Name of Recipient:
Mr. Yu Tat Ming
Since 2001, the Energy Market Authority (EMA) has been progressively lowering the contestability threshold, giving a greater number of consumers the option to purchase electricity from any licensed electricity retailer other than SP Services Limited.
As the latest retailer in Singapore, PacificLight aspires to be the retailer of choice with a focus on meeting customers’ individual needs.
Supporting PacificLight Energy in its pursuit of this vision is the provision of reliable electricity through its 800 MW state-of-the-art combined cycle gas turbine power generation plant located on Jurong Island. Completed at a cost of S$1.2 billion in 2014, this plant utilises the most advanced technology, making it one of the most efficient power generation units in Singapore.
Since the commencement of its operation, PacificLight has differentiated itself through its personalised customer service and flexible pricing plans that meet customer’s individual needs. However, the process of establishing PacificLight’s presence has not been without challenges. Mr. Yu Tat Ming, CEO of PacificLight, shares with us PacificLight’s journey so far:
“Operating in a very competitive market requires continual efforts to improve efficiency, reduce costs and increase value to our customers. The ability to seize opportunity is important in today’s dynamic environment. The recent, sharp drop in oil prices, for example, has enabled us to offer competitively priced electricity packages to our customers so that they can too can share the benefits of a low oil price environment.”
On reflection, Mr. Yu attributes its success to the adherence of the Company’s core values.
Mr. Yu said, “Our Company’s core values are accountability, integrity, teamwork, customer focus and social responsibility. These principles guide us in everything we do, in particular engagement with customers is done with honesty and commitment.”
“Our social responsibility extends to protection of our environment and PacificLight’s efforts in this area have been recognised in a number of ways. We have obtained Greenmark Certification by the Building and Construction Authority (BCA), been awarded the 2014 Asian Gas Power Plant of the Year and, most recently, registration of the plant as a Clean Development Mechanism (CDM) project under the United Nations Framework Convention on Climate Change, the first such power plant in Singapore to have been registered under the CDM. Our recent partnership with an international solar company to offer electricity packages comprising a portion of renewable energy is yet another initiative by PacificLight towards its long-term goal of building a more sustainable business.”
Looking ahead, Mr. Yu is optimistic about the future of the Singapore electricity market and the role that PacificLight can play: “The ongoing liberalisation of Singapore’s electricity retail market will see greater numbers of eligible consumers who are keen to secure competitively priced electricity. PacificLight is well-prepared for this new landscape.”
“The focus for the coming 5 years will be to continue optimising the efficiency of our operation and deepen PacificLight’s presence in the market as a responsible and reliable business partner”.
Mr. Yu gave this concluding remark: “Entrepreneurship is not just about having a vision; we must have the tenacity and drive to use all resources available to sculpt that vision into reality. Nowadays, the only constant is ‘change’. We have to keep learning and adapting ourselves to the ever changing environment, while holding steadfast to our core values.”
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