StarHub has teamed up with Sunseap to venture into the electricity market of Singapore. The energy market has been partly liberalized in an attempt to ensure competitiveness and to offer more options to residential consumers. Industrial consumers or businesses already have the opportunity to deal with energy providers at wholesale rates. The deregulation and liberalization would welcome new players and that would have a direct impact on energy prices for residential and small business consumers.
StarHub and Sunseap would jointly cater to new customers, including services and billing. They would also explore smart energy and IoT or the Internet of Things. One of the major changes being brought about by the two companies is the option for customers to choose sustainable or green energy. Consumers can opt for solar power without having solar panels installed at the properties. Both green energy and competitive pricing are becoming the cornerstone of the liberalization process. The Energy Market Authority, which is the regulator of the industry in Singapore, is also expected vast improvement of service standards with an increase in competition.
Till the move to liberalize the market, only enterprise customers with a minimum average consumption of 2,000 kWh every month or a bill worth $400 per month were eligible to access the wholesale market or to buy electricity from a retailer. They also had the liberty to choose the regulated tariffs. With the liberalization beginning in Jurong, both residential and business consumers can now attend to their energy requirements from a chosen retailer. This is a soft launch and would initially liberalize a market of just over a hundred thousand accounts and almost ten thousand businesses. The entire electricity market of Singapore is expected to be liberalized by the end of this year. This would include all the remaining accounts, poised at 1.3 million right now.
StarHub in partnership with Sunseap is offering two plans right now. Both are clean energy subscriptions. Consumers can choose Green Life or Green Save. Those signing up for Green Life would be using power charged as per the normal regulated electricity tariff. Those who sign up for Green Save will get 5% clean energy and would pay 20% less than the regulated tariff. StarHub intends to offer bundles in the near future. It is already planning to supplement the lifestyle of lower carbon footprint by using clean energy with essential services including mobile, broadband and pay television. The bundles would include electricity and are likely to have attractive discounts.
Singapore has launched sustainable plans to increase the generation of solar power. Committing to the long term goal of switching completely to renewable energy, StarHub has pledged to create and grow a Clean Energy Fund. The telecom company aims to set aside 5% of its profits for three years initially to support various initiatives for environment conservation with a focus on clean energy as well as power efficiencies. Sunseap is already the largest provider of sustainable energy in Singapore. It has solar systems on rooftops of over a thousand buildings including commercial properties and residential estates.
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