Following a positive and successful soft launch in Jurong since April this year, the Energy Market Authority (EMA) has recently announced that the electricity sector in Singapore is ready to be liberalised progressively via the Open Electricity Market (OEM) initiative. Starting from 1 November 2018, the roll-out will be conducted in four phases, according to postal codes, over the next six months.
While this initiative allows Singapore households and businesses more choices and flexibility in purchasing electricity, it also allows them to switch to a retailer with a competitive price plan to meet their individual needs. Since the soft launch, the OEM has garnered positive feedback from households and small businesses in terms of substantial cost savings. Geneco, is one of the 12 participating retailers in this nationwide launch.
Geneco was launched by YTL PowerSeraya Pte. Limited this year and is the integrated brand for both its business and consumer energy portfolios. It belongs to the global YTL Power International energy network, which has expertise and presence in Singapore, Malaysia, Indonesia, Australia and the United Kingdom (UK). Possessing a rich heritage, it has deep knowledge of how to generate and retail different types of energy solutions: electricity, solar energy, steam, water, and natural gas. With roots in the UK, Geneco is highly acclaimed and has won awards for its efforts in recycling and renewable energy projects.
BUILDING SUSTAINABILITY IN SINGAPORE
The Ministry of the Environment and Water Resources (MEWR) has rolled out 5 areas of the Sustainable Singapore Blueprint, which included an emphasis on being a leading green economy. With this vision to embrace greener practices, Singapore and its businesses are moving very swiftly towards adopting sustainable energy options for a better environment. Geneco, with its eco-friendly ethos and global energy network, is perfectly placed to harness its global expertise, to be at the forefront of building a sustainable energy future for Singapore.
Mr Yeoh Keong Hann shared that Geneco is putting in place plans to work with industrial and commercial building owners to roll out an electric vehicle (EV) charging network of 1,000 charging points by year 2025. By offering bundled electricity and EV charging solutions to customers, this network will serve the needs of a new generation of EVs and further cement Geneco’s position as the owner and operator of the largest EV charging network by an energy retailer in Singapore.
“My aim is to make Geneco a sustainable business, and to do this, we need to imbue in the brand and business a solid set of values that will make us stand apart. Our values are encapsulated in the word KIND, which stands for Knowledgeable, Imaginative, Noble and Dependable. Our vision is to power a positive change in our community. We are putting in place plans to work with industrial and commercial building owners to roll out an electric vehicle charging network of 1,000 charging points by year 2025. Offering bundled electricity and EV charging solutions to customers allows us to cement Geneco’s position as a business committed to building a sustainable energy future,” said Mr Yeoh.
GENECO AS A FORCE FOR GOOD
While the main driver in the open electricity market is seemingly price, but more than just that, Geneco wants to assert how businesses can also very well be a force for good. Greatly inspired by his grandfather’s philosophy in life and business, Mr Yeoh believes that nothing is without spirit and purpose, which is fully captured in the YTL brand ethos of Building The Right Thing. Similarly, for Geneco, the management is deeply passionate about embodying the same values; using its businesses and its influence to positively impact the community and the society at large.
“I am doing power projects in Indonesia. Electricity might be a fundamental commodity to us and most of us take it as a given. However, seeing villages with no electricity and then, get access to affordable electricity is something that impacts me. This might not seem anything to us, but to them, it’s a huge change.”
“Our aim for Geneco is to be seen as a force for good. Our ambition is to be the largest integrated energy retailer in Singapore such that we can leverage this leadership position to drive our expansion into other electricity retail markets in Asia,” shared Mr Yeoh.
BRANDING FOR SUCCESS
Branding is critical for all businesses, no matter the size of the company or the industry/sector you are in. Hence the integration of YTL PowerSeraya’s portfolios signals its intent to be the preferred integrated energy provider for businesses and homes across Singapore. Sharing on branding strategies Geneco is adopting in preparation of its November launch, Mr Yeoh stated that the energy retailer brand adheres closely to its Brand Compass, which details the brand’s mission, vision and values. The Compass gives clarity, meaning and direction to the brand, thereby aligning all its stakeholders, including employees, partners and vendors, to ensure seamless branding across all communication. Furthermore, Geneco has a clear focus on innovation, cost-effectiveness and sustainability, in providing practical energy solutions.
Geneco also has a fully-digital customer journey which strips away unnecessary costs, thereby allowing it to offer retail consumers the best plans at the best prices; hence making energy more accessible to the people. Geneco also actively engages the digital community through platforms such as Facebook, Instagram and LinkedIn to reach out to both businesses and residential consumers. In order to provide a more holistic customer-centric experience, Geneco has a customer portal that gives its consumers 24/7 access to their bills and allows them to track their electricity consumption.
“Geneco is not just about providing electricity or energy solutions to consumers. We are committed to building a sustainable and accessible energy future for all Singaporeans, and empowering customers to achieve more out of their daily activities and life. We do this by adopting a customer-centric approach – through fair prices and plans to suit different needs, as well as our contributions to the communities in which we operate.”
“At the end of the day, we aim to be the owner and operator of the largest electric vehicle charging network, as well as a major player in solar energy solutions,” said Mr Yeoh.
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