Today, the Open Electricity Market’s official website carries a page titled “Retailer Exit”, offering information about what customers can do when their retailer goes bust. Among the nine retailers still sporting their logos on the site, Diamond Electric has suspended new residential plans.
When Singapore liberalised the retail electricity market in 2018, households were free to pick and choose their preferred retailer outside of SP Group. Under the Open Electricity Market, retailers lured them away from the national grid operator with attractive promotions and discounts.
Barely three years later, the volatile energy market proved too much to bear for some retailers, and a wave of exits began. Among them, iSwitch, then the fourth-largest retailer and the largest independent brand, ceased operations in October 2021.
