SINGAPORE (Nov 14): Energy Market Company (EMC), a wholly-owned subsidiary of Singapore Exchange (SGX), has developed a new online portal that helps businesses purchase electricity efficiently.

The portal named PowerSelect is an electricity procurement portal for businesses in Singapore, offering different procurement options including a unique 15-minute live auction and houses data from the wholesale and futures electricity markets to help businesses make decisions around their electricity purchases.

PowerSelect is also supported by a range and number of local electricity retailers.

With this portal, businesses are able to have 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.

The PowerSelect Live Auctions is designed for businesses that prefer Fixed Price Plans or Discount Off Tariff Plans.

Businesses that prefer price certainty throughout their contract duration can opt for a Fixed Price Plan, where electricity retailers offer their best prices and the retailer with the lowest price wins the auction.

And for businesses that do not mind some degree of price fluctuation can consider a Discount Off Tariff Plan, where electricity retailers offer their best discounts off the regulated tariff (for example, a 20% discount), and the retailer with the biggest discount wins the auction.

On the other hand, businesses with unique or special requirements can purchase electricity through Invitations to Tender.

Under this method of procurement, electricity retailers will prepare customised proposals for the customers’ consideration. The retailers are also incentivised to put forward their best offers upfront as they have no visibility of other retailers’ proposals.

One of the electricity retailer participating PowerSelect is Sunseap, which won the Discount Off Tariff Plan Live Auction to provide electricity to Sakae Holdings.

With the plan, Sakae will save more than $12,000 in electricity bills over the next 12 months, says EMC.