Senoko Energy, Electrify and Engie Factory Team Up To Launch Singapore’s First Pilot Project In Peer-To-Peer Renewable Trading


SINGAPORE
Media OutReach – July 21, 2020 –
Senoko Energy, one of Singapore’s
largest and most established energy companies, today launched a pilot project to
introduce peer-to-peer (P2P) trading of renewable energy in collaboration with Singapore’s
foremost energy innovation company, ELECTRIFY, and ENGIE Factory, the venture
arm of French multinational electric utility company, ENGIE.

 

Sponsored by ENGIE Factory, the initiative will
enable Singapore households and businesses to register for ELECTRIFY’s P2P
trading platform through Senoko Energy’s new service offering, SolarShare. Upon
registration, producers and consumers will be able to trade locally-produced
solar energy with a like-minded community. Registered users will also benefit
from the dynamic pricing of their green electricity rates due to the ability to
determine the buying and selling price through the trading platform.

 

The option to participate in the pilot project will
be made available to new and existing Senoko Energy customers, limited
initially to a closed community of 100 participants. The aim is to test the
potential for commercialisation of this new energy offering, with the ultimate
goal of rolling it out to all households and businesses in Singapore.

 

James Chong, Head of Commercial Division of Senoko
Energy, said: “The concept of P2P energy trading is highly innovative and
smart, and its adoption around the globe is still in its early stages. We are
very excited to collaborate with ELECTRIFY and ENGIE Factory, because we
believe this will be the future of our energy industry, driven by a community
of like-minded individuals and companies.”

 

He added: “Our decision to invest in SolarShare is
driven by two key factors — our commitment to meet Singapore’s renewable energy
demand and to empower Singaporeans with greater choice in their electricity
consumption. A ‘prosumer’ culture will strengthen the energy security of
Singapore as producers can contribute excess energy to the energy grid, while
consumers can choose where their electricity comes from at their preferred
price.”

 

How it works

ELECTRIFY’s platform will use real-time data at
30-minute intervals to enable comparisons between the amount of energy
supplied, the market demand and the prices offered. Both residential and commercial
users will be able to log onto the energy trading platform to view the
available solar producers and choose whom to buy from based on their energy
usage. 

 

The energy demand during non-daylight hours will
continue to be met by Senoko Energy to ensure there is no disruption in the
physical supply of electricity. Customers who choose to purchase green energy
from the P2P platform will receive a consolidated bill from Senoko Energy at
the end of the month, making it a seamless experience.

 

Martin Lim, Chief Executive Officer and Co-Founder
of ELECTRIFY, said: “Our P2P energy trading platform is one of the very few in
the world that will allow for trading across a national electricity grid. With
this technology, Singaporeans will get access to a reliable, secure and
transparent platform to buy and sell renewable energy.”

 

“Our collaboration with Senoko Energy and ENGIE
Factory is ground-breaking in the way it transforms the dynamics between energy
suppliers and consumers. We’re thrilled by this shared commitment to strengthen
Singapore’s position as an energy leader with new and sustainable innovations.
I expect this demonstration to pave the way for other power grids to develop
more inclusive business models to benefit the world.”

 

Quentin Vaquette, Managing Director of ENGIE
Factory, said: “At ENGIE Factory, we are committed to accelerating the
transition to zero-carbon. Currently, there are just over 1,200 private
residential properties in Singapore that have solar rooftop installations, with
the potential for as many as 65,000 installations.[1]
Through this pilot P2P project, we hope to encourage more Singaporeans to adopt
renewables 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 for
life to generations of Singaporeans, delivering safe, innovative, and efficient
energy supply to customers since 1977. Integral to Singapore’s development, it
is a pioneer in power generation and energy solutions, serving Singapore’s
energy needs with proven reliable performance.

 

As one of the largest power generation
companies by installed capacity in Singapore, Senoko Energy has a licensed
capacity of 2,807 megawatts (MW), providing about one-fifth of the nation’s
electricity needs. The company launched its retail brand in 2018, offering
retail products and services for Singapore households and small and medium
enterprises (SMEs) in the Open
Electricity Market.

 

Senoko Energy aims to be an energy
provider with a positive impact on the environment by advancing sustainability in
its operations as well as in its various CSR programmes. It was the first power
generation company in Singapore to import clean natural gas for power
generation in 1992, and first to launch a combined cycle plant in 1996. Senoko
Energy has achieved a 42 per cent reduction in its carbon footprint since 2000.

 

Senoko Energy is the winner of the
inaugural Singapore Energy Award in 2013 and is ISO certified in business
continuity, business processes, environmental and work safety, and quality,
amongst others. In 2019, the company was also awarded the SkillsFuture Employer
award.

 

Senoko Energy has subsidiaries providing
retail of electricity and related services, fuel storage tank leasing and
terminal services, and gas operations services. It is owned by a consortium
comprising 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.

 

About
ELECTRIFY

 

ELECTRIFY
is a Singapore-based energy innovation company established in March 2017 to
address the need for transparency and security against the backdrop of
increasingly liberalised electricity markets around the world. ELECTRIFY has
developed a utility-grid wide peer-to-peer (P2P) energy trading platform that will
potentially drive the adoption of renewable energy. 

 

ELECTRIFY
launched Electrify.SG in July 2017, Singapore’s first retail electricity
marketplace. This marketplace was built to help electricity consumers select
the most suitable energy plan for their needs. The cloud-based platform has
transacted over 60GWh of electricity since its launch and helped over 500
commercial and industrial companies in Singapore save a combined S$1.5 million.

 

ELECTRIFY’s
longer-term vision is to drive a sustainable energy future built around energy-innovation
technologies, such as IoT, AI and blockchain. Using real-time data, it has
developed a contracting platform which facilitates P2P energy trading across an
existing city-wide grid. Individual producers of energy, such as owners of
solar panels, will be empowered to sell excess power to other consumers across the
power grid. In February 2019, ELECTRIFY completed a successful alpha test with
12 consumers and three producers.

 

Following a strategic investment from TEPCO Frontier Partners, a
subsidiary of the Tokyo Electric Power Company (TEPCO), ELECTRIFY entered a Memorandum
of Understanding with TEPCO to explore the deployment of its technology for the
Japanese market.

 

ELECTRIFY is poised to play a significant role in the Asia-Pacific
energy landscape for years to come with upcoming projects in the region.

 

For
more information, visit www.electrify.asia/

 

About
ENGIE Factory Asia-Pacific

 

ENGIE Group is a global energy and
services group that focuses on three core activities: low-carbon power
generation (mainly based on natural gas and renewable energy), global networks
of 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 accelerate
the transition to a zero-carbon society by partnering with startups and
aspiring founders who share the same drive to deliver real impact. We build,
scale and invest in startups and individual founders who believe they can solve
these global challenges. How we do this is in three different approaches.

 

In the first approach, we commit to
innovative ventures right from the beginning. We identify great founders and
entrepreneurial teams to co-create new business models and start impactful
companies.

 

In the second approach, we partner with
high growth startups to expand solutions to global customers. We are always on
the lookout for startup solutions that can open new business opportunities or
solve pain points that we have identified in our ENGIE businesses.

 

Last but not least, our third approach is
to invest in startups from the sectors of sustainability and smart cities. We
invest through our Engie New Ventures €180 million fund and take minority
stakes in technology startups that complement existing activities and resources
to spur internal innovation within Engie Group.

 

Visit www.apac.engiefactory.com for more information.

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