At a dialogue with some 230 companies, EMA’s Chief Executive Chee Hong Tat shared about the options available to companies to manage their electricity costs. The companies also heard from electricity retailers on the various pricing plans and services offered.
Among those at the seminar was Jason Holdings’ Group Financial Controller Andrew Loke who felt the engagement session “was very informative… We started aggressively exploring for the best tariff with the available electricity retailers and locked in another two-year contract at a further 15 percent savings from the current SP tariff price”.
Hotel Manager Kung Teong Wah from Holiday Inn Singapore (Orchard City Centre) also shared that “the contestability initiative has allowed us to hedge our energy cost at a desirable price for the past few years”.
EMA had announced recent changes under the Increased Retail Contestability (IRC) initiative. This would enable 15,000 more non-residential consumers to qualify for retail contestability, up from 8,000 large non-residential consumers. Starting October, the threshold will drop to 4MWh per month. EMA is working towards relaxing the criteria further over the next few years to include households.