Households and businesses throughout Singapore will soon have the option of choosing their energy retailers, according to the Energy Market Authority of Singapore.

The Energy Market Authority (EMA) has gradually been introducing competing energy suppliers into the market to allow consumers options — and ultimately, prices — to choose from. Formerly, customers were only able to buy power from SP Group, who regulated rates. The Open Electricity Market allows eligible consumers to pick a plan based on their needs, or even opt for wholesale pricing.

As of now, those eligible for wholesale pricing are referred to as contestable consumers. These include businesses that use at least 2,000 kWh a month, paying bills that are upwards of $400. Around 95,000 business accounts in Singapore are considered contestable consumers, which accounts for about 80% of electricity demand, reports ema.gov. Needless to say, a huge majority of businesses can take advantage of wholesale pricing.

The Open Electricity Market had its soft launch on April 1, 2018, starting in Jurong and allowing household and businesses alike to choose their power plans. On November 1, 2018, the initiative began its expansion, and will be introduced in one zone at a time. However, consumers are not obligated to take action; they can continue receiving electricity from SP Group as before

Singapore’s EMA says that once the Open Electricity Market is open to all of Singapore (which will be May 1, 2019), roughly 1.4 million home and business customers will have the choice to change their suppliers. Once the options are open for their zone, they can switch plans any time, as there is no deadline. The order of zoning is as follows:

Zone 1: Postal codes starting with 58-78; November 1, 2018

Zone 2: Postal codes starting with 53 – 57, 79 – 80, 82 – 83; January 1, 2019

Zone 3: Postal codes starting with 34 – 52, 81; March 1, 2019

Zone 4: Postal codes starting with 01 – 33; May 1, 2019

Singapore customers are optimistic and hoping that the open market will bring lower energy prices.