A new electricity procurement portal launched by Singapore Exchange-backed Energy Market Company (EMC) is set to help businesses save on their electricity bills.

EMC's PowerSelect online portal, which has 11 electricity retailers on board to date, serves businesses with an average monthly consumption of at least 10 MWh (megawatt-hour), equivalent to a monthly electricity bill of at least $2,000.

Food and beverage firm Sakae Holdings, PowerSelect's first customer, estimated that it would save over $12,000 in electricity bills in the next 12 months by using the portal to meet its electricity needs.

Sakae Holdings' chairman Douglas Foo pointed out that besides securing a better electricity package, the firm also "saved substantial time and effort" in "sourcing for quotes and negotiating with electricity retailers".

PowerSelect offers businesses various procurement options.

Businesses can choose to invite electricity retailers to compete for contracts by conducting 15-minute live auctions.

EMC said such live auctions best suit firms that prefer fixed-price plans or discount-off tariff plans.

Businesses also can choose to purchase electricity through invitations to tender.

This option allows businesses to call for proposals from electricity retailers to be customised to their needs.

Solar energy player Sunseap Energy is one of the electricity retailers on the PowerSelect platform.

Said its chief executive and executive director Frank Phuan: "Power-Select provides us another avenue to reach more customers."