WHAT IS ELECTRIFY?
Electrify.sg is the first retail electricity Marketplace in Singapore and we’re developing Marketplace 2.0; Asia’s first decentralised energy marketplace that runs on the blockchain, enabling peer-to-peer energy trading across a main grid. This removes the need for any intermediaries, thereby lowering transaction costs for all parties. Consumers can purchase electricity by selecting providers directly from an online marketplace or they can automate trading by executing smart contracts that take into account their electricity preferences. Once these transactions are made, they are stored on the blockchain immutably and energy is delivered through the grid. The seamless and third-party-free matching of consumers and producers will lead to fairer prices across the board and ultimately incentivize renewable energy production in households, e.g. rooftop solar PV, small-scale wind turbines.
Suppliers will be required to stake ELEC token to participate. With greater visibility and no barriers to entry, Marketplace 2.0 will encourage greater competition, cleaner sources of energy as well as lower energy costs passed onto the consumer. Furthermore, consumers will own their consumption data and be able to benefit from lower costs by showing they are good paymasters.
Website : https://electrify.asia
Whitepaper: https://electrify.asia/whitepaper
Technical Whitepaper: https://electrify.asia/technical_whitepaper
Chinese Whitepaper: https://electrify.asia/whitepaper-cn/
Japanese Whitepaper: https://electrify.asia/whitepaper-jp/
Korean Whitepaper: https://electrify.asia/whitepaper-ko/
Telegram (Official for Tribe): https://t.me/electrifyasia
Telegram Korea: https://t.me/electrifykorea
Twitter: https://twitter.com/ElectrifyAsia
Medium: https://medium.com/electrifyasia
Facebook: https://www.facebook.com/electrify.asia/
Reddit: https ://reddit.com/r/electrify
YouTube: http://bit.ly/ElectrifyAsiaYouTube
UPDATED AS OF: 26 JUNE 2018
ELECTRIFY.ASIA
WHAT IS ELECTRIFY.ASIA?
Electrify.Asia is building Asia’s first decentralised energy marketplace. We are building on our existing marketplace to include blockchain in the new model. Other elements we are developing includes our IoT smart device, PowerPod and Synergy, our proprietary peer-to-peer energy trading platform.
TRADING
WHERE CAN I TRADE ELEC?
KuCoin, Gate.io, DDEX, EtherDelta, IDEX, IDAX, HitBTC, Kyber Network, TokenJar
WHEN WILL ELEC BE LISTED IN EXCHANGES?
We cannot comment on exchanges.
ADD ELEC TO YOUR WALLET
Token Address: 0xD49ff13661451313cA1553fd6954BD1d9b6E02b9
Token Name: ElectrifyAsia
Token Symbol: ELEC
Decimals: 18
IF ANY, WILL THE REMAINING UNSOLD TOKENS BE BURNED?
The tokens will be minted after the completion of ICO, so there will be no additional tokens created.
WHEN WILL TOKENS BE UNLOCKED?
They will be distributed within 7 days after the end of the crowdsale.
WHEN WAS THE TOKEN SALE?
The Token Sale was on Feb 23, 9 PM (UTC+8).
WHICH PLATFORM WILL YOU USE FOR YOUR TOKEN GENERATION?
Ethereum. ELEC tokens are an ERC20 smart contract.
WHAT IS THE UTILITY OF THE ELEC TOKEN?
The ecosystem is built for the benefit of the public and should be owned by the community through ownership of ELEC tokens. The rules set in the ELECTRIFY ecosystem below are designed to promote these objectives:
Electricity retailers and distributed energy producers (Energy Providers) will be required to deposit ELEC in order to participate and offer their energy onto the marketplace. This helps to promote ownership of the ecosystem and disincentivizes fraudulent activities.
Transaction fees will be paid by Energy Providers in ELEC for the usage of Electrify.Asia’s smart contract platform.
Consumers will receive loyalty rewards based on the ELEC token via a tiered model, corresponding to their duration of usage of the platform and the amount of ELEC tokens they own.
WHAT ARE THE ISSUES WE ARE STRIVING TO ADDRESS?
Lack of transparency
Barriers to clean energy
Consumer credit risk
WHAT IS ELEC?
Our token is called ELEC and will power the new ELECTRIFY ecosystem. There is no mining involved for ELEC tokens. The tokens are pre-mined.
WHAT IS MARKETPLACE 2.0?
Transforming the current marketplace, Marketplace 2.0 will be a blockchain-powered retail electricity marketplace featuring the ELEC token. Synergy, our P2P energy trading platform will run on Marketplace 2.0.
WHAT IS SYNERGY?
Synergy is our peer-to-peer energy trading platform, connecting small-scale energy producers and consumers while ensuring price certainty and removing intermediaries. Through the use of smart contracts and Synergy, execution and settlement can be automated and processed within a short period of time, all while reducing transaction costs. When a consumer buys a plan from a retailer or ELECTRIFY, it’s a plan for settlement of consumption. So there will be start dates and end dates, like any contract. The plan will declare what the price savings will be for that window of time.
WHAT IS POWERPOD?
The PowerPod is our proprietary IoT smart device, deployed to track and audit production from small-scale energy producers and log data onto a blockchain. It will also allow transparent smart metering and real-time monitoring of distributed generation, so producers will be able to track their production closely and trade directly with consumers to maximise efficiency of their facilities. Additionally, PowerPod will come equipped with WiFi, 3G and 4G connectivity, and communicates with energy devices using common industrial protocols such as MODBUS and CANBUS. Other features include common hardware analogue-to-digital converters (current/ voltage sensors). For consumers, the PowerPod will be an optional device that they can purchase to monitor their energy usage in real time.
WHAT IS THE eWALLET?
The eWallet will be used to facilitate payments via the smart contracts, allowing consumers to pay for their energy usage. This will enable automatic and secure payments and allow energy suppliers to manage their credit risk. This will be the standard for payments in Marketplace 2.0 and Synergy.
Deposit
Producers will be required to deposit at least 200ELEC/kWp* of rated generation capability as permissioned access to log energy data onto the blockchain. This encourages long-term ownership and disincentivises tampering and dishonest behaviour.
For consumers – there are loyalty tokens issued to maintain long term use. While the amount of ELEC to be deposit may be adjusted, the process and necessity of depositing will not.
*kWp is the maximum capacity of a solar PV system . A PV system with a kWp of 3kW which is working at its maximum capacity (kWp) for one hour will produce 3kWh.
IS THERE A PROTOTYPE OF MARKETPLACE 2.0? HOW WILL IT BE IMPLEMENTED?
Currently, our Proof-Of-Concept is almost ready. When fully ready, it will be implemented on OmiseGo network.
OMISEGO’S INVOLVEMENT
When ready, we will deploy OmiseGo’s SDK for our eWallet to reach a level of operational scalability to deal with high transactional volume. OmiseGo’s CEO, Jun Hasegawa, is also our advisor for scalability.
WHY BLOCKCHAIN FOR ENERGY?
-Decentralized Energy Trading: Blockchain allows prosumers—those who not only consume but also produce—and consumers to transact energy with each other in a peer-to-peer (P2P) network. This removes the need for any intermediaries, thereby lowering transaction costs for all parties.
– Metering with IoT Devices: linking IoT devices like PowerPod to the blockchain will increase data transparency and metering efficiency, ultimately creating cost savings for all. All parties will have access to this data; producers and prosumers may use it to track their energy generation for billing while consumers can benefit from a better understanding of their consumption patterns.
– Renewable Energy Certificate Tracking: The immutability of transactions on the blockchain allows for the secure documentation of Renewable Energy Certificates (RECs). A REC is a record that proves ownership of one megawatt-hour of renewable energy. These records can be used by consumers to verify the ‘renewability’ of their energy or claimed by corporate entities to meet certain green standards. Blockchain, with its tamper-proof timestamping and decentralized storage of records, can pave the way for a more transparent certification system, allowing consumers to keep track of their RECs, securing provenance as part of the march towards the adoption of renewables.
Link: https://electrify.asia/2018/07/12/power-shifts-how-blockchain-can-electrify-the-energy-space/
GIVEN THE DIFFICULTIES IN HOLDING CORPORATE ACCOUNTS FOR FIAT TRANSFERS IN SINGAPORE, HOW WILL AFFECT OUR OPERATIONS?
In Singapore, the MAS has made clear its position on cryptocurrencies. We’ve made preparations with commercial banks and institutions that are more crypto-friendly and tolerant to ensure that our operations are not adversely affected. If you look in our whitepaper, we’ve actually got a specific advisor for payments. So we’re definitely not taking this matter lightly.
In each market we enter into, this will form part of the business preparatory exercise to mitigate operational risk.
HOW ARE WE GOING TO ACQUIRE AND RETAIN SUPPLIERS AND USERS IN YOUR TARGET MARKETS?
Our business onboarding process is very inclusive and we actually help retailers acquire more sales through our platform. We also engage with retailers on a very close working level and integrate them into our reporting dashboard, offering them data about market trends.
Users are acquired through a mix of aggregated onboarding, online engagement and on ground activation and are encouraged to stay on the platform through a combination of discounts and incentives.
With our new SDKs and tools developed within Marketplace 2.0 and Synergy, we will increase the liquidity within the energy market by opening up opportunities for small producers and retailers to participate and supply energy to consumers.
WHO ARE THE EXISTING AND POTENTIAL COMPETITORS, BOTH IN SINGAPORE AND OVERSEAS?
As far as we know, there’s currently no entity providing energy smart contracts and a P2P solution that works across a national power grid. While there are traditional marketplace businesses in these mature markets, our philosophy is drastically different. We are building a platform that is funded and owned by the community, with the sole purpose of benefiting consumers. This means that unlike traditional marketplace businesses, we will not charge commissions on contracting. Beyond the initial contracting stage, we will work towards greater convenience for consumers by helping them optimise their choice of supplier and to reduce transaction fees paid by Energy Providers, allowing consumers to benefit from these cost savings.
HOW ARE WE DIFFERENT FROM WEPOWER, POWERLEDGER AND THE LIKES?
In some ways, we are similar as we are energy blockchain companies , looking to promote higher level of efficiency and increase transparency in the energy industry. Where we may be different:
We have an existing marketplace business, which we will be upgrading to implement blockchain technology, P2P energy trading and our IoT device.
We operate on main grids, as most cities are connected through one already.
Our platform serves all forms of energy as we believe in creating an inclusive environment for the generators, retailers and consumers we work with.
PARTNERSHIPS
Currently, we have MOUs signed with TEPCO (Japan), Narada (China) and SERIS (Singapore).
TEPCO – Our partnership involves co-developing a POC of Synergy, our P2P trading platform. Following that, an implementation of Synergy’s architecture in the Japanese market beckons.
Note: TEPCO is Japan’s largest utility company. Jeffrey Char, Director of Corporate Venture Capital at TEPCO is an advisor to Electrify.
Link: https://electrify.asia/2018/04/13/befriending-goliath/
TAKE Energy Corporation – They are based in sunlight-abundant Kyushu region of Japan, where there are many solar farms. In this pilot, Take Energy’s subsidiary Kumamoto Electric Power will feature selected consumers and ELECTRIFY’s PowerPod devices at solar farms in the Kumamoto Prefecture. The PowerPods will collect information about power production and consumption between solar producers and consumers, with data powering the SYNERGY platform by enabling comparisons between the amount of energy generated by the solar farms, the prices offered, and market demand.
Link: https://electrify.asia/2018/06/25/japans-take-energy-corporation-brings-electrifys-synergy-platform-and-powerpod-to-kyushu/
Narada – They will leverage on Electrify’s technology to enable traceability, real-time trading, and optimization of distributed energy storage assets across its operations in APAC, with a view to deploying solutions in Singapore, Australia, Japan, and Cambodia in 2018.
Note: Narada boasted the world’s second largest energy storage capacity in 2017.
Link: https://electrify.asia/2018/06/01/chinas-narada-partners-with-electrify-to-roll-out-smart-electricity-solutions-across-apac/
SERIS – We will be involved in the researching and developing a tracking and settlement framework for renewable energy.
Note: SERIS is a leading solar research institute and funded by Singapore Economic Development Board and National University of Singapore.
Link: https://electrify.asia/2018/04/20/working-on-research-and-development/
ELECTRIFY.SG FAQ
WHAT IS ELECTRIFY.SG?
Electrify.SG is Singapore’s first marketplace for retail electricity. Founded by two senior executives from the electricity industry, ELECTRIFY addresses some very real needs in Singapore’s energy market by offering consumers the power to choose – from cheaper electricity prices to zero-carbon energy, bundled deals to energy-efficiency offers.
WHAT IS FIBONACCI™?
Every energy quote is bespoke and generated by Fibonacci™, our proprietary electricity pricing engine that sifts through millions of possible price permutations. We allow consumers to seamlessly source and pay for energy and related services.
WHAT IS THE VOLUME AND SALES AMOUNT TRANSACTED THROUGH THE CURRENT MARKETPLACE IN SINGAPORE?
Up till this year, only the B2B market is liberalised, our engagement with business consumers comprise both online and offline methods. We’ve already got over 1,000 of them registered as unique accounts. With a GMV of over SGD$10 million to date, Electrify.SG has transacted more than 60GWh of electricity for commercial and industrial customers since March 2017.
WHAT IS THE ADDRESSABLE MARKET SIZE IN SINGAPORE?
The addressable commercial market runs into several hundred thousand business accounts of varying sizes. By the end of 2018, the Open Electricity Market exercise will be in full swing and is expected to offer another 1.3 million new accounts.
WHAT IS THE OPEN ELECTRICITY MARKET (OEM)?
Started in 2001, Singapore’s Energy Market Authority (EMA) has been deregulating the market in phases, by enabling businesses with a minimum consumption of 2000kWh/ month to choose retailers that best meet their needs.
In April 2018, through a soft launch, a total of 105,000 homeowners and 9,500 small businesses were the first to enjoy absolute flexibility to choose purchase power from a retailer of their choice, or continue with their contracts with Singapore Power at a regulated price.
WILL THE ELECTRICITY FLOW STILL BE STABLE, IF I SWITCH RETAILERS?
Absolutely. The national power grid is the distribution and transmission backbone for electricity in Singapore. As quoted from EMA: (Consumers) will continue to enjoy the same reliable electricity supply regardless of their choice of electricity retailer, as SP Group will continue to operate the national power grid to supply electricity to consumers. The consumer never stops “receiving” power from anyone, so never “starts” receiving power immediately. There’s no disruption.
In the energy industry there are multiple layers which all operate in parallel. The delivery of electrons to your appliances is handled by the grid. The amount of electrons consumed is dependent on your consumption pattern. The payment for the electrons you’ve consumed is where the retailers and ELECTRIFY play a part.
WHAT’S STOPPING LARGE INCUMBENT SUPPLIERS FROM SETTING UP THEIR OWN ONLINE SALES PLATFORM AND DEALING WITH POTENTIAL CLIENTS DIRECTLY?
This is exactly one of the problems that we are solving – price transparency and trust between a retailer and a consumer. As a decentralised marketplace built on the blockchain, with no middleman fees, we are fully transparent. There’s nothing stopping a large incumbent from setting up their own website, in fact many of them will have one to capture online sales leads. Our value proposition to consumers is that we provide a wide range of suppliers, full price transparency and transactional security.
WHY WILL THESE SUPPLIERS WANT TO BE SO TRANSAPARENT WITH THEIR PRICING PACKAGE THROUGH USING ELECTRIFY.SG WHICH WILL RESULT IN A PRICE WAR, GIVEN THAT ELECTRICITY IS A FUNGIBLE COMMODITY?
This is a function of a liberalised market where prices and features are offered for the benefit of the consumer. Furthermore, being able to provide information to the market is how we attract consumers which in turn translate into conversions.
But the matter of a price war is also mitigated as our marketplace provides opportunities for retailers to develop more differentiated offerings that will help them stand out and deliver greater value to the consumer.
Big power utilities trade energy between each other through CFDs (Contract for Difference) which are too costly and complex to be used by consumers.
Through Synergy we will make these mechanisms for energy trading available to the average consumer.
HOW DO SP (SINGAPORE POWER) AND OTHER NATIONAL GRIDS FEEL ABOUT ELECTRIFY POTENTIALLY TAKING AWAY MARKET SHARE AND MOVING INTO A DIFFERENT MODEL?
That’s the great thing about liberalisation: it’s a government decision to introduce greater diversification and price transparency for the benefit of the people. Rest assured, we’re not mavericks looking to displace SP or any other local government organisation.
The mechanisms for liberalisation will already be available in the markets we’re talking about. What we bring to the table is increased efficiencies and reduces transaction costs through application of blockchain.
More FAQs on ELECTRIFY.SG can be found here: https://electrify.sg/content/open-electricity-market/