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SINGAPORE (Apr 20): 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.
However, the multitude of choices out there 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 will need to provide details of their monthly consumption, peak hours, preferred contract length and preferred type of electricity plan. And for small business consumers, they can also specify their industry.
Fibonacci then compares the information provided with data on retailers’ spreads and margins, instantly generating what the ELECTRIFY calls Instaquotes.
But Instaquotes is more suited to retail consumers and small business. For medium-sized businesses, ELECTRIFY offers Easyquotes, which provides bespoke quotations and efficient digital contracting. And Powerquotes for large businesses, which entails a tender process that will be executed by ELECTRIFY on behalf of consumers.
The retailers currently onboard ELECTRIFY’s platform include Sunseap, RedDotPower, Seraya Energy, Hyflux Energy, Pacific Light, Best Electricity Supply, Charis Electric, Just Electric and ES Power Singapore.
Find out more about ELECTRIFY in this week’s issue of The Edge Singapore (Issue 827, week of Apr 23), on sale now at newsstands.