Electricity retailers are rolling out new plans and promotions as more households look to lock in their electricity rates amid higher energy costs.

The proportion of households on fixed-price plans has risen from 36.6% in February to 38.4% in September, while retailers have introduced new discounts, rebates and longer-term fixed-price contracts.

So what is driving this shift, what do the different plans actually offer and what should households look out for when deciding whether to switch?

On The Big Story, Hongbin Jeong speaks with Dr Sung Jinseok, Research Fellow at the Energy Studies Institute at the National University of Singapore, to find out more.