Buy Electricity for Business Singapore | Live Auction Platform | PowerSelect
Buy Electricity Content
In PowerSelect’s Live Auctions, electricity retailers compete for your business in a 15-minute auction. This not only fast-tracks your purchase, you also get the best offers as electricity retailers drive down the prices through the transparent auction process.
You get to specify the parameters of your auction, such as the contract period and plan type (e.g. 2-year Fixed Price Plan), the shortlisted electricity retailers, and the starting reserve price. From this starting price, the participating electricity retailers will bid, driving prices down. The auction ends when there are no further bids within the 15-minute window, and you can then proceed to sign the contract with the winning electricity retailer.
PowerSelect’s Live Auctions are suitable for the following types of electricity plans:
· Fixed Price Plan
If you prefer price certainty throughout your contract duration, choose a Fixed Price Plan. Electricity retailers will offer their best prices and the one with the lowest price wins the auction.
· Discount Off Tariff Plan
Enjoy a discount off the prevailing regulated tariff (e.g. 20%) throughout your contract duration. Electricity retailers will offer their best discounts and the one with the highest discount wins the auction.
The Invitation to Tender (ITT) process caters to businesses with special or additional electricity requirements that aren’t covered in Live Auctions. For example, if you prefer to buy ‘green’ energy, or a ‘hybrid’ contract with both a fixed price component and a component that is indexed to fuel price.
In these cases, electricity retailers will submit customised proposals based on your requirements. You can then compare the different proposals and choose the electricity package that suits you best.