ELECTRIFY.SG is delighted to play a larger role in Singapore’s energy landscape with our inclusion into Project OptiWatt, a programme about demand-side management (DSM) administered by the Singapore Energy Market Authority (EMA). In the coming year, ELECTRIFY.SG plans to introduce programmes and initiatives that will allow consumers to manage their power usage providing more control over how and when they consume electricity and consequently what they pay.
ELECTRIFY.SG is South-east Asia’s first electricity retail electricity price discovery platform. As a marketplace, ELECTRIFY.SG will provide more choices to businesses in their choice of electricity service providers. This freedom will apply to residential consumers in the second half of 2018, after the Open Electricity Market (OEM) launch.
Consumers can also customise their electricity plans through features such as time-based pricing and clean energy options via carbon credits, or renewable energy certificates (RECs). At ELECTRIFY.SG, we believe that with the increased convenience, both consumers and electricity retailers will have an easier go at matching plans that best suit their needs.
Some of the future initiatives include Nocturne which provides consumers with granular 30-minute data about their consumption which will allow them to reduce their electricity cost through a day-night consumption algorithm. Retailers can offer more optimised plans through refined contracting terms, according to this data.
Another future initiative within EMA’s Optiwatt Programme is Project INSTINCT-a partnership with an electronics equipment manufacturer to develop AI-driven, low-cost smart home devices that communicate with other market participants. These devices will respond to price data and signals, controlling actuators and switches to dynamically regulate power usage. This will enable a unique low-intervention method to achieve EMA’s steering towards demand-side bidding mechanisms. For the geeks out there, think: Closed-loop control theory, PID, Laplace Transforms, State-Space Representations. Our engineers are working hard on Project INSTINCT and we’ll look forward to revealing to you in time to come.
ELECTRIFY.SG is continually seeking to engage the EMA, industry and the public on the latest trends in the electricity market. With that, we hope to provide better options to consumers and steer the industry in a sustainable manner.