Singtel enters electricity retail market
Telco partners with Geneco to offer discounts on electricity tariff, broadband and handset purchase
Telecommunications giant Singtel will be entering the local electricity retail business, joining forces with YTL PowerSeraya's integrated energy provider unit, Geneco.
Singtel and Geneco said in a joint statement yesterday that the electricity to be resold through Singtel Power will allow households to save up to 30 per cent on their current bills.
The Singtel Power website states that for an average four-room HDB flat, users can expect to save about $535 annually under its plan, as compared to the rates offered by SP Services.
The company will also guarantee households a "seamless" switch from their current service provider, said the joint statement.
Mr Yuen Kuan Moon, chief executive officer of Singtel's consumer Singapore division, said: "We are excited to be a convenient one-stop shop for their (Singapore households) power and communications needs.
"In addition to savings on their power bills, customers can enjoy an attractive discount on their fibre broadband subscription and mobile handset purchase."
Residential customers can choose from three electricity plans and enjoy Singtel promotions.
New Singtel Power customers who sign up or recontract on a Singtel 1Gbp fibre broadband plan will enjoy one-month free broadband and an $80 mobile handset discount.
The gradual roll-out of the Open Electricity Market started since Nov 1 last year, allowing residents to select from a variety of rates offered by various providers including SP Group, Sembcorp and Keppel Electric.
The roll out will be completed by May this year.
Singtel is the third local telco to expand into the electricity market. In March last year, StarHub partnered with electricity retailer Sunseap to sell clean energy subscription plans, but that collaboration ended in November.
M1 and Keppel announced their joint venture on Oct 31, and began providing electricity plans on Nov 1.
In the latest partnership, Singtel hopes to leverage on YTL PowerSeraya's industry experience, while the latter is looking to benefit from the telco's wide reach.