YTL PowerSeraya Announces Launch of Geneco
Singapore, 3 October 2018
YTL PowerSeraya Pte. Limited (YTLPS) today announced the launch of Geneco, the integrated brand for both its business and consumer energy portfolios. The move comes ahead of the impending nationwide rollout of the Energy Market Authority (EMA)’s Open Electricity Market (OEM) beginning November 1, 2018.
Announcing the integration, Chan Swee Huat, Chief Executive Officer of YTLPS, said “The move to consolidate both our business and consumer portfolios under the Geneco brand signals our intent to be the preferred integrated energy provider for businesses and homes across Singapore.”
“We will do this by having a clear focus on innovation, cost-effectiveness and sustainability, and providing practical energy solutions. For example, our fully-digital customer journey strips away unnecessary costs, so we can offer the best plans at the best prices, making energy more accessible to the people,” he said.
YTLPS is the second largest power generation company in Singapore with a licensed capacity of 3,100MW. Part of the global YTL Power International energy network, YTLPS has been generating power for Singapore for 47 years and has been in business-to-business energy retail for close to 17 years.
Geneco draws its ethos from GENeco UK, a pioneer in sustainable energy solutions which has earned multiple awards for its work in recycling and renewable energy. GENeco UK is also owned by YTL Power International.
Commenting on the launch of Geneco in Singapore, Yeoh Keong Hann, Executive Director of YTL Power International said, “At YTL Power, we recognise that energy is the driving force of development. The move to launch Geneco, with its eco-friendly ethos, is in line with YTLPS’ aim of building a sustainable energy future for Singapore. It is the first step in Geneco’s international expansion as an integrated sustainable energy solutions provider.”
He added, “By harnessing the knowledge of our international energy network, investing in more energy-efficient power generating assets, switching to less carbon intensive fuels and driving innovation, we are well-positioned to meet the energy needs of markets across Asia.”
EV Charging Infrastructure As a Platform for Growth
According to Mr. Yeoh, Geneco has earmarked the local electric vehicle (EV) sector as one that holds massive potential for growth and provides them with an opportunity to contribute to Singapore’s clean energy agenda.
“The newly rebranded entity will work with commercial fleets as well as building owners to roll out an electric vehicle charging network consisting of 1,000 charging points by 2025. By offering bundled electricity and EV charging solutions to customers, this network will serve the needs of a new generation of electric vehicles and cement Geneco’s position as owner and operator of the largest electric vehicle charging network by an energy retailer in Singapore,” he added.
Geneco’s integrated business offering is reflected in its new website (https://geneco.sg), which allows both business and residential customers a portal that tracks their energy consumption, offers a variety of plans and packages, and facilitates e-payments.