Electricity Market Updates
Singapore Business Review
July 2016 issue
Published 17 June 2016
This question led the RCMA Group to launch iSwitch and provide more affordable electricity plans in combination with more flexible payment options to businesses.
When the RCMA Group saw Singapore businesses jumping through hoops to cut down a small fraction of their ballooning electricity bills, their immediate thought was: There has to be an easier way that brings better results. This led the firm to launch iSwitch, an electricity retail business that is licensed by the Energy Market Authority (“EMA”) to offer electricity plans at more attractive prices and more flexible payment options.
“While a company can adopt energy-saving methods to reduce consumption, there are alternative and more competitive pricing options available in the market to reduce cost more effectively,” says David Maher, Managing Director, iSwitch & Managing Director, Energy at the RCMA Group.
Substantial savings, flexible payment
Leveraging on its experienced team in energy and electricity retail across the region, the RCMA Group sets up iSwitch with a dedicated team that helps businesses review their electricity bills.
The consultation process assists businesses to explore various pricing plans and then choose one that will best suit their needs, often resulting in substantial savings on their electricity costs and a noticeable improvement to their operational overheads.
iSwitch has spent significant resources building a solid reputation of not only having more attractive plans relative to incumbent players in Singapore, but also providing flexible and customised solutions to consumers who wish to save more on their electricity costs.
“We not only help customers to improve their bottom-line, but understand and add value to their cash flow management by offering flexible payment terms,” says Maher.
iSwitch’s experienced advisors focus on finding a plan for customers that fits like a glove. “Customer service is our top priority; we train our staff to go the extra mile with the personal touch, and to value and treat our customers as business partners,” says Maher.
Reliability assured
There is a common misconception that since iSwitch is an electricity retailer with no generating assets, its reliability is lower. But iSwitch points out that this is not the case as physical electricity supply is not determined by assets but managed independently by the SP Power Grid.
“When these customers express concerns about the reliability and quality of supply, education becomes critical when reaching out to customers as we help them understand that Singapore’s energy transmission system is highly regulated and wholly operated by the Government. This means that when you switch electricity retailers, there will be no change or compromise to your security of supply,” says Maher.
Businesses are assured that there will be minimal hassle when shifting to iSwitch since the account transfer will be handled by the iSwitch team, in the same system that is managed by SP Services.
“Customers often think that it is difficult to switch from their existing retailer or hesitate to switch from SP Services. At iSwitch, our dedicated team of experts makes the process a simple and hassle-free experience.”
Gearing up for change
iSwitch is gearing up for a big shift in the Singapore electricity retail market in 2018 when the next stage of contestability occurs, expanding the number of potential customers that can take advantage of its lower rates and more flexible plans to include household owners and small businesses.
“Not only commercial and industrial consumers, and large or medium businesses, but also household owners and small businesses will be empowered to sign up electricity plans with any retailer like iSwitch to enjoy greater savings and benefits,” says Maher.
“iSwitch has been gearing towards building the team’s expertise in preparation for the influx of potential customers as we strive to always be at the forefront in helping these newly contestable consumers enjoy some of the greatest savings,” he adds.
iSwitch is backed by the RCMA Group, a global group headquartered in Singapore with offices in 15 countries.
Singapore businesses can email their latest monthly electricity bill to sales@iswitch.com.sg and a dedicated team of iSwitch experts will advise on the best offering that helps maximise electricity cost savings.