A new choice of electricity providers in Singapore

Special Advertising Feature

From the fourth quarter of 2018, the way we buy our electricity will change forever. The introduction of the open electricity market will have several effects, the most important one being it gives power to the people – to you. It means that every household and every business on the island will be able to decide for themselves which electricity provider they use.  That means greater choice and cheaper electricity.

The open market was rolled out to more than 100,000 households and almost 10,000 businesses located in Jurong in April, but the scheme will go island-wide from November. Those wishing to remain on their current arrangement with SP Group can do so, but everyone will have the ability to find the cheapest electricity and switch providers.

The different types of electricity providers

In all, there will be more than 30 different electricity retailers on the table. It is important to know however, that those fall into two very distinct categories: they are either independent retailers, or power generation companies. Those that generate their own electricity as opposed to having to buy it from another company are:

– Senoko Energy

– YTL PowerSeraya

– Tuas Power Generation

– Keppel Merlimau Cogen

– SembCorp Cogen

– PacificLight Power

Of those, the top two currently account for almost half of the Singapore market. Geneco’s parent company YTL PowerSeraya is the second largest power generation company in Singapore and has an impressive infrastructure and proud heritage behind it.

Geneco’s glowing heritage

Geneco, powered by YLT PowerSeraya, is a local company with a very global reach. Its parent company – YTL PowerSeraya was one of the first electricity generators in Singapore. It has been providing electricity for households and businesses for 47 years, the last 17 of those as a dual retailer and generator. It has long held a reputation for being at the forefront of the energy market here in Singapore.

The company belongs to a global network of energy and utility companies known as YTL Power International, which is itself a subsidiary of YTL Group. One of the traits that single the organisation out from among its peers is its focus on both recycling and renewable energy. They are not simply experts in energy, but acclaimed experts in green energy, energy that will not have a harmful impact on our planet – or the planet our children will inherit.

The benefits of power generation companies

As mentioned, when the open market comes into effect at the end of the year, customers will be able to compare electricity plans from each of the 33 retailers. Six of those will have a distinct advantage over the others, in that they generate their own energy. By producing their own electricity, they will largely have control over the prices they pass onto the customer. This is not the case with the smaller or independent energy retailers who are at the mercy of market forces. The cost of the pooled energy they purchase is subject to fluctuations, not just within the year, but within a quarter or even month to month. This results in a household never knowing how much they will be charged for their electricity from one plan to another, regardless of their consumption.

Who is the best electricity retailer?

Due to the reasons discussed above, the best electricity generator is also the best electricity retailer. Geneco prides itself on being just that and is at the forefront of providing its customers with fair and transparent pricing. This is because it recognises the fact that buying electricity and the various choices in the market now is new to most homeowners, and hence could be confusing. The price quoted may not be the price you will end up paying as there could be hidden charges and taxes on top of the simple electricity tariff.

That is not the case with Geneco. There are no hidden or unfair charges such as TLF (transmission loss factors), where additional payments are required at the end of a billing period. In addition, next year the government will introduce a carbon tax, which will be applied to each customer’s electricity bill. Anyone signing up this year to Geneco will have that tax absorbed by the company. Additionally, considering the recent events with a bike sharing company, the company will also absorb the security deposit, meaning households will not be out of pocket.

To answer the question on who the best electricity retailer is, from this evidence it looks like Geneco is not just best for the environment, but best for you and your bank balance.

Brighten up your life with Geneco!

With no hidden charges and low prices all year round, you can always expect big savings for your electricity bills.  Committed in delivering award-winning customer service and seamless sign up experience, it is easy to see why so many people choose Geneco.

Visit geneco.sg to find out more of our compelling power plans.

from Latest News from PropertyGuru http://www.propertyguru.com.sg/property-management-news/2018/9/174639/a-new-choice-of-electricity-providers-in-singapore