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  • Oil & Gas
11 February 2019

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  • Indonesia

State-owned energy holding company Pertamina lowered the prices of its subsidized and non-subsidized gasoline by up to Rp 800 (6 US cents) per liter on Sunday, a move some consider political ahead of the presidential election in April.

Although proposals to lower or increase fuel prices are made by Pertamina or other fuel distributors, they require the approval of the Energy and Mineral Resources Ministry before taking effect.

Pertamina lowered the price of subsidized gasoline Premium, which is sold under the public service obligation (PSO) scheme, to Rp 6,450 per liter on Java, Madura and Bali islands from the previous price of Rp 6.550.

As for its non-subsidized brands, the new price for Pertamax Turbo (RON 98) in Greater Jakarta is Rp 11,200 per liter, Pertamax (RON 92) Rp 9,850 per liter, while Pertalite gasoline (RON 90) remains at Rp 7,650 per liter.

Meanwhile, prices for non-subsidized diesel fuel are Rp 11,700 per liter for Dex and Rp 10,200 per liter for Dexlite.

Pertamina retail marketing director Mas’ud Khamid said the price adjustments were made following a drop in the global crude oil price and the strengthening of the rupiah against the US dollar.

“We will continue to periodically evaluate the fuel prices,” he said, adding that the fuel prices could differ in each region.

The price adjustment came following the slump in global oil prices after they climbed to above $80 per barrel in early October last year.

The price of fuel is a sensitive issue in the country as fluctuations in fuel prices could significantly affect the prices of other commodities because of the associated costs of transportation.

It could also lead to high inflation, something President Joko “Jokowi” Widodo wishes to avoid as he seeks reelection in April.

In October 2018, Energy and Mineral Resources Minister Ignasius Jonan announced the government’s plan to increase the price of Premium gasoline by 7 percent following the global oil price hike, sparking protests among many Indonesians who rely on the gasoline brand, as it is the cheapest fuel in the country.

The government abruptly dropped the fuel price hike hours later, with State-Owned Enterprises Minister Rini Soemarno stating she and Pertamina had not been informed of the plan, and that the company was not ready to implement it.

Policies on fuel prices have remained an indicator by which the public rates an administration’s performance, according to Saiful Mujani Research and Consulting (SMRC) president director Djayadi Hanan.

This factor led incumbents, including President Jokowi, to resort to populist policies to improve their images and woo voters ahead of elections.

“There is nothing wrong with such policies as long as they are based on rational and objective reasons. Making such policies is one of the incumbent’s advantages,” he told The Jakarta Poston Sunday.

Djayadi said former president Susilo Bambang Yudhoyono had also resorted to such policies ahead of the 2009 presidential election. An incumbent at the time, Yudhoyono was faced with rising global oil prices and high inflation domestically.

However, social policies such as lowering fuel prices in 2008 and 2009 and the direct cash assistance scheme (BLT) helped Yudhoyono gather 60.8 percent of the vote and secure a second term, Djayadi said.

“The policy will at least give Jokowi a positive image and consolidate his support among his base and swing voters,” he said, also mentioning Jokowi’s other populist policies, such as the distribution of land certificates and village funds.

Fabby Tumiwa, executive director of local energy watchdog Institute for Essential Services Reform (IESR) argued that although the move could have been political, it was bound to happen considering the drop in global oil prices.

“The decrease in the prices is small and reflects the downward trend of global oil prices in the past three months. The ICP [Indonesia Crude Price], for example, has hit around US$50 per barrel lately,” he said, adding that private gasoline distributors such as Shell had also lowered their prices.

Energy and Mineral Resources Ministry Oil and Gas Director General Djoko Siswanto denied claims the decision was politically motivated. He said the fuel price adjustments were the result of the slump in global oil prices.

The government has tightened its control of fuel prices by requiring gasoline distribution companies to follow certain formulas in the setting of prices of non-subsidized gasoline. The companies were then required to report their price adjustments to the ministry, Djoko said.

“Fuel prices might have varied following the global oil price drop. So we think it’s important to analyze the data we have collected from the companies to create an evaluation system,” Djoko said during a press briefing at the ministry’s office in Jakarta on Sunday.

He added that the evaluation would be done monthly to adjust the fuel prices. (ars)

  • Energy Efficiency
11 February 2019

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  • Singapore

In the concrete jungle of the Central Business District, a red flower-like structure stands out against the skyline.

Called a wind scoop, it perches atop the 40-storey CapitaGreen and its “petals” draw in cooler, cleaner air that is funnelled through the building’s air-conditioning system, helping to save energy on cooling.

It is among the energy-saving features introduced in buildings in recent years, with the Building and Construction Authority (BCA) aiming for 80 per cent of buildings in Singapore to be green by 2030.

Cooling systems are a big drain on power, taking up 40 per cent to 50 per cent of a building’s energy consumption. Together with other energy-saving features, such as a double-skin facade to reduce heat gain, the wind scoop helps CapitaGreen generate monthly savings of about 580,000kwh – equivalent to the energy needed to power about 1,500 four-room Housing Board flats in a month.

The premium Grade A office development by CapitaLand sits on the site that used to house Market Street Car Park and was completed in late 2014.

In one-north, near Buona Vista, sits Galaxis, an integrated development by Ascendas-Singbridge designed to generate 30 per cent more energy savings compared with other buildings.

“This translates to estimated energy and water consumption savings of $900,000 per annum,” said Mr Jeffrey Chua, chief executive of Ascendas-Singbridge Services.

Together with other energy-saving features, such as a double-skin facade to reduce heat gain, the wind scoop helps CapitaGreen generate monthly savings of about 580,000kwh – equivalent to the energy needed to power about 1,500 four-room Housing Board flats in a month.

The building, which consists of a 17-storey business park tower, a two-storey retail podium and a five-storey office block, was completed in late 2014.

Mr Chua said the high efficiency of the air-conditioning system contributes to about two-thirds of the savings. For instance, the pipes and equipment are laid out such that the recirculation of air is reduced.

To maximise energy savings, the developer set up the Ascendas-Singbridge Operations Control Centre in 2017. It monitors the performance of 26 buildings, including Galaxis.

The centre uses data and video analytics to reduce operational downtime and enhance security through early detection and response to incidents and faults. It also monitors toilet use to determine the timing and frequency of cleaning.

It is among the first of such centres here. In February last year, statutory board JTC launched its $15 million J-Ops Command Centre in Jurong Town Hall Road. The centre oversees the facilities of more than 20 JTC buildings.

However, the latest technology is not always limited to gleaming skyscrapers.

One would not expect to find state-of-the-art technology at Joo Chiat Complex, a shopping mall built in 1982 that is known for its textile shops.

However, in 2015, the building underwent a two-year retrofitting process led by energy service company Johnson Controls.

Mr Derek Teo, leader of special verticals and key account management at the company, said: “The building is old, but the underlying chiller technology is one of the latest.

“The retrofitting opens up doors to innovative solutions, such as connecting (the chiller system) to the ‘cloud’, which can help the old building to be connected in a smart digital way.”

If the chiller system is connected to a cloud server, anomalies may be detected before breakdowns, potentially reducing mean repair time by 60 per cent, said Johnson Controls.

Since the chiller plant started running in 2017, close to 1.2 million kwh has been saved, which has helped save $250,000 in utility costs. The amount of energy translates to 503 tonnes of carbon dioxide emissions – equivalent to the emissions produced by the electrical consumption of 125 four-room flats in the same time.

Carbon dioxide is among the greenhouse gases that pollute the environment and contribute to global warming.

In 2017, Joo Chiat Complex won the Green Mark Platinum award, one of the most prestigious accolades for green buildings given by the BCA.

It is crucial that old buildings like Joo Chiat Complex meet green standards. Currently, only about 40 per cent of existing buildings are green.

Besides developers, there are also firms, such as Barghest Building Performance (BBP), which provide energy-saving solutions.

Using optimisation algorithms to improve the efficiency of installed equipment, its team of 40 engineers aims to shave energy use in 26 sites across eight markets, including Singapore.

BBP chief executive Poyan Rajamand said it has seen millions of dollars in annual savings for customers, which include tech giant HP and Resorts World Sentosa.

The firm, which was started in 2012, is now working on using wireless sensors to improve monitoring of parameters such as temperature, humidity and water pressure.

Mr Rajamand pointed to the increasing trend of Singapore energy-saving companies going overseas to share their knowledge.

“It’s becoming an export industry,” he said. “Singapore companies have a competitive advantage because the authorities here have been driving energy efficiency for decades.”

  • Electricity/Power Grid
11 February 2019

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  • Singapore

The British manufacturer is aiming to roll out an EV model by 2021.

The decision by British billionaire, James Dyson, to migrate his company’s automotive manufacturing headquarters from Wiltshire, England and into tiny Singapore deals more than a blow to the weakening West as it reiterates the inexorable shift in power towards Asia.

A vocal backer of Brexit, Dyson’s move was met by dismay by Leave supporters but was largely hailed as strategic given the company’s ambitious £2b plan to expand beyond the manufacturing of hand dryers, air purifiers and vacuums and into the heated electric vehicle (EV) space.

“Over the years of selling vacuum and fans in several Asian countries, Dyson has established the network of distribution channels, both online and offline. For example, Dyson China has accumulated rich experience in O2O retailing and it can leverage this experience in selling the EV,” Xuesong Geng, associate professor of strategic management at SMU told Singapore Business Review.

Dyson also targets to double the size of its Singapore Technology Centre as the Malaysia Design Centre goes into the next phase of development in its bid to roll out an EV unit by 2021.

Also readAutomakers go electric to avoid phase-out in Singapore’s car-lite future

The pivot to Asia effectively unlocked a multitude of growth opportunities for the British tech company as Asia now accounts for over half of Dyson’s earnings with sales to China growing three-digits in past years. Dyson had a record year in 2018 after profits finally broke the £1.1b-mark for the first time from £801m in 2017. The latest figures added about US$3b to 71-year old Dyson who now holds the title as the UK’s richest man, data from Bloomberg show.

Simply put, the market potential is undeniably massive for Dyson who could take advantage of the booming middle-class population in China, India and ASEAN with money to burn, said Geng. Although Singapore does not have a car manufacturing plant after Ford shuttered its assembly plant in 1980, the Lion City has more than enough advantages to make up for this drawback.

“Both Singapore and China arguably have the strongest government support in Asia for developing green energy and smart city. For a new entrant like Dyson, therefore, the close collaboration with government is crucial for the success of its EV business,” added Geng.

The Lion City also has existing 22 free trade agreements in 2017 including in China which is the largest EV market in the world.

Beyond Singapore’s ambitions to be a leader in the EV space, the development of a wide-spanning EV complex is also tipped to enhance the capabilities of adjacent industries in Singapore including AI, energy storage, mechanical engineering and electronics, said Geng.

“This can reinforce the image that Singapore will become a knowledge and innovation hub. The spill-over effect can be even larger because more innovation-oriented international businesses or start-ups can be attracted to this region, as well as the top talent,” he said.

As Dyson is set to contend head-to-head with more established players like Tesla, it could look into forging partnerships with ride-hailing services like Grab to tap into its massive userbase. “Dyson is a new entrant to the automobile industry, it might not have big bargaining power against the traditional incumbent partners and channels. Service providers like Grab have large demand for the EV in the foreseeable future, and will become a good complement for Dyson to penetrate the market.”

  • Oil & Gas
10 February 2019

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  • Vietnam

The world oil market suffered from unpredictable developments last year. Geopolitical instability in the Middle East, the Organisation of the Petroleum Exporting Countries (OPEC) cut supply, and the trade war between the US and China have resulted in turmoil in the market. After falling prices in the first two months of 2018, the world crude oil price increased strongly, starting from March. As of October 2018, the oil market saw oil prices setting the highest level in the last four years as Brent oil prices hit US$86.29 a barrel, while WTI oil prices were at US$76.41 per barrel. However, from the second half of October, world oil prices have continuously plunged. Oil prices dropped by over 30% to below US$60/barrel at the end of November compared to the peak in October. To overcome the price drop, in early December, the member countries of OPEC and OPEC outsiders agreed to cut crude oil production by 1.2 million barrels a day in 2019, despite supply increase pressure from the US. This has helped ease concerns about global oversupply.

According to economists, 2019 will likely still witness oversupply due to increasing oil production volume, while consumption demand tends to decrease as economic growth in a number of countries decelerates, leading to global consumption reaching only about 1.4 million barrels per day. In the past year, domestic gasoline prices also fluctuated. Specifically, the gasoline price was adjusted 24 times, in which, E5 Ron 92’s maintained its price 10 times, was increased seven times with a total increase of VND3,324 per litre, and reduced seven times with total reduction of VND 4,780 a litre, while 0.05S diesel kept its price five times, had 11 increases with a total increase of VND 4,137 a litre, and eight price reductions with a total reduction of VND3,305 a litre.

Evaluating the domestic petroleum market, Chairman of the Vietnam Petroleum Association (VINPA) Phan The Rue said that Vietnam’s petroleum market in 2018 was relatively stable, with supply ensured for demand of the country’s development and fully meeting consumer demand. Last year, Vietnam’s petroleum consumption was at 15-16 million tonnes. Currently, the growth and use of petroleum in the country is very low, increasing at only about 7% compared to 2017 and an equivalent increase this year has been forecast, mainly serving consumer demand for cars, motorbikes and public transport. Therefore, the possibility of high volatility in the petroleum market is not high.

Boosting a competitive petroleum market

From January 1, 2018, only two petrol products are being sold on the market, Ron 95 and E5 Ron 92 gasoline. According to statistics of the Domestic Markets Department (Ministry of Industry and Trade), last year the consumption volume of E5 Ron 92 accounted for over 40% of total domestic consumption of gasoline. The Dung Quat Biofuel Plant restarted in mid-October 2018 and the Nghi Son Refinery has just successfully exported its first batch of commercial products to the domestic market, including gasoline Ron 95, Ron 92 and diesel, which is good news for Vietnam’s petroleum market.

Previously, Vietnam was mainly a petroleum importer, but now with the operation of the Dung Quat and Nghi Son oil refineries, the country is active in ensuring supply by itself, at about 60-70% of domestic demand, and has to only import from 30-40%. Furthermore, petroleum businesses are constantly investing and deploying a series of new services, such as automatic petrol sales and card payment, and upgrading emission standards from Euro 2 to Euro 4 and 5, showing the interest and investment in the right direction from enterprises to meet the increasing demands of consumers.

However, a number of shortcomings in the operation of the domestic gasoline market have not opened the petroleum retail market for enterprises with 100% foreign invested capital, while also affecting the consumer market. Notably, the current petroleum management policy, which relies heavily on administrative imperative tools, has not created favourable conditions for the market to operate under the market mechanism, not really bringing practical benefits to the consumers and businesses. For example, the nature of setting up a price stabilisation fund is that consumers have to pay in advance to make up for this fund. The blameless use of the fund with administrative intervention has distorted the market and kept trillions of VND in the fund for non-trading, which is a huge waste. The stipulated time between two consecutive price adjustments at least 15 days in case of price increases and maximum of 15 days in case of price reduction has made it difficult for domestic retail prices to catch up with the developments of world petroleum prices.

In addition, although there are 29 coordination agencies and hundreds of distributors, the true competitiveness in the petroleum market has not yet appeared, leading to a single price for the whole country. The unfair market competition also poses an increasing risk to businesses and does not bring about real efficiency. Therefore, it is necessary to let enterprises decide on prices by themselves, while abolishing the price stabilisation fund and abandoning or amending Decree 83 in the direction of creating an open, transparent and equal mechanism to create favourable conditions for Vietnam’s petroleum market to be competitive and healthy.

  • Electricity/Power Grid
10 February 2019

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  • Myanmar

According to the National Electrification Project (NEP), the ministry has started implementing the first phase of power supply project to electrify 5,080 villages with a two-mile radius of the national power grid, in January, 2019, said Union Minister for Electricity and Energy Win Khaing.

Upon completion of the first phase project, about 626,757 households in 5,080 villages will have electricity access. The ministry is implementing the first phase project with a loan of 310 million USD from the World Bank.

The second phase is to electrify villages within a five-mile radius of national power grid. The second phase project is projected to complete in September, 2021.

Upon completion of the first and second phases, about 1,032,411 households in 8,537 villages will have access to electricity. Thanks to it, the total electrification rate will increase by around 9.5 per cent and the nationwide electrification rate by 55 per cent.

The Union Minister urged officials and companies to make efforts for the completion of projects within the designated period and worksite safety.

The ministry has set a goal of achieving the universal access to electricity by 2030. The ministry plans to increase the power generation to 55 per cent in 2020 and 75 per cent in 2025.

  • Electricity/Power Grid
10 February 2019

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  • Philippines

LOS BAÑOS, Laguna, Feb. 10 — The Department of Energy (DOE) held the first leg of Information, Education and Communication (IEC) campaigns for the year on the implementation of Republic Act No. 9136 or the Electric Power Industry Reform Act (EPIRA) yesterday (7 February) at the University of the Philippines Los Baños (UPLB).

The DOE-Electric Power Industry Management Bureau (EPIMB) and the DOE-Consumer Welfare Promotion Office jointly led said IEC series in collaboration with the UPLB College of Engineering and Agro-Industrial Technology.

Energy Secretary Alfonso G. Cusi said, “The energy industry, particularly the power sector, is highly technical. Therefore, we need to equip our future energy professionals with the necessary knowledge and skills that would allow them to keep up with developments and innovate further.”

DOE-EPIMB Assistant Director Irma C. Exconde and Ms. Luningning G. Baltazar, Chief of the EPIMB-Power Market Development Division, led the discussions on the overview of the Philippine power sector, which included an orientation on sectoral reforms, power systems, government plans and programs, components of electricity charges, the wholesale electricity spot market, retail competition and open access, as well as the magna carta for residential consumers. On the other hand, representatives from the Energy Regulatory Commission (ERC) presented ERC’s mandates and the components of unbundled electricity rates.

The program was followed by an open forum, wherein the discourse revolved around the benefits of EPIRA, the government’s Total Electrification Program, strategies to lower generation costs, maximizing renewable energy sources, consumer protection, and the impact of electricity prices on the costs of goods and services.

More than 200 students attended the IEC, with succeeding campaigns to take place in other Philippine universities and colleges in the coming months.

“This is also a good opportunity for the DOE to build stronger partnerships with the academe on economic and energy development,” Sec. Cusi concluded. (DOE)

  • Electricity/Power Grid
10 February 2019

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  • Philippines

MANILA, Philippines — Ten power coops have waived the collection of bill deposits as the Energy Regulatory Commission (ERC) revisits its rules.

They comprise five electric cooperatives (ECs) in Luzon, two in Visayas and three in Mindanao.

The five Luzon-based ECs are Benguet Electric Cooperative Inc. (Beneco), Lubang Island Electric Cooperative, Nueva Vizcaya Electric Cooperative, Oriental Mindoro Electric Cooperative and Quirino Electric Cooperative.

The two in Visayas are Cebu I Electric Cooperative Inc. and Bantayan Electric Cooperative Inc. while the three ECs from Mindanao are Lanao del Norte Electric Cooperative, Misamis Occidental II Electric Cooperative Inc. (MOELCI II), and Lanao del Sur Electric Cooperative Inc.

“These electric cooperatives must be emulated and lauded for truly living up to the cooperative and “bayanihan” spirit,” ERC chairperson and chief executive officer Agnes Devanadera said.

In its evaluation, the ERC found that the distribution utilities had collected an aggregate amount of P26.28 billion in bill deposits as of Jan. 23.

Bill deposits are collected from electricity consumers applying for new and/or additional service and from disconnected consumers who were previously not subject to bill deposits.

The ERC is currently revisiting its rules on bill deposits to incorporate or amend portions thereof in order to include provisions that will protect consumers’ interests.

“ERC commends these electric cooperatives for exerting efforts to reduce their consumers’ electric bill by not charging and collecting bill deposits and, thus, increasing their purchasing power,” Devanadera said.

“We encourage the other DUs to forego the charging of bill deposit, considering that there is no additional cost incurred and accrued to them.  If foregoing the collection of bill deposit is not possible, it is but fair and appropriate that the customers be entitled to some interests which the commission is now ironing out,” she said.

  • Electricity/Power Grid
10 February 2019

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  • Singapore

SINGAPORE: With the roll-out of the Open Electricity Market in November, consumers now have more choice and many have been paying less for their electricity.

But people also wonder if this is tenable in the long run and why SP Group, formerly the sole retailer of electricity in Singapore, could not offer the same discounts as its emerging competitors.

Wouldn’t it make things a lot simpler if consumers could have smaller bills from SP Group instead?

We put these questions to the Energy Market Authority (EMA), SP Group, energy retailers and an expert.

Why doesn’t SP Group offer consumers electricity at lower rates?

In a nutshell: Because it doesn’t set the electricity tariff paid by consumers.

SP Group is required by the Government to supply electricity to all consumers in Singapore.

READ: Singapore consumers can choose electricity provider from November

Electricity tariffs are not set by the group, but are regulated by EMA to “recover the long-term costs of producing and delivering electricity to consumers”. This includes fuel prices, building and operating power plants as well as maintaining the power grid.

SP Group gets a fixed component out of the tariff for operating and maintaining the power grid, and providing services such as billing and meter reading. This regulated rate has been stable for the past decade, says EMA.

Low tension electricity tariff for residential consumers
(Graphic: Energy Market Authority)

According to the rates in Q1 2019, SP Group is paid 5.71 cents per kWh, out of 23.85 cents per kWh paid by households. This comes to about 24 per cent of the tariff.

What else are we paying for in our power bills apart from the SP component?

Most of the tariff goes to power generation companies, while a small percentage goes to the Energy Market Company and EMA.

The energy cost, or cost of imported natural gas, is tied to oil prices by commercial contracts, which change depending on global market conditions. It is based on the average price of oil and the average SGD/USD exchange rate in the previous quarter. This component, paid to the power companies, is adjusted quarterly.

The market administration and power system operation fee is paid to the Energy Market Company, which operates Singapore’s wholesale electricity market, and EMA for operating the power system. This fee is reviewed annually.

Q1 2019 Tariff
(Graphic: Energy Market Authority)

How can electricity retailers offer cheaper electricity than SP Group?

Retailers in the Open Electricity Market are either the retail arm of power generators or independent retailers which buy electricity in bulk from power generation companies in a wholesale market where prices change every 30 minutes depending on demand and supply.

Between 2005 and 2012, the wholesale market price “trended upwards”. Until 2013, it tended to be higher than the regulated tariff.

READ: Singapore to open up retail electricity market from November: What it means for consumers

About five years ago, the electricity generation capacity began to exceed consumption. As a result of overproduction, wholesale prices dipped to below that of the regulated tariff.

The wholesale electricity price reached an all-time low in 2016 due to “excess generation capacity in the market and declining oil prices”, said EMA. In 2017, it increased as oil prices recovered.

Monthly Average Usep
(Graphic: Singapore Energy Statistics 2018)

Currently, the fuel cost in the regulated tariff is 18.1 cents/kWh, while the wholesale electricity price currently fluctuates in the range of 10 cents/kWh.

Consumers can now also purchase power from SP Group at the wholesale price, but they will be subject to the constant price fluctuations.

Why can retailers vary the rates offered to customers, especially when they are buying from the same pool of power generators?

Retailers can vary their prices and business strategies to adapt to current market conditions, and can also select their target consumer groups, like businesses or families.

Union Power, a subsidiary of home-grown bottled-gas supplier Union Energy, focuses on customers who are already using its liquefied petroleum gas.

ES Power, on the other hand, is hoping to differentiate itself with its carbon-neutral electricity, banking on the demand for green energy.

READ: More households switch electricity retailers, pay 20% to 30% less

READ: Sizzling competition, ‘encouraging’ sign-ups as electricity market opens up in Jurong

Retailers are also able to customise price plans, including the bundling of other services or products, and can impose contract lock-in periods or early termination charges.

For example, Geneco offers six plans, including a peak and off-peak option targeted at consumers who wish to monitor their own consumption.

“Generator-retailers like Geneco, and independent retailers … are allowed to set their own rates, which takes into account current market conditions, shorter-term costs of producing electricity, and competition levels,” said Mr Low Boon Tong, Geneco’s executive vice-president of retail.

Retailers like Ohm Energy and Geneco also cut down on overhead costs by shifting their operations online, as well as automating their systems.

READ: Singapore to open up retail electricity market from November: What it means for consumers

How might prices and the market pan out in the long run?

As with energy markets overseas, several retailers are likely to be successful in the long run, said Professor Subodh Mhaisalkar, executive director of the Energy Research Institute at Singapore’s Nanyang Technological University.

Companies have to innovate and offer differentiated services in order to adapt as the market evolves, he added.

“I see the market continuing to evolve and offer new ideas and new services; some energy related (for example: Internet of Things, apps, energy saving appliances) and others will offer bundled services,” he said.

READ: Will lower prices in open market make consumers use more electricity? Experts weigh in

READ: Red Dot Power exit: No electricity supply disruption, customers transferred to SP Group

However, demand for electricity is likely to increase, with changing lifestyles as well as the electrification push as seen in the rise of electric vehicles, port electrification and energy efficiency in industries.

The prices offered by retailers will change as the underlying cost of energy changes.

“While price may seem the most important factor for now, consumers must understand that lower prices today are not a given in the long term regardless of whether you stay on the current scheme or change to a new retailer,” said Geneco’s Mr Low.

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