An increasing reliance on fossil fuels such as coal, natural gas and oil is the reason behind worsening climate change problems everywhere around the world. While reducing the production of electricity from fossil fuels seems like the reasonable course of action, it hardly is the case when the world needs more of it in the future.
According to McKinsey, global energy demand and consumption will continue to grow at an average of 0.7 percent a year through 2050. With energy-related greenhouse gas emissions rising by 14 percent in the next 20 years, countries need to shift dependence on fossil fuels to cleaner power generation. Likewise, a remodelling of the services offered in the open electricity market will encourage greater awareness of the production and consumption of electricity in households.
Energy in Singapore
What does the future of the energy market look like for consumers in Singapore?
As the leading authority on energy generation and consumption, the Energy Market Authority (EMA) rolls out initiatives to promote effective competition that will develop a dynamic energy sector in Singapore. Through liberalising the open electricity market, the EMA hopes to encourage greater innovation to produce cleaner, efficient electricity from private retailers in Singapore.
The Electricity Futures Market – an initiative launched in 2015 by EMA in collaboration with the Singapore Exchange (SGX) and the electricity retailer industry – is part of the efforts to enhance market competitiveness for consumers in Singapore, amid the concerns around energy consumption habits. How does this benefit consumers and retailers in Singapore whilst keeping to the narrative of cleaner energy on the whole?
1. Energy Efficiency
The future of Singapore’s energy market comprises 4 different aspects of energy efficiency through the Energy Story – an amalgamation of practices, initiatives and efforts for a sustainable future. The four pillars are natural gas, solar energy, low-carbon alternative energy and using regional power grids to make energy cost-competitive.
As the country gears to scale production in solar energy and low-carbon alternative energy sources, the open electricity market incentivises private electricity retailers to innovate their products and services.
Senoko Energy is a leading industry player in the natural gas and electricity market in Singapore. To further service individuals and businesses with conscientious energy consumption choices, Senoko Energy commits several initiatives and has won awards for a commitment to developing sustainable energy solutions.
2. Competitively-Priced Electricity Bundles
A liberalised open electricity market compels electricity providers in Singapore to come up with innovative pricing strategies. Competitively-priced electricity bundles offer consumers with cost-savings, promotions and rebates. As the Electricity Futures Market helps power supply companies in Singapore to hedge their risks, they are able to keep pace with market competition by innovating and introducing attractive benefits along with the electricity price plans. The open electricity market not only benefits consumers with lower, cost-effective electricity price plans, but it also encourages retailers to innovate.
To grant consumers greater choice and flexibility, Senoko Energy promotes personalised price plans that offer lowered fixed rates, additional cash rebates and value add-on services that match a variety of preferences and lifestyles. Likewise, the Smart Rewards programme rewards consumers with a full suite of exclusive privileges and discounts to enable greater savings with every electricity bill. An electricity tariff Singapore is touted by many to be cheaper under Senoko.
3. Electricity Pricing Transparency
Consumers will benefit from the increased transparency with power energy companies in Singapore displaying their range of different price plans and benefits that come with. With greater pricing transparency, consumers will also improve their knowledge in electricity usage and billing procedures. The liberalisation opens up space in the market for continuous adaptation and improvement of products and services in energy supply.
Benefitting From The OEM in Singapore
As Singapore looks towards building a more sustainable and efficient energy market, consumers are encouraged to take stock of their own consumption habits and improve their awareness.
By levelling the playing field for power plant companies in Singapore, retailers are equipped with the incentive to innovate and offer cost-effective and energy efficient solutions – spearheading the movement towards a much more sustainable energy industry.
With over 40 years of experience, Senoko Energy is powering the future of efficient energy through safe, innovative and consumer-focused electricity price plans. By putting consumers first with dedicated service, the company is able to develop based on marketing intelligence and feedback from users.