Senoko Energy, an energy company in Singapore, has launched a pilot project to introduce peer-to-peer (P2P) trading of renewable energy in collaboration with Singapore’s energy innovation company, ELECTRIFY, and ENGIE Factory, the venture arm of French electric utility company, ENGIE.
Sponsored by ENGIE Factory, the initiative will enable Singapore households and businesses to register for ELECTRIFY’s P2P trading platform through Senoko Energy’s new service offering, SolarShare. Upon registration, producers and consumers will be able to trade locally-produced solar energy with a like-minded community. Registered users will also benefit from the dynamic pricing of their green electricity rates due to the ability to determine the buying and selling price through the trading platform.
The option to participate in the pilot project will be made available to new and existing Senoko Energy customers, limited initially to a closed community of 100 participants. The aim is to test the potential for commercialisation of this new energy offering, with the ultimate goal of rolling it out to all households and businesses in Singapore.
How it works
ELECTRIFY’s platform will use real-time data at 30-min. intervals to enable comparisons between the amount of energy supplied, the market demand and the prices offered. Both residential and commercial users will be able to log onto the energy trading platform to view the available solar producers and choose whom to buy from based on their energy usage.
The energy demand during non-daylight hours will continue to be met by Senoko Energy to ensure there is no disruption in the physical supply of electricity. Customers who choose to purchase green energy from the P2P platform will receive a consolidated bill from Senoko Energy at the end of the month, making it a seamless experience.