Singaporean telecom giant Singtel is reportedly entering the electricity reselling business in an alliance with Geneco, the integrated energy provider unit of YTL PowerSeraya. The two companies recently said in a joint statement that the power, which would be resold through Singtel Power, would allow savings for households on current bills by up to 30 percent, while switching from their incumbent provider would also be simple.
Chief Executive Officer for Singapore consumer division of Singtel, Mr. Yuen Kuan Moon, said that the company seeks to provide flexibility, choice and greater value with Singtel Power to Singapore households. The company is a convenient one-stop shop for their communications and power needs, he stated. Consumers could also enjoy an attractive discount, in addition to their power bills savings, on their mobile handset purchase and fiber broadband subscription, Mr. Moon added.
Citing sources familiar with the matter, Geneco and Singtel are aiming to leverage the wide customer base of Singtel and the experience of Geneco as a brand of YTL PowerSeraya. YTL PowerSeraya is Singapore’s second-largest power-generation company.
Mr. Yeoh Keong Hann, YTL Power’s executive director, was quoted saying that good energy could become even better with great partnerships. The company aims to offer easier access to better energy plans for Singaporeans while working with Singtel, with options of value-added services from Singtel. Mr. Hann further said that this partnership would allow YTL Power to tap the extensive customer reach of Singtel as part of its ‘power the change’ vision for building Singapore’s sustainable energy future.
Further from the sources, residential customers have options to choose from Geneco’s three plans and enjoy exclusive promotions from Singtel. New customers of Singtel Power that have also signed up or recontract on Singtel’s fiber broadband plan of 1Gbp would get an $80 mobile handset discount as well as one-month free broadband.