With investments continuously gushing in from local and international enterprises, the Philippines is certainly moving toward a more robust economic landscape in the coming years. But in spite of today's favorable conditions that ease the experience of conducting business in the country, enterprises are still facing major challenges, one of which is the prohibitive cost of electricity.
According to a report presented by Australian think-tank International Energy Consultant, the Philippines has the second most expensive price of electricity in the Asia-Pacific region after Japan, which is primarily due to the absence of subsidy from the government.
Turning this challenge into an opportunity, pioneering startup Exora is presenting an end-to-end energy solutions platform that provides electricity through procurement and analytics with an aim to assist businesses in cutting down the cost of electric consumption and increasing savings.
Established in partnership with the incubator program of the Ateneo de Manila University and the institution's School of Science and Engineering, Exora helps establishments such as manufacturing plants, hospitals, and universities which have at least P2,500,000 worth of electric bills.
"Our platform, called Exora Source, will help you find the retail electricity supplier that best fits your energy profile and needs, which can help you save up to 30% in your electricity bill," said Sergius Santos, CEO of Exora. "But we don't stop there. We also offer a real-time energy monitoring system that generates data and analytics on your energy consumption that can assist you in making cost-effective decisions. The granularity of the data collected will also allow the energy suppliers in future bidding to further optimize their offers, resulting in even cheaper electricity rates."
One of the most successful partners to date is Liberty Flour Mills, one of the country's leading manufacturers and distributors of flour and its by-products. Utilizing Exora Source, the company contracted a lower energy cost from PHINMA Energy Corporation. The process was completed less than three weeks, much shorter than the usual period of four to six months.
"Exora Source is transparent, consumer-responsive, and a technology-driven procurement process which is an enabler and a game-changer in the evolving landscape of the country's energy industry that will benefit the consumers in furtherance of the Retail Competition and Open Access (RCOA)," said Sandra Judy Uy, Senior Vice President of Liberty Flour Mills. "We commend Exora's commitment to innovation and technology in making energy procurement more efficient and customer-driven."
Apart from PHINMA, there are at least 30 energy suppliers on the list which includes AboitizPower, Core Energy, and First Gen. Exora's platform helps customers connect with the right retail electric supplier according to their location and energy consumption behavior.
"Exora's aim is to make electricity more affordable and more accessible to all Filipinos. Aside from the reduced product prices that will eventually be felt by Filipinos because of the reduction in power costs, a main (sometimes overlooked) benefit is that the Philippines will become a much more attractive investment destination. We might actually be at the cusp of having a boom in the Philippine economy because of this. We can do this through the digitalization of energy through technology," Santos concluded.
MAIN PHOTO: (From left) Matt Tan, COO of Exora; Dr. Proceso Fernandez, Director of The Cube - Ateneo TMO; Wimpy Fuentebella, Undersecretary of the Department of Energy; Stella Uy of Liberty Flour Mills Inc.; Roman Miguel de Jesus, Head of Business Operations, PHINMA Energy Corporation, Sergius Santos, CEO of Exora; and Enzo Bautista, CTO of Exora.