Since 2001, the government’s aim has been to provide consumers with a greater variety of energy consumption choices through different energy retailers. The rationale behind this follows the basic Economics theory that greater competition encourages firms to innovate and price their product more competitively in order to maintain or increase their market share. This has led to the liberalisation of the energy market where commercial entities with an electrical consumption of at least 2,000 kWh (equating to a monthly electricity bill of about $450) are eligible to become contestable. Successful application would allow these businesses to purchase electricity at a customisable tariff, which could lead to greater electrical savings.
A competitive electrical market is not new. America and the United Kingdom are amongst a few countries that have for years had a liberalised energy market. This allows enterprises and household consumers to freely shop for the best electricity deal in the market. In fact, certain electrical retailers even offer off-peak electrical rates to their consumers that are up to 50% cheaper than peak period electrical rates!
With plans for full liberalisation of the energy market in Singapore in 2018 to also include households, this greater flexibility would accord consumers with the power to pick and choose the most suitable plan and retailer tailored to their own personal consumption and usage patterns.
However, as Ben Parker once famously uttered to Spiderman,
It is vital to make an informed decision that is not only responsible towards one’s wallet, but also one’s environment. The latter is especially important considering that environmental sustainability is of paramount importance with climate change related disasters occurring every so often. There will be no attempt to delve into the other implications of climate change, as that is a huge and rather debatable topic for another few articles perhaps. Basically, having cheaper electricity doesn't mean one should take it for granted and end up consuming it more wastefully.
With that, Intraix may be able to bring you the solution that will aid in reconciling both sides of the coin. Intraix has partnered with energy retailers to offer businesses direct and more competitive prices for their current electrical consumption (by helping you go straight to the retailers that generate our electricity). This plan is also bundled together with the Intraix Bolt package which will enable businesses to effectively and efficiently track their electrical usage through an online software, accessible through the internet and even on mobile phones! For more information on Intraix Bolt, you can click here to find out more!
The onset of a full energy liberalisation in the Singapore’s market is set to bring about significant changes to the behavioural and consumption patterns of all individuals. With greater transparency in prices of energy and the ability to choose and make comparisons between purchasing electricity from a customisable plan or from the wholesale electricity market, consumers will stand to benefit greatly.