An essential player in the launch of the Open Electricity Market (OEM) this month is Voltz Energy (Voltz).
Its online price comparison platform allows consumers and electricity retailers to make informed choices and bid — using real-time data.
Even before the full liberalisation of the electricity market, Voltz has already gained considerable traction in the commercial sector. Businesses, from small and medium-sized enterprises to manufacturing industries and international schools, have utilised Voltz’s platform to receive the best rates through a real-time reverse auction.
Designed to establish greater value across the electricity retail value chain, Voltz’s reverse auction feature encourages open competition among retailers as they bid for consumer electricity accounts.
This simplifies and reduces the costs of acquisition for retailers and translates to even greater cost savings for consumers.
To amplify its real-time reverse auction capabilities, Voltz has rolled out the residential group auction feature — an industry first.
Here are three ways that Voltz can make transactions simpler and more cost-effective in the OEM:
1. It allows consumers to get the best deals
Being a dynamic, customisable and customer-focused platform that displays the latest real-time electricity pricing information, Voltz ensures that customers are able to receive better rates as compared to retailers’ published rates.
Using its group auction feature, residential consumers can join a group with their preferred price plan types and band together to achieve a higher level of energy usage for better deals.
This actively encourages licensed retailers to re-evaluate their margins as they attempt to outbid one another to achieve the group acquisitions. Due to greater economies of scale and a higher sales volume, retailers can pass more savings to consumers and also enjoy a lower cost of acquisition.
2. Its real-time pricings and updates result in an equal playing field
Using Voltz’s residential group auction feature is simple and free. Signing up takes less than two minutes and can be done in the comfort of your home.
By joining its residential group auction, customers can view customised plans side by side, eliminating the need to independently source and compare bespoke plans offered by retailers or pushy sales agents.
In addition, electricity retailers will publish their latest rewards and rates on the platform. Likewise, Voltz will display the licensed retailers’ critical terms and hidden charges on the platform.
Even if they are on the go, customers will be able to watch the auction happen and receive real-time notifications when retailers offer bids.
With readily available and transparent information, all parties are assured of a reliable and hassle-free comparison experience.
3. It offers a secure and seamless auction and transition experience
As a preventive measure against unauthorised auction initiations and false data entries, Voltz will collect a refundable minimal amount based on your household type prior to the auction.
This ensures that the retailers are bidding for real accounts and pricing decisions are protected from fraudulent sign-ups.
After successfully joining an auction group, you can easily invite your family and friends to participate. Once the minimum number of sign-ups are met, the auction will automatically begin.
Each auction will end at 2pm the next working day. The top five retailers with the best rates (i.e. savings versus the regulated tariff) will be featured, and each group member can vote for his preferred retailer.
The voting is not just based on pricing. Customers can evaluate price offerings, value-added perks, retailers’ unique selling points, one-off rewards, as well as terms and charges to make a final decision. Voltz aims to put the value propositions of all parties upfront instead of only being a price-based comparison portal. All members in the group will be notified at every step of the way.
To ensure complete transparency and quality assurance for consumers, Voltz has an esteemed Advisory Panel of industry experts and key personnel who represent the retail companies to maintain continuous innovation even as the needs of the energy industry evolve.
Voltz also abides by the code of conduct and regulations set by the Energy Market Authority. This means that customers can look forward to using a fair and concise comparison platform, and enjoy a smooth and secure switch to their newly selected retailer after the auction ends.
Says Mr Wicknesh Maratheyah, managing director of Voltz Energy, “Voltz is a reliable digital platform that empowers every home and business in Singapore to compare electricity price plans with total transparency. They can also use the real-time reverse auction for greater savings — the customer has everything to gain.
“Voltz’s 24-hour customer service team will ensure a seamless transition and render assistance to all customers on the auction process.”
Voltz currently has six licensed retailers on board — Best Electricity Supply, ES Power, iSwitch, PacificLight Energy, Red Dot Power and Sunseap — with more to follow.
For more information, visit Voltz’s website today.