Singapore Volume 11

3 8 | S U P E R B R A N D S V O L U M E X I MARKET The Singapore electricity market has progressively liberalised since 2001. Currently, companies with an average monthly electricity consumption of at least 2,000 kWh have the option to choose their preferred electricity retailer. When the market opens up fully, there will no longer be a minimum consumption threshold. This initiative provides consumers with choice and flexibility in their electricity purchases. There are several reasons that consumers make the switch to a private electricity retailer. For example, they may be offered options they could not get from an existing provider, including the ability to customise electricity packages, competitive pricing, and other value-added services. In addition, switching is a seamless, risk-free process to the consumers which only involves a change in the service contract; with no disruption to the physical supply. It is anticipated that consumers will switch for the benefit of improved services, innovative products, increased efficiency, and competitive prices. Geneco, powered by Seraya Energy, the retail arm of YTL PowerSeraya Pte. Limited, has earned its position as Singapore’s preferred electricity retailer. With its continual success in introducing bundled utilities, energy and resource-saving services, the market leader is presently servicing residential consumers and business consumers from a wide range of sectors including manufacturing; government; education; retail; and food and beverage. ACHIEVEMENTS Geneco, powered by Seraya Energy, believes in going beyond supplying electricity; it also delivers excellent service and value to customers. As testimony to its commitment, the company has received recognition in the Regional Call Centre Awards, as well as at Annual Singapore Call Centre Award events organised by the Call Centre Association of Singapore. Geneco, powered by Seraya Energy, was listed in ‘Singapore 1000 Company’ for its excellent financial performance – an accomplishment it maintained since 2005. The company also received the “Fastest Growing 50” certification in 2006 and 2007 in acknowledgement of its continuous and sustained growth during the first phase of electricity market liberalisation. Geneco, powered by Seraya Energy, which has also been a Superbrands Award Winner since 2010, has earned a reputation for its excellent customer service, its innovative suite of products, and its cost- effective and value-added energy plans. HISTORY Seraya Energy Pte Ltd was incorporated on 16 May 2001 as the retail arm of YTL PowerSeraya Pte. Limited, one of Singapore’s largest power generation companies. In October of the same year, it was accepted as a member of the Singapore Electricity Pool. With the further liberalisation of Singapore’s electricity market in 2018, Seraya Energy Pte Ltd revamped its retail brand as Geneco. Besides its existing commercial and industrial consumers, it now also serves residential consumers, and small and medium businesses. This unification of the retail brand provides its consumers with seamless and more efficient service experience. From its first customer in December 2001 to recognition as the fastest growing retailer with the largest contestable market share in 2007, the company has accomplished so much by listening to its customers, monitoring the market, and anticipating the needs of both. This has led to many new initiatives, including an energy- makeover initiative to help customers better reduce their energy usage. Its eco-conscious efforts also led the company to become the first electricity retailer to offer e-billing. On top of that, when customers asked for flexible payment options, it rolled out multiple payment avenues via American Express, Citibank and UOB credit cards; AXS’ stations, website and mobile application. The company has taken its commitment a step further by developing flexible energy services and rate plans that address business sensitivities to price fluctuations. It offers energy management tips and recommendations to reduce energy use; to increase efficiency and awareness, and to ultimately help customers reduce costs. The company’s 24/7 portal also enables customers to access the latest market updates, electricity bills, load profile reports, and consumption analysis graphs. In an increasingly competitive environment, where customers are asking more questions and becoming more knowledgeable, Geneco has demonstrated its eagerness to take on the challenge. PRODUCT Electricity touches everyone’s life. Consumers with regulated tariffs do not have the option to customise electricity packages to suit their needs, or to have control over their electricity rates.