,Singapore

Singapore's Energy Market Company to help firms pick electricity retailer in 15 minutes

It launched a procurement portal, PowerSelect, which also houses electricity futures data.

Previously, Singapore firms had to wait for one to two months to find an electricity retailer, because they still need to brief and negotiate with retailers face-to-face individually as well as receive and compare quotations. But weeks after the liberalisation of Singapore’s electricity market, Singapore Exchange (SGX) subsidiary Energy Market Company (EMC) launched PowerSelect, a procurement portal which has a 15-minute live auction feature that aims to shorten the time and the process of businesses choosing between electricity retailers.

EMC said in an announcement that this feature works best for firms that prefer fixed price plans or discount off tariff plans (DOT). With PowerSelect, businesses can set a starting bid and already establish contract parameters. The winning bid will be determined through the 15-minute live auction, which aims to fast-track the whole procurement process.

Businesses with special requirements can purchase electricity through invitations to tender. “Under this method of procurement, electricity retailers prepare customised proposals for the customers’ consideration. The retailers are incentivised to put forward their best offers upfront as they have no visibility of other retailers’ proposals,” EMC added.

PowerSelect also houses data from the wholesale and futures electricity markets to help businesses make decisions around their electricity purchases. It is supported by 11 electricity retailers in Singapore, namely ES Power, Geneco, GreenCity Energy, Hyflux Energy, I Switch, PacificLight Energy, Sembcorp Power, Sunseap Energy, and Tuas Power Supply.

EMC added that it will explore the possibility of extending the portal to small electricity consumers like households in future.

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

ARA LOGOS is currently on the 13th spot.
Meanwhile, the demand for petrochemical exports benefitted from this same crisis.
This is expected to speed up the electronic exchange of trade documents.
This is in support of achieving Absolute Zero Carbon by 2040.
Adults will only shop if goods are discounted by at least 48%, survey says.   About 54% of 1,001 Singaporean adults have plans to shop during the Black Friday sales but only if prices of goods are discounted by at least 48%, a survey from Finder.com showed.
This move is in line with its goal to accelerate recommerce growth in SEA.
The notes were released under its $3m Multicurrency Medium Term Note Programme.
Singtel showed the most growth.
Re-exports also saw an increase of 16.4% in the same month.
The marine company apologised to its workers at the dorm.
SG electricity demand peaked at 7,667MW in October 2021.
The two aim to accelerate the progression of AI.
It will focus on sustainable opportunities for companies in Singapore.
Cargo load factor, however, was down by 1.6% YoY to 97.3%.
Despite this, KF pegs their estimated total sales for the year at 13,000 units.