Singtel plugs in with Geneco to offer electricity service plans
Singtel has inked a partnership with energy provider Geneco to resell electricity to consumers in Singapore, following in the footsteps of two other local carriers M1 and StarHub. The new service plans will be offered through Singtel Power, which is promising to provide monthly savings of up to 30 percent on current regulated tariffs.
Customers can choose from three monthly plans including Get It Fixed 24 and Get It Fixed 36, which are pegged at 17.98 cents per kWh for a two-year contract and 17.88 cents per kWh for a three-year contract, respectively. These will generate an estimated savings of 30 percent compared to current regulated tariffs, which are revised every quarter and set by SP Group. The third price plan, Get It Less 24, offers a 22 percent discount off the regulated tariff on a two-year service contract.
Tariffs are approved by industry regulator Energy Market Authority and calculated on a formula that assesses the cost of producing and delivering power to consumers, including changes in fuel prices. Tariffs for the current quarter are set at 25.52 cents per kWh.
Singtel's CEO of consumer Singapore Yuen Kuan Moon said the partnership with Geneco would offer local households a "one-stop shop" for their power and communications needs.
Geneco is owned by Singapore's second-largest power generation company, YTL PowerSeraya. There currently are 15 power generation companies in the country.
The country's other two telcos last year also announced alliances with energy providers to offer their customers monthly plans bundled with electricity and mobile services. M1 in March inked a deal with Keppel Electric, while StarHub teamed up with solar energy provider Sunseap to enable customers to purchase electricity generated by solar power.
Singapore's electricity market last April began its liberalisation process with a soft launch.
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