at 29.30¢, but it needs a referral code and pays only $45, so it does not beat a plain FIXED24 on total cost.
The SP Group regulated tariff for households is 34.78 cents/kWh including GST, or 31.91 cents before GST, for the quarter running 1 July to 30 September 2026. It breaks down into energy costs of 25.50¢, network costs of 6.10¢, a market support services fee of 0.23¢ and a market admin and power system operation fee of 0.08¢, all quoted before GST. That is the highest household tariff in Singapore's recorded history: SP's published series runs back to 2014 and the previous high was 32.58¢ in Q1 2024. It arrived through a 17.0% jump on 1 July, an increase of 4.64 cents in a single quarter, which SP attributes to natural gas prices between 1 April and 15 June 2026. Earlier quarters in the current cycle were 29.72¢ (Apr to Jun 2026), 29.11¢ (Jan to Mar 2026) and 30.03¢ (Oct to Dec 2025). The tariff is revised quarterly, so the next figure takes effect on 1 October 2026 and had still not been published as of 4 September.
The 29.80¢/kWh that every retailer now charges on a 24-month plan is 4.98¢ below the 34.78¢ regulated tariff, which is 14.3% off. Using EMA's national average consumption figures, revised downward in early September 2026, that is about $13.34 a month for an HDB 3-room flat, $18.37 for a 4-room, $21.62 for a 5-room, $26.27 for an executive flat and $25.93 for a condo or apartment. Those are lower than the figures we published in August, but not because the gap narrowed: the same 4.98¢ is now applied to a smaller average household, 368.9 kWh instead of 388.5 kWh for a 4-room flat. That works out to roughly $220 a year before any sign-up rebate; add Geneco's $325 over the two years and the real saving is closer to $383 a year. The 29.40¢ three-year plans sold off-portal widen the rate gap slightly, to 5.38¢ or 15.5%, worth $19.84 a month for a 4-room flat. Separately, remember the GST Voucher – U-Save rebate, worth $450 over FY2026 for a 4-room flat and credited automatically to your SP Services account whether or not you switch.
It has the lowest headline rate, but for most households it is not the cheapest bill. Easy Peasy is a no-contract, non-standard plan sold only on PacificLight's own site, and its EMA fact sheet prices it at 26.00¢/kWh plus a daily charge of 55¢, which is about $16.73 a month no matter how little you use. The crossover against the 29.80¢ fixed plans is roughly 440 kWh a month. Below that the daily charge swallows the discount: an HDB 4-room household on EMA's revised 368.9 kWh average pays about $112.65 here against $109.94 on a 29.80¢ plan, and a 3-room household pays $86.39 against $79.82. EMA's September revision also pushed the average 5-room flat below the crossover, so Easy Peasy now loses for every HDB flat type and wins only for executive flats and condos, by about $3 a month. Two further catches: the fact sheet says promo codes, referral codes, discounts and vouchers cannot be used on this plan, so you forgo every rebate, and PacificLight's Easy Save is the same shape at 18% off the tariff plus the same 55¢/day, which today works out dearer. Where Easy Peasy genuinely earns its place is flexibility. It has no contract and no early termination charge, and it beats the regulated tariff from about 191 kWh a month upward, so it is the sensible pick if you may move house or go overseas.
Yes. EMA states plainly that you remain eligible for GST Voucher – U-Save no matter which retailer you switch to. The rebate is credited directly into your SP Services utilities account, with no application needed, and it follows the account rather than your electricity contract. It is applied to your non-electricity charges first, meaning water, gas and refuse collection, before it is used against electricity, so if your retailer bills you separately for electricity the rebate lands on the SP bill covering everything else. For FY2026 the amounts are $570 for 1- and 2-room HDB flats, $510 for 3-room, $450 for 4-room, $390 for 5-room and $330 for executive or multi-generation flats, paid in four tranches in April, July, October and January, with the July 2026 tranche doubled. Only HDB households are eligible, and members must not own more than one property.
The 24-month bracket is where the money is, because the rate is the same at all six retailers (29.80¢/kWh) and the rebates attached to it are the largest in the market. Geneco's up to $325 brings a 4-room household to about $96.40 a month over the contract, which is the cheapest effective price available anywhere today, though the $270 core of that is reserved for customers switching off the SP tariff; if you are already with a retailer, Senoko's $279 leads instead at $98.32. The 12-month plans are 31.00¢ at Geneco, PacificLight, Sembcorp, Senoko and Tuas, which is 1.2¢ more per kWh, about $4.43 a month for a 4-room household, for half the commitment. Avoid Keppel's FIXED12 at 34.77¢: a full year's lock-in at one-hundredth of a cent below the regulated tariff. Thirty-six months is crowded, with PacificLight, Senoko, Tuas and Keppel all at 29.40¢ off-portal, but the lower rate does not beat the 24-month rebate, working out to about $100.97 a month at best, and Tuas cut its 36-month rebate from $200 to $160 in September. Six months means Geneco's Give Us A Try at 31.00¢ or Tuas Power's PowerDOT 6 at 10% off the tariff (31.30¢ today), and is the sensible pick if you may move or want to see the Q4 tariff first. If you want no commitment at all, PacificLight's three no-contract plans and Keppel's SURESAVE DOT at 12% off the tariff are the options, though Keppel's is restricted to SP Group customers switching from 1 October 2026.
Yes, and there are now five worth knowing about, in three different shapes. On EMA's portal, Tuas Power's PowerDOT 6 is a flat 10% off the regulated tariff on a 6-month term with the same SP bill, working out to 31.30¢ at today's 34.78¢, and Senoko Energy's LifeSteady24 is quoted in cents instead, a flat 1.64¢/kWh off the tariff for the whole contract, or 33.14¢ today. LifeSteady36 is on Senoko's own site on the same terms. Off the portal, Keppel Electric's SURESAVE DOT is 12% off the tariff with no contract and no early termination charge, and the discount is guaranteed for 24 months, but it is exclusive to customers switching from SP Group, is not valid for recontracts or relocations, and only starts from 1 October 2026. Keppel also lists DOT24RN at 5% off, which is a renewal-only plan, so it is not open to new customers. PacificLight's Easy Save is 18% off the tariff with no contract, which sounds like the best of the lot until you read the 55¢ daily charge that comes with it. A DOT plan is worth considering if you expect the Q3 2026 spike to unwind, because it tracks the tariff down; a fixed plan is better if you expect rates to stay high, and every retailer raising its fixed rate through August suggests they are not pricing in a sharp fall.
There are now five time-of-use plans in Singapore, up from one a few months ago, and the headline off-peak rate is the wrong thing to compare. What decides it is how many hours the cheap window runs and what share of your consumption falls inside it. Senoko's LifeSavvy24 has the lowest off-peak rate at 20.05¢/kWh from 11pm to 7am, but its peak rate is 36.95¢ from 7am to 11pm, so with only eight cheap hours you need a genuinely nocturnal household to come out ahead. PacificLight's Save While Sleeping 24 uses the same eight-hour window at 22.50¢ against 34.50¢, and needs roughly 39% of your usage inside it to beat a flat 29.80¢ plan. PacificLight's 9 to 9 advertises 18.50¢ from 9pm to 9am, the lowest number anyone quotes, but adds a $1.01 daily charge, about $30.74 a month, which is usually enough to sink it. The two most practical are the twelve-hour splits. Geneco's Get It 7 To 7 is 27.90¢ from 7pm to 7am against 32.50¢ from 7am to 7pm, and Keppel's WEEKEND SAVER is 27.90¢ every night from 9pm to 9am plus all weekend against 39.90¢ on weekday daytimes. Geneco's needs about 59% of your usage in the evening and overnight block to beat 29.80¢, which many households out at work all day will clear. All of these need an advanced or smart meter: Keppel charges $43.60 to install one, Geneco absorbs the same fee for first-time sign-ups. If you cannot estimate your day-night split from your SP app, take the flat 29.80¢ plan with the biggest rebate instead.
Nobody can tell you, but the mechanism is public and worth understanding. The regulated tariff is revised every quarter to track fuel costs, and the current 34.78¢/kWh covers 1 July to 30 September 2026, so the next revision takes effect on 1 October 2026. The Q3 jump of 17.0% reflected natural gas prices between 1 April and 15 June 2026, a window when global fuel prices were elevated, which means it can fall again if that eases. Context matters: across the seven quarters before this one the tariff stayed inside a 29 to 32¢ band and no single revision moved it by more than about 1¢, so a 4.64¢ jump is not the normal rhythm of this market. Retailer pricing is a separate signal and it moved the other way through August: all six retailers raised their 24-month rate from 27.50¢ to 29.80¢ between 4 and 20 August, which suggests they are not pricing in a sharp fall. If you think the spike will unwind, a discount-off-tariff plan follows the tariff down, so look at Tuas Power's PowerDOT 6 at 10% off or Senoko's LifeSteady24 at 1.64¢ off. If you think rates stay high, a fixed plan locks today's price.
No. Switching is a billing change, not a physical one. SP Group still owns and operates the grid, still maintains your meter and still delivers the electricity, so the power reaching your flat is physically identical no matter which retailer you buy from, and there is no downtime during the switch. Your U-Save rebate is unaffected too. The real risks are contractual rather than technical: most fixed plans charge an early-termination fee if you leave before the contract ends, and a fixed rate means you will not benefit if the regulated tariff falls in a later quarter. One practical exception to watch is Keppel's WEEKEND SAVER, which needs a smart meter for half-hourly readings and carries a $43.60 installation fee if you do not already have one.
