iSwitch To Acquire Customers From Exiting Singapore Retail Supplier, Stiff Competition Cited
Singapore retail electric supplier ES Power will transfer all of its business and residential consumers, representing more than S$15 million in electricity contracts, to iSwitch, Channel News Asia reported
"This acquisition will bring iSwitch’s yearly gross revenue to S$145 million, and consolidate our position as the largest green electricity retailer in Singapore," Andrew Koscharsky, chief commercial officer of iSwitch, told The Business Times.
"This lays a platform for future consolidation in the market, in which iSwitch expects to continue to play a leading role," Koscharsky told The Business Times.
ES Power, a unit of Environmental Solutions (Asia) (ESA), cited "stiff" competition for the company's exit, noting 13 retail suppliers in the residential market, Channel News Asia reported
ES Power will continue to offer non-LSE sustainability services (carbon offsets, etc.) and will also market iSwitch's green electricity supply to its customers