Tuas Power has always been a big name in the industry (since 1995): as one of the leading power generation companies in Singapore, it generates and retails its own power. Compared to electricity retailers who have to buy from power plants and then sell to consumers, this broker is lower than the middle one way down.
This may be reassuring to some, but the truth is that most of us care more about dollars and cents. How competitive are Tuas Power Supply’s pricing? Let’s compare their electricity price plans to find out.
Tuas Power Supply Review (Summary)
If you’re too lazy to read the entire article, here’s what we found:
TLDR: Tuas Power’s electricity price plans aren’t the cheapest (Senoko, Geneco, Keppel and Pacific Light are all cheaper at the time of writing).
If you’re still paying more for Tuas Power… read on.
Unlike some other retailers that offer non-standard plans – such as peak and off-peak prices and so on – Tuas Power Supply offers only the two standard types: flat rate and regulated tariff discount.
There were five residential electricity plans in 2019. In terms of price, it wasn’t very cheap. Today, Tuas Power is more competitive and affordable. There are only three flat-rate residential electricity plans available to apply, but the rates are $0.2979/kWh with GST, which is actually lower than the current SP group rates of $0.2990/kWh with GST.
However, they do have regular promotions and a referral program – one percent cash discount with POSB Everyday card, sign up online with your friend’s refer code to get $20 bill discounts, and if you recommend a friend to Tuas Power you’ll get up to 20 $1 per referral.
All prices include the transmission loss factor (ie you will not be charged for this).
For those who might be interested in signing up for Tuas Power Supply, keep reading to find out more.
Tuas Power Supply’s Electricity Plan Comparison
|Electricity plans for power supply in Tua||Price per kWh||Duration of the contract|
|Tuas Power Fix 12||0.2979 USD||12 Months|
|Tuas Power FIX 18||0.2979 USD||18 months|
|Twas Power Fix 24||0.2979 USD||24 months|
The table above is an overview of TOWAS electricity plans for residential homes. Currently, only fixed price plans are available to apply online.
At $0.2979 Per kWh, Tuas Power Supply’s flat rate plan is cheaper than the current tariff of $0.2990 per kWh (April 1 to June 30, 2022), prices are inclusive of GST.
Interestingly, the price is the same for all contract terms, whether they are 12, 18 or 24 months. This is unusual – most other retailers offer better prices for two- and three-year contracts so they can secure your business. Longer the best mah.
And it’s not because Tuas Power Supply’s rate is so good that they don’t need to worry about incentives… At the moment, they’re not even among the top five flat rate plans. Currently the lowest flat rate plan by Geneco ($0.2680 for a 24-month contract).
Tuas Power Supply – “Discounted on Regulated Tariff” for Electricity Plans
|Tuas Power Supply discount from structured tariff plans||Price per kWh||Duration of the contract|
If you prefer to link your electricity price to the Regulated Tariff (reviewed quarterly, four times per year), you can opt for the Regulated Tariff Discount plans.
While Tuas Power used to offer discounts on tariff plans, it has since discontinued such plans. The only discount from the tariff plan now available is by Sinoko Energy at six percent of the six-month SP regulated tariff.
Tuas Power Referral Code Program
A few years ago in 2019, the Tuas Power Supply referral promotional program and program called Referral+ was very popular. You can even find people who design their referral code banners really well…
These were screenshots from Facebook years ago.
At first, I thought everyone was so rude and “kiasu” about earning some extra discounts…but who knew they actually had a good reason for that?!
Compared to everyone else, Tuas Power Supply’s referral program was next level…and by that I mean actually multi-level; As in multi-level marketing (MLM).
This example is from the Tuas Power website in 2019:
When you refer your friend Alice (1st level), you will get $20. When Alice refers her friend Bernice, she will get $10 (2nd level). When Bernice refers another friend Calvin, you will get $5 (third level).
Strength is not it?!
Like most referral programs, both the referrer and the judge will get billed rebates for each successful referral. If you refer you, we’ll get the money – that simple.
Tuas Power Supply’s Referral Program+ is still ongoing if you’re your aunt enough to want to take advantage of this MLM-like program.
Here are the deets: If you recommend a friend to use Tuas Power, your friend signs up online with your referral code, and both of you will get $20 off your bill (first level). If your friend refers another friend, you will get $10 off your bill (second level). If your friend refers another friend, you will get $5 off your bill (third level).
When you register with Tuas Power, you will automatically receive your referral code (via SMS and in your confirmation letter). Your friend (referrer) will need to enter your referral code (referrer) in the “Campaign / Referral Code” field on the sign-up form.
Note that this will take three to six weeks to process, and is only valid for online registrations. So don’t even think about approaching random people on promotions – it just won’t work.
Tuas Power Promotions
On top of the referral program, Tuas Power Supply has several ongoing credit card promotions such as one percent cashback with a POSB Everyday card, and up to six percent cashback with a UOB One credit card. Up to $100 off the invoice.
Singlife is free for 1 year with Aviva insurance
Also, all Tuas Power Supply customers can choose a free 12-month plan from Singlife with Aviv For dengue insurance, home insurance, or utility relief insurance. You just need to specify it in your application form.
After that, an Aviva relationship counselor will contact you (after about two weeks). They will then help you apply for free insurance coverage.
This article was first published in Money Smart.
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