The Energy Regulatory Commission approved two power supply agreements of power retailer Manila Electric Co. that are expected to redound to the benefit of
The Energy Regulatory Commission approved two power supply agreements of power retailer Manila Electric Co. that are expected to redound to the benefit of consumers while securing adequate supply in its franchise area.
It approved Meralco’s PSA with ACEN Corp. subsidiary Gigasol3 Inc. and San Miguel Corp.-led San Roque Hydro Power Inc. .The two companies, together with Santa Cruz Solar Energy Inc. submitted the best bids for the supply of 500 megawatts of renewable energy to Meralco through a competitive selection process held in July. The ERC said in separate decisions it approved the application for PSA of Meralco and Gigasol3 subject to the applicants’ submission of documents, and other instructions as directed by the Commission. It said the applicable rate for the Meralco-Gigasol3 PSA would be fixed at P5.1908 per kilowatt-hour, without any escalation or adjustment.Meanwhile, the ERC granted provisional authority to Meralco’s PSA with SRHI, subject to conditions as directed by the commission. The ERC said the applicable rate would be fixed at P5.1908 per kWh, without escalation or adjustment. This is also lower than the P7.1000 per kWh offer of SRHI for 340 MW of Meralco’s total requirement. The regulator has yet to issue its decision on Meralco’s PSA application with SCSEI, also owned by ACEN. “The rates provisionally approved by the commission were based on average rate of other mid-merit supply to Meralco. We need to further evaluate the higher rates in these PSAs , as well as the reserve price set by Meralco, and these will all be covered in the final authority to be issued after evaluation,” ERC chairperson Monalisa Dimalanta said when asked for comment. Meralco said during the bidding the offers of the three generators were below the P8.2380 per kWh reserve price. The submissions underwent a very stringent pass/fail completeness assessment and pre-qualification evaluation, and post-qualification evaluation and submit its recommendation. The 10-year PSA resulting from the CSP will cover Meralco’s 350-MW mid-merit requirement starting February 2025 and will increase by 150 MW beginning February 2026. Meralco already contracted 1,880 MW of renewable energy capacity from various suppliers—exceeding its initial target of 1,500 MW. Through its strategic sourcing initiatives, renewable energy is expected to account for 22 percent of Meralco’s supply portfolio by 2030.
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