PowerSelect's unique 15 minute live auction helps businesses secure best electricity offers in shortest possible time
SINGAPORE, Nov 23, 2018 - (ACN Newswire) - PowerSelect, a new online portal which helps Singapore businesses purchase electricity more efficiently, has enabled its first customer, Sakae Holdings, to save more than $12,000 in electricity bills over the next 12 months*. PowerSelect, which serves customers with an average monthly consumption of at least 10MWh, is the most comprehensive electricity procurement portal in Singapore to date.
Developed by EMC (Energy Market Company), a wholly-owned subsidiary of Singapore Exchange (SGX), 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.
SGX CEO Loh Boon Chye says, "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 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.
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 spent sourcing 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.
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. 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.
PowerSelect website: https://www.powerselect.sg
EMC (Energy Market Company) website: https://www.emcsg.com
Source release: www.acnnewswire.com/clientreports/598/EMC_201811.pdf
* Additional savings compared to the best offer that Sakae obtained on its own.
Energy Market Company (EMC) operates the wholesale exchange of the National Electricity Market of Singapore (NEMS), Asia's first liberalised electricity market. EMC provides a transparent and competitive trading platform as well as calculating prices, scheduling generation, clearing and settling market transactions and supporting governance of the market. A wholly-owned subsidiary of Singapore Exchange (SGX), EMC completes the connection between those who make electricity in Singapore and those who use it.