Singapore’s Senoko Energy opens clean energy trading platform

27, Jul. 2020

Image by skeeze from Pixabay
Image by skeeze from Pixabay

SINGAPORE, NNA – Singapore-based Senoko Energy Pte. Ltd., an affiliate of major Japanese trading house Marubeni Corp., has launched a pilot project on peer-to-peer (P2P) trading of solar power in a bid to help spread the use of renewable energy.

Senoko Energy has partnered with Engie Factory, the venture arm of French multinational electric power and gas firm Engie S.A., and Electrify Pte. Ltd., the city-state's first electricity retail marketplace operator, to launch the service.

Initially, 100 households and companies will be invited to participate in the project, Senoko Energy said in a statement.

Participants in the pilot project sponsored by Engie Factory can register for Electrify’s P2P trading platform through Senoko Energy’s newly launched SolarShare service, according to the statement.

In SolarShare, electricity prices fluctuate according to data on the supply-demand balance for solar power at 30-minute intervals. Users can sell power generated by their solar panels and buy electricity from others.

Senoko Energy guarantees that it will meet power demand from those participating in the pilot project during non-daylight hours or when it rains. Users will receive a consolidated bill from Senoko Energy at the end of each month.

“Currently, there are just over 1,200 private residential properties in Singapore that have solar rooftop installations, with the potential for as many as 65,000 installations,” Quentin Vaquette, managing director of Engie Factory, said in a statement. “Through this pilot P2P project, we hope to encourage more Singaporeans to adopt renewables and help lower our nation’s carbon footprints.”

Besides Marubeni and Engie, a consortium consisting of Kansai Electric Power Co., Kyushu Electric Power Co. and the government-affiliated Japan Bank for International Cooperation has a stake in Senoko Energy.