SINGAPORE, 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.i 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.