SINGAPORE- Media OutReach - July 21, 2020 -Senoko Energy, one of Singapore'slargest and most established energy companies, today launched a pilot project tointroduce peer-to-peer (P2P) trading of renewable energy in collaboration with Singapore'sforemost energy innovation company, ELECTRIFY, and ENGIE Factory, the venturearm of French multinational electric utility company, ENGIE.
Sponsored by ENGIE Factory, the initiative willenable Singapore households and businesses to register for ELECTRIFY's P2Ptrading platform through Senoko Energy's new service offering, SolarShare. Uponregistration, producers and consumers will be able to trade locally-producedsolar energy with a like-minded community. Registered users will also benefitfrom the dynamic pricing of their green electricity rates due to the ability todetermine the buying and selling price through the trading platform.
The option to participate in the pilot project willbe made available to new and existing Senoko Energy customers, limitedinitially to a closed community of 100 participants. The aim is to test thepotential for commercialisation of this new energy offering, with the ultimategoal of rolling it out to all households and businesses in Singapore.
James Chong, Head of Commercial Division of SenokoEnergy, said: "The concept of P2P energy trading is highly innovative andsmart, and its adoption around the globe is still in its early stages. We arevery excited to collaborate with ELECTRIFY and ENGIE Factory, because webelieve this will be the future of our energy industry, driven by a communityof like-minded individuals and companies."
He added: "Our decision to invest in SolarShare isdriven by two key factors -- our commitment to meet Singapore's renewable energydemand and to empower Singaporeans with greater choice in their electricityconsumption. A 'prosumer' culture will strengthen the energy security ofSingapore as producers can contribute excess energy to the energy grid, whileconsumers can choose where their electricity comes from at their preferredprice."
How it works
ELECTRIFY's platform will use real-time data at30-minute intervals to enable comparisons between the amount of energysupplied, the market demand and the prices offered. Both residential and commercialusers will be able to log onto the energy trading platform to view theavailable solar producers and choose whom to buy from based on their energyusage.
The energy demand during non-daylight hours willcontinue to be met by Senoko Energy to ensure there is no disruption in thephysical supply of electricity. Customers who choose to purchase green energyfrom the P2P platform will receive a consolidated bill from Senoko Energy atthe end of the month, making it a seamless experience.
Martin Lim, Chief Executive Officer and Co-Founderof ELECTRIFY, said: "Our P2P energy trading platform is one of the very few inthe world that will allow for trading across a national electricity grid. Withthis technology, Singaporeans will get access to a reliable, secure andtransparent platform to buy and sell renewable energy."
"Our collaboration with Senoko Energy and ENGIEFactory is ground-breaking in the way it transforms the dynamics between energysuppliers and consumers. We're thrilled by this shared commitment to strengthenSingapore's position as an energy leader with new and sustainable innovations.I expect this demonstration to pave the way for other power grids to developmore inclusive business models to benefit the world."
Quentin Vaquette, Managing Director of ENGIEFactory, said: "At ENGIE Factory, we are committed to accelerating thetransition to zero-carbon. Currently, there are just over 1,200 privateresidential properties in Singapore that have solar rooftop installations, withthe potential for as many as 65,000 installations.Through this pilot P2P project, we hope to encourage more Singaporeans to adoptrenewables and help lower our nation's carbon footprint."
Interested parties can register their interest via www.solarshare.sg starting from 21 July 2020.
About Senoko Energy Pte Ltd
Senoko Energy Pte Ltd provides energy forlife to generations of Singaporeans, delivering safe, innovative, and efficientenergy supply to customers since 1977. Integral to Singapore's development, itis a pioneer in power generation and energy solutions, serving Singapore'senergy needs with proven reliable performance.
As one of the largest power generationcompanies by installed capacity in Singapore, Senoko Energy has a licensedcapacity of 2,807 megawatts (MW), providing about one-fifth of the nation'selectricity needs. The company launched its retail brand in 2018, offeringretail products and services for Singapore households and small and mediumenterprises (SMEs) in the OpenElectricity Market.
Senoko Energy aims to be an energyprovider with a positive impact on the environment by advancing sustainability inits operations as well as in its various CSR programmes. It was the first powergeneration company in Singapore to import clean natural gas for powergeneration in 1992, and first to launch a combined cycle plant in 1996. SenokoEnergy has achieved a 42 per cent reduction in its carbon footprint since 2000.
Senoko Energy is the winner of theinaugural Singapore Energy Award in 2013 and is ISO certified in businesscontinuity, business processes, environmental and work safety, and quality,amongst others. In 2019, the company was also awarded the SkillsFuture Employeraward.
Senoko Energy has subsidiaries providingretail of electricity and related services, fuel storage tank leasing andterminal services, and gas operations services. It is owned by a consortiumcomprising Marubeni Corporation, ENGIE, The Kansai Electric Power Co. Inc.,Kyushu Electric Power Co. Inc. and Japan Bank for International Cooperation.
Visit www.senokoenergy.com for more information.
ELECTRIFYis a Singapore-based energy innovation company established in March 2017 toaddress the need for transparency and security against the backdrop ofincreasingly liberalised electricity markets around the world. ELECTRIFY hasdeveloped a utility-grid wide peer-to-peer (P2P) energy trading platform that willpotentially drive the adoption of renewable energy.
ELECTRIFYlaunched Electrify.SG in July 2017, Singapore's first retail electricitymarketplace. This marketplace was built to help electricity consumers selectthe most suitable energy plan for their needs. The cloud-based platform hastransacted over 60GWh of electricity since its launch and helped over 500commercial and industrial companies in Singapore save a combined S$1.5 million.
ELECTRIFY'slonger-term vision is to drive a sustainable energy future built around energy-innovationtechnologies, such as IoT, AI and blockchain. Using real-time data, it hasdeveloped a contracting platform which facilitates P2P energy trading across anexisting city-wide grid. Individual producers of energy, such as owners ofsolar panels, will be empowered to sell excess power to other consumers across thepower grid. In February 2019, ELECTRIFY completed a successful alpha test with12 consumers and three producers.
Following a strategic investment from TEPCO Frontier Partners, asubsidiary of the Tokyo Electric Power Company (TEPCO), ELECTRIFY entered a Memorandumof Understanding with TEPCO to explore the deployment of its technology for theJapanese market.
ELECTRIFY is poised to play a significant role in the Asia-Pacificenergy landscape for years to come with upcoming projects in the region.
Formore information, visit www.electrify.asia/
AboutENGIE Factory Asia-Pacific
ENGIE Group is a global energy andservices group that focuses on three core activities: low-carbon powergeneration (mainly based on natural gas and renewable energy), global networksof energy infrastructure and customer solutions (focused on smart cities).ENGIE Factory Asia-Pacific is the venture arm of the ENGIE Group in Asia.
ENGIE Factory's mission is to acceleratethe transition to a zero-carbon society by partnering with startups andaspiring founders who share the same drive to deliver real impact. We build,scale and invest in startups and individual founders who believe they can solvethese global challenges. How we do this is in three different approaches.
In the first approach, we commit toinnovative ventures right from the beginning. We identify great founders andentrepreneurial teams to co-create new business models and start impactfulcompanies.
In the second approach, we partner withhigh growth startups to expand solutions to global customers. We are always onthe lookout for startup solutions that can open new business opportunities orsolve pain points that we have identified in our ENGIE businesses.
Last but not least, our third approach isto invest in startups from the sectors of sustainability and smart cities. Weinvest through our Engie New Ventures €180 million fund and take minoritystakes in technology startups that complement existing activities and resourcesto spur internal innovation within Engie Group.
Visit www.apac.engiefactory.com for more information.