The Power Behind the Retailer’s Stability Amid Industry Disruptions
PacificLight has solidified its position in Singapore’s competitive energy market, even amidst recent changes that have seen a number of electricity retailers exit the market. With its own power plant on Jurong Island, the retailer is not only enduring but thriving.
The electricity retail sector in Singapore has undergone significant changes, leaving PacificLight as one of the remaining nine electricity retailers. Geraldine Tan, General Manager of PacificLight, has been a key figure in the industry for over two decades, witnessing the growth of the Open Electricity Market (OEM) and guiding the company through challenging times.
The Evolution of the Electricity Market
Tan reflects on the long road to the establishment of the OEM, a process that took nearly 20 years to finalise. Despite the turbulent market conditions, she remains confident in the company’s ability to weather any storms, thanks in part to PacificLight’s deep industry roots.
Electricity Pricing: Supply and Demand at Play
The recent spike in electricity prices has raised concerns among consumers, but Tan explains that these fluctuations are a result of the basic economic principles of supply and demand. PacificLight offers a range of plans to help consumers navigate these price changes, including its Easy Peasy plan, which provides flexibility without locking customers into long-term contracts.
The Power of Being a Gentailer
Unlike independent retailers, PacificLight benefits from its status as a gentailer, which means it is both a retailer and power generator. This enables the company to manage price fluctuations more effectively. The company’s S$1.2 billion power plant, capable of powering over a million households, provides it with a stable supply of electricity, allowing it to better withstand market volatility.
Navigating Global Energy Price Surge
While the global surge in energy prices has affected many, PacificLight has managed to avoid these challenges due to long-term contracts with liquefied natural gas (LNG) suppliers. Tan emphasises that the company’s ability to secure stable and reliable energy sources through these contracts ensures consistent pricing for its customers.
Ensuring Stability for Consumers
PacificLight’s forward-thinking approach includes maintaining contingency plans to ensure a reliable power supply. These measures, including backup fuel supply and the provision of extra electricity beyond standard requirements, are designed to protect consumers from potential disruptions.
A Commitment to Sustainability
In line with Singapore’s Green Plan 2030, PacificLight is pushing the envelope in renewable energy. The company offers green energy options through its Sunny Side Up plan and is actively involved in projects to bring offshore solar energy to the island nation. This commitment to sustainability is reflected in its power plant’s registration with the UN Framework Convention on Climate Change (UNFCCC), a recognition of its efforts to reduce emissions.
The Future of Energy in Singapore
Looking ahead, Tan sees exciting opportunities in the energy industry, with advancements in renewable energy and technological innovations driving future growth. Despite the challenges, PacificLight remains dedicated to ensuring a reliable, sustainable, and cost-effective electricity supply for Singapore’s businesses and households alike.
To support customers, PacificLight offers promotions such as rebates on electricity bills for those signing up for 24-month plans, providing further incentive to choose the retailer in an increasingly competitive market.
