Red Dot Power partners with EMA to launch Project OptiWatt
Red Dot Power, Singapore’s fastest growing independent electricity retailer partners with EMA to launch Project OptiWatt to encourage consumer participation in demand-side management (DSM). DSM refers to initiatives and technologies that encourage consumers to adjust the timing and amount of electricity use.
The benefits of this approach are potentially two-fold in the sense that consumers can reduce their electricity bills while energy systems can benefit from shifting energy consumption from peak to non-peak hours. The objective of Project OptiWatt is to demonstrate the viability of DSM initiatives, including testing the relevant technologies and business models, as well as understanding consumer behavior.
As part of Project OptiWatt, Red Dot Power will analyse its retail consumers’ half hourly electricity consumption and explore peak shifting and reduction initiatives without affecting existing processes and operations. The partnership with EMA is very timely as Red Dot Power is concurrently launching its first-ever eResponse Program. This program is an incentive scheme that rewards participating consumers to voluntarily reduce electricity consumption during identified periods. Red Dot Power will be collaborating with Professor Wolak of Stanford University to accurately measure and apropriate consumer responsiveness to incentives.
Institutes of Higher Learning will also play a prominent role in Project OptiWatt. Nanyang Polytechnic, Ngee Ann Polytechnic, Temasek Polytechnic and Institute of Technical Education, all of whom are currently electricity retail customers of Red Dot Power have come on-board to explore DSM initiatives to manage energy consumption in their campuses. This collaboration will bring about opportunities for learning points and research work for potential incorporation into the education curriculum for the students.
On why Project OptiWatt is established, Mr Ng Wai Choong, Chief Executive, EMA said, “There are ample opportunities in the electricity market for consumers to participate in demand-side management. EMA seeks to collaborate with the public and private sectors to enable consumers to play an active and empowered role in optimising their energy consumption. Project OptiWatt will demonstrate the benefits of DSM and catalyze consumer engagement.”
On the potential benefits to Singapore, Professor Wolak said, “Singapore’s climate, customer mix, and familiarity with advanced communication technologies make it ideally suited to achieve significant economic and environmental benefits from active load management.”
On partnering with EMA for the OptiWatt Project, Mr. Vijay Sirse, Founder and CEO of Red Dot Power said, “We at Red Dot Power recognize the importance of demand management to moderate peak prices at the national grid level. We believe that the EMA driven pilot provides a platform to offer for the first time in Singapore an integrated electricity supply and demand management solution to energy consumers. This approach is a win-win situation for the participating facilities, the retailer and the national grid. Red Dot Power is happy to be part of this innovative pilot.”
A Memorandum of Understanding (MOU) has been signed today at Singapore International Energy Week (SIEW) 2016 between EMA and the Partners to kick off the pilot program.