All of ES Power's business and residential customers will be transferred to its fellow green energy retailer iSwitch by the end of the month, under a new partnership between the firms. The retail contracts amount to about $15 million.
iSwitch will maintain the same electricity rate and conditions of ES Power's existing contracts for these customers.
"This acquisition will bring iSwitch's yearly gross revenue to $145 million, and consolidate our position as the largest green electricity retailer in Singapore," said iSwitch's chief commercial officer Andrew Koscharsky. "This lays a platform for future consolidation in the market, in which iSwitch expects to continue to play a leading role."
The transfer process is purely administrative a so there will be no disruption to a customer's electricity supply, iSwitch said yesterday. ES Power customers have been notified.
Both retailers also said yesterday that they are forming a joint marketing initiative to help promote sustainability. It will involve ES Power helping to build iSwitch's customer base by marketing and promoting green electricity, while iSwitch will supply electricity to all its consumers, Mr Koscharsky said.
ES Power will also "green up" the electricity usage of iSwitch's customers by procuring and surrendering the carbon offsets for the power they sell, Mr Koscharsky added.
Their consolidation comes shortly after five players - Red Dot Power, Energy Supply Solutions, SmartCity Energy, Charis Electric and Sun City - exited Singapore's retail electricity market amid fierce competition triggered by a phased liberalisation of the sector.
iSwitch offers 100 per cent green electricity and serves around 1,500 commercial accounts and 70,000 residential customers.