ENGLISH
|
JAPANESE
|
CONNECT WITH US:
Home
About
Contact
Log in
*
Home
Press release
Nov 16, 2018 17:00 JST
Source:
EMC (Energy Market Company)
EMC Launches Electricity Procurement Portal for Singapore Businesses
PowerSelect's unique 15-minute live auction helps businesses secure the best electricity offers in the shortest possible time
SINGAPORE, Nov 16, 2018 - (ACN Newswire) - A new online portal which helps businesses purchase electricity efficiently - PowerSelect by Energy Market Company (EMC) - has enabled Sakae Holdings to save more than $12,000* in electricity bills over the next 12 months.
PowerSelect is developed by EMC, a wholly-owned subsidiary of Singapore Exchange (SGX), and is the most comprehensive electricity procurement portal for businesses in Singapore. PowerSelect offers different procurement options including a unique 15-minute live auction, houses data from the wholesale and futures electricity markets to help businesses make decisions around their electricity purchases, and is supported by a good mix and number of electricity retailers in Singapore.
Says SGX CEO Loh Boon Chye: "EMC has a 15-year track record in enhancing the efficiency and transparency of Singapore's wholesale electricity market. Tapping on this experience, SGX launched Asia's first electricity futures market to support the liberalisation of Singapore's power sector, providing electricity retailers with an avenue to hedge their risks. I am delighted that we are now extending our services to benefit business consumers as well."
EMC has been licensed by the Energy Market Authority (EMA) to operate Singapore's wholesale electricity market since 2003. "We understand the power business and have strong ties with industry players like electricity generators and retailers. PowerSelect was developed with the knowledge, experience and relationships that we have built over the years," says Toh Seong Wah, CEO of EMC.
PowerSelect serves businesses with an average monthly consumption of at least 10MWh, which is equivalent to a monthly electricity bill of at least $2,000. Sakae Holdings is PowerSelect's first customer (see Annex A for a case study on Sakae Holdings' electricity procurement exercise through PowerSelect).
Says Mr Douglas Foo, Chairman of Sakae Holdings: "Sakae's innovative culture means we are constantly looking for ways to improve our business model and operations. We are very pleased with the results of our electricity procurement through PowerSelect. Not only did we achieve our desired outcome of securing a better electricity package, we also saved substantial time and effort that we would otherwise have to spend sourcing for quotes and negotiating with electricity retailers."
Different electricity procurement options on PowerSelect
PowerSelect offers businesses a choice of different electricity procurement options. Businesses that wish to avoid the time-consuming process of comparing quotes can call for Live Auctions, where electricity retailers compete for their contracts within a 15-minute timeframe. The competitive and transparent bidding process helps businesses secure the best electricity offers in the shortest possible time. PowerSelect Live Auctions work best for businesses that prefer Fixed Price Plans or Discount Off Tariff Plans (see Annex B for details).
Businesses with unique or 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.
Good mix and number of participating electricity retailers on PowerSelect
PowerSelect's participating retailers comprise a good mix of retailers with power generation arms as well as independent retailers. As of November 2018, a total of 11 electricity retailers have come on board, which means businesses can conveniently access a wide range of offers at one go.
Sunseap Energy is one of the electricity retailers participating in PowerSelect. Frank Phuan, CEO and Executive Director of Sunseap Group, says, "EMC has an excellent track record in operating Singapore's wholesale electricity market, and we are happy that it is extending its expertise into the retail market. Sunseap Energy is pleased to come on board PowerSelect as it provides us with another avenue to reach more customers."
Access to electricity price data on PowerSelect
Businesses can also access data from the spot and futures electricity markets on PowerSelect, to help them in planning and decision making. PowerSelect is the only electricity procurement portal that houses data such as wholesale and futures electricity prices, which are exclusively held by EMC and SGX.
EMC will explore the possibility of extending the portal to small electricity consumers like households in future.
See the Full Release with Annexes at: www.acnnewswire.com/clientreports/598/EMC_201811.pdf
About Energy Market Company
Energy Market Company (EMC) operates the wholesale market of the National Electricity Market of Singapore (NEMS), which is Asia's first liberalised electricity market. EMC completes the connection between those who make electricity in Singapore and those who use it.
As the exchange for wholesale electricity trading, EMC provides a transparent and competitive trading platform and its key activities include calculating prices, scheduling generation, clearing and settling market transactions as well as supporting governance of the market. EMC is a wholly-owned subsidiary of Singapore Exchange (SGX). For more information on EMC, please visit www.emcsg.com.
For Media Enquiries, please contact:
Hsu Lin
Senior Account Manager
Ninemer Public Relations
Email:
hsulin@ninemer.com
Charlene Ho
Senior Account Manager
Ninemer Public Relations
Email:
charleneho@ninemer.com
* Amount of additional savings compared to the best offer that Sakae obtained on its own. Computed based on the regulated tariff for Q4 2018 ($241.30/MWh per month) and Sakae's average monthly electricity consumption.
Source: EMC (Energy Market Company)
Sectors: Electronics, Daily News, Local Biz
Copyright ©2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
Latest Release
First-ever Mazda CX-80 Crossover SUV Unveiled in Europe
Apr 19, 2024 13:50 JST
Fujitsu develops technology to convert corporate digital identity credentials, enabling participation of non-European companies in European data spaces
Apr 19, 2024 10:17 JST
Mitsubishi Heavy Industries and NGK to Jointly Develop Hydrogen Purification System from Ammonia Cracking Gas
Apr 18, 2024 17:01 JST
Toyota Launches All-New Land Cruiser "250" Series in Japan
Apr 18, 2024 13:39 JST
Fujitsu and Oracle collaborate to deliver sovereign cloud and AI capabilities in Japan
Apr 18, 2024 11:14 JST
Eisai: Research on Treatments for Alzheimer's Disease Based on Its Pathological Mechanisms Recieves Award for Science and Technology (Research Category)
Apr 18, 2024 10:53 JST
All-New Triton Confirmed as First Double-Cab Pickup Truck to Achieve 2024 Five-Star ANCAP Safety Rating
Apr 18, 2024 09:22 JST
Eisai's Antiepileptic Drug Fycompa Injection Formulation Launched In Japan
Apr 17, 2024 16:17 JST
Honda Unveils Next-generation EV Series for China
Apr 17, 2024 12:15 JST
Lexus presents Time at the 2024 Milan Design Week
Apr 16, 2024 18:49 JST
Mitsubishi Corporation Announces Participation in a DAC Project in Louisiana, USA
Apr 16, 2024 14:36 JST
New circuit challenge for TOYOTA GAZOO Racing
Apr 15, 2024 17:21 JST
TOYOTA GAZOO Racing back on asphalt for Croatian challenge
Apr 12, 2024 19:36 JST
Heidelberg Materials North America Announces Latest Milestone in Edmonton CCUS Project
Apr 12, 2024 14:39 JST
MHIAEL Completes Expansion of the its Nagasaki Plant for Manufacture of Aero Engine Combustors
Apr 11, 2024 18:08 JST
Mitsubishi Shipbuilding Acquires Approval in Principle (AiP) from Classification Society ClassNK for Ammonia Fuel Supply System (AFSS)
Apr 11, 2024 17:50 JST
DOCOMO, NTT, NEC and Fujitsu Develop Top-level Sub-terahertz 6G Device Capable of Ultra-high-speed 100 Gbps Transmission
Apr 11, 2024 15:10 JST
Mitsubishi Corporation Announces Completion of Capital Raise by Nexamp
Apr 11, 2024 13:07 JST
Mitsubishi Shipbuilding Receives Order for Ammonia Fuel Supply System for Ammonia-Powered Marine Engine
Apr 10, 2024 16:55 JST
Transgene and NEC Present First Clinical Benefits of Neoantigen Cancer Vaccine, TG4050, in Head & Neck Cancer at AACR 2024
Apr 10, 2024 13:36 JST
More Latest Release >>
Related Release
EMC Provides One-stop Marketplace for Businesses to Buy Electricity and Offset Consumption
October 12 2020 16:00 JST
EMC Launches Electricity Procurement Portal for Singapore Businesses
November 23 2018 21:20 JST
More Press release >>