SINGAPORE (Apr 23): As Singapore progresses towards a fully liberalised electricity market — known as the open electricity market (OEM) — in the second half of this year, many electricity retailers are starting to introduce a range of dynamic plans. The multitude of choices out there, however, can make comparisons a daunting task. Entrepreneurs Julius Tan and Martin Lim are hoping to ease the process with ELECTRIFY.

Their start-up has a proprietary pricing engine called Fibonacci that can suggest suitable electricity plans based on a user’s consumption details. Users provide details of their monthly consumption, peak hours, preferred contract length and preferred type of electricity plan. For small business consumers, they can also specify their industry. Fibonacci compares this information with data on retailers’ spreads and margins, then instantly generates what ELECTRIFY calls Instaquotes.

Tan, who is ELECTRIFY’s CEO, says the platform is similar to plane ticket aggregators such as Wego and Skyscanner because it displays price options immediately. “It is real time. Fibonacci takes in all the important risk parameters that retailers will have to consider,” he tells The Edge Singapore in a recent interview. “This allows prices to be generated on the fly.”

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