LCC, the biggest mall chain in the Bicol region, successfully procured three retail electricity contracts through Exora Technologies Inc. The company will be able to save approximately P6 million annually with their new electricity supply contracts.
With the use of Exora’s digital energy procurement and data-driven advisory process, LCC was able to secure the most cost-efficient energy contract in a matter of three weeks — far from the usual three to six months traditional retail electricity negotiations. LCC Mall Legazpi, LCC Mall Tabaco and Liberty Commercial Center were the three LCC facilities that participated in the simultaneous procurement which was participated by six major retail electricity suppliers with over 25 licensed suppliers invited.
Exora is an energy startup tech company that aims to provide affordable and accessible electricity to Filipinos. With their Source platform, contestable consumers can connect with retail electricity suppliers (RES) remotely, and have access to 79% of the available retail power in the market. The live procurement allows the RES to see how well their offers stand with the platform’s star-rating system, and gives them the opportunity to give their best offers to their most desired customers within the prescribed period.
“We are very pleased with Exora’s streamlined and digitized services as it helped us procure the most competitive retail electricity contracts even with the limitations in mobility during this pandemic,” as per LCC President Ronaldo Tan.
According to Sergius Santos, Exora’s Chief Executive Officer, “we are very hopeful in enabling the government’s regulation on the retail energy market. Digital technologies can serve to benefit both the consumers and energy suppliers in the long run. We are excited to see the regulation trickle down to the household level”.
Other than Source, Exora also provides a cloud-based energy-monitoring and reporting tool called Analytics that helps facility engineers monitor energy use online. Assisting in compliance to —RA 11285, cloud storage of energy data and planning for energy efficiency and improvement projects. Both Exora Source and Analytics allow energy procurement and monitoring, respectively, to be done remotely. Exora is housed at the
Ateneo de Manila University’s Arete Creative and Innovation Hub, and is supported by the Department of Science and Technology.
Recently, the Energy Regulatory Commission opened the contestable retail electricity market to 500kW peak monthly consumers, which was originally only for 750kW and above. This allows more consumers to choose their own power supplier instead of relying on the usual power generation companies that the distribution utility contracted. With this flexibility to choose their own supplier through Exora’s competitive procurement system, customers will have optimally priced power that will allow them to save in their monthly electricity bills. They can also prefer to procure renewable power sources with the opening of the Green energy option program for entities in the 100KW energy demand range, which will contribute to their corporate social responsibility and quicken transition to renewable energy.