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Singtel enters electricity reselling business with Geneco tie-up

Janet Ong
Finance Editor
Singtel wants to be a one-stop shop for power and communications needs. (PHOTO: Reuters)

Singapore Telecommunications has entered the electricity reselling business through a tie-up with Geneco, the second largest power generation company in Singapore.

Singtel Power will offer Geneco electricity plans that will allow households to save up to 30 per cent on the monthly power bills on current regulated tariffs, the two companies said in a joint statement Thursday (10 January).

The partnership will leverage on Singtel’s wide customer base and Geneco’s experience as a brand of YTL PowerSeraya.

Residential customers can choose from three Geneco plans and enjoy exclusive Singtel promotions. For a start, new Singtel Power customers who also sign up or re-contract on a Singtel 1Gbps fibre broadband plan will enjoy one month of free broadband and a S$80 mobile handset discount.

Starting last November, over 1.4 million households and business accounts will have the option of buying electricity from a retailer – apart from the incumbent SP Group – on a price plan that best meets their needs, as Singapore rolls out its open electricity market.

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