Tuas Power Supply review: Comparison of Tuas Power electricity plans and promotions

Tuas Power has always been a big name in the industry (since 1995): As one of the leading power generation companies in Singapore, they generate and retail their own energy. Compared to electricity retailers that have to buy from power plants and then sell to consumers, it’s one less middleman in the way.

That may be reassuring to some, but the truth is that most of us are more concerned about the dollars and cents. How price competitive is Tuas Power Supply? Let’s compare their electricity price plans to find out.

Tuas Power Supply review (summary)

If you’re lazy to read the whole article, here’s what we found:

TLDR: Tuas Power’s electricity price plans are not the cheapest (Senoko, Geneco, Keppel, and Pacific Light are all cheaper as of the time of writing).

If you’re still into paying more money for Tuas Power… then read along.

Unlike some other retailers who offer non-standard plans — e.g. peak and off-peak pricing etc. —  Tuas Power Supply only offers the two standard types: fixed-rate and discount off regulated tariff.

There used to be five residential electricity plans in 2019. Price-wise, they weren’t very cheap. Today, Tuas Power is significantly more affordable and competitive. There are only three fixed rate residential electricity plans available for application, but the rates are at $0.2979/ kWh with GST, which is actually lower than SP Group’s current rates of $0.2990/ kWh with GST.

However, they do have regular promotions and a referral programme – one per cent cash rebate with POSB Everyday card, sign up online using your friend’s referral code to get $20 in bill rebates, and if you recommended a friend to Tuas Power, you will get up to $20 per referral.

All prices include the transmission loss factor (i.e. you won’t be charged for it).

For those who may be interested in signing up for Tuas Power Supply, keep reading to learn more.

Tuas Power Supply electricity plan comparison

The above table is an overview of Tuas Power Supply’s electricity plans for residential households. Currently, there are only fixed price plans available for application online.

At $0.2979 per kWh, Tuas Power Supply’s fixed rate plan is cheaper than the current tariff of $0.2990 per kWh (April 1 to June 30 2022), prices inclusive of GST.

Interestingly, the price is the same for all contract durations, be 12, 18 or 24 months. This is unusual — most other retailers offer better rates for the two and three-year contracts so they can lock in your business. The longer the better mah.

And it’s not even because Tuas Power Supply’s rate is so good that they don’t need to bother with incentives… At the moment, they’re not even in the top five cheapest fixed rate plans. The lowest fixed rate plan is currently by Geneco ($0.2680 for a 24-month contract).

Tuas Power Supply — “discount off regulated tariff” electricity plans

If you prefer to peg your electricity rate to the regulated tariff (which is revised every quarter, four times a year), then you can opt for “discount off regulated tariff” plans.

While Tuas Power used to offer discounts on tariff plans, they have since ceased such plans. The only discount off tariff plan available right now is by Senoko Energy at six per cent off SP’s regulated tariff for six months.

Tuas Power referral code programme

Few years back in 2019, Tuas Power Supply’s referral promo code and programme called Referral+ was pretty popular. You could even find people designing their own referral code banners okay…

These were Facebook screenshots from years ago.

Initially, I just thought everyone was being very shameless and “kiasu” about earning some extra rebates… But who knew they actually had quite a good reason to?!

Compared to everyone else, Tuas Power Supply’s referral programme was next level… And by that I actually mean multi-level; as in multi-level marketing (MLM).

Here’s the example taken from Tuas Power’s website in 2019:

When you refer your friend Alice (Tier one), you will get $20. When Alice refers her friend Bernice, you will get $10 (Tier two). When Bernice refers another friend Calvin, you will get $5 (Tier three).

Power, right?!

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Like most referral programmes, both the referrer and referee will receive bill rebates for each successful referral. If I refer you, we both get money — simple as that.

Tuas Power Supply’s Referral+ programme is still ongoing if you’re auntie enough to want to tap into this MLM-like programme.

Here are the deets: If you recommend a friend to use Tuas Power, your friend signs up online using your referral code, and both of you get $20 off your bill (Tier one). If your friend refers another friend, you get $10 off your bill (Tier two). If your friend’s friend refers another friend, you get $5 off your bill (Tier three).

When you sign up with Tuas Power, you will automatically receive your own referral code (via SMS and in your confirmation letter). Your friend (the referee) will need to key in your referral code (the referrer’s) in the “Campaign / Referral Code” field in the signup form.

Do note that this will take three to six weeks to process, and is only valid for online sign-ups. So don’t even think of randomly approaching people at roadshows — it won’t work.

Tuas Power promotions

On top of the referral programme, Tuas Power Supply has several ongoing credit card promotions such as a one per cent cashback with POSB Everyday Card, and up to six per cent cashback with the UOB One Credit Card. Up to $100 bill rebate.

Free 1-year Singlife with Aviva insurance

Also, all Tuas Power Supply customers can pick a complimentary 12-month plan from Singlife with Aviva for either Dengue Aid insurance, Home insurance, or Utilities Relief insurance. You just need to select it in your application form.

After that, an Aviva Relationship Consultant will reach out to you (around two weeks later). They will then help you apply for free insurance coverage.

This article was first published in MoneySmart.