Flo is the first approved retailer for OEM following enhanced regulations
6 January 2025
Flo Energy, Singapore’s largest independent energy retailer, is the first to be approved for participation in the Open Electricity Market (OEM) under the enhanced regulations set by the Energy Market Authority (EMA).
The new guideline introduced in July 2023 is designed to bolster Singapore’s competitive electricity market and support the nation’s energy transition. It includes several key requirements for retailers, including:
- a tangible net worth of $1 million;
- EMA-approved Key Appointment Holders;
- hedging at least 80% of retail contract positions, with a performance bond for any unhedged positions; and
- consumer protection against premature retail contract termination.
“We are grateful to the EMA for allowing Flo to participate in the OEM, enabling us to offer affordable renewable electricity plans to all Singaporeans,” said Flo Energy CEO Matthijs Guichelaar.
“We are fully supportive and committed to the enhanced EMA regulations for better customer protection against volatile prices and unfair contract termination. With this in mind, we look forward to providing reliable, affordable, and renewable energy solutions to all Singaporeans and being a compelling alternative in the current energy market."
Guichelaar said Flo will begin offering services to businesses with monthly consumption under 2,000kWh and residential customers later this year.
Since its launch in 2021, Flo has served over 1,750 large business customers and supplied more than 2TWh of energy. Flo has also expanded its product offerings to serve changing market needs, including:
- Flo Solar Solutions: solar facility deployment with zero capital;
- Flo Environmental Certificates Solutions: procurement of local Renewable Energy Certificate (REC);
- Flo Tenant Management Solutions: integrated energy management for multi-tenanted property; and
- Flo Metering Solutions: comprehensive metering infrastructure for multi-tenanted property.
Through its Flo Commitment initiative, Flo matches 100% of its customer’s electricity usage and redeems regional Renewable Energy Certificates (RECs) quarterly on their behalf. These certificates are aligned with the Singapore Standards 673: Code of practice for renewable energy certificates, ensuring that all customers – including future residential customers – can make verified renewable energy claims and support the global transition to clean energy.