THE Energy Regulatory Commission (ERC) has given final approval to the power supply agreement between First NatGas Power Corp. and Manila Electric Co. (Meralco). READ:
Lopez-led First Gen Corp. said in a press release on Monday that the decision is for the joint application for final authority to supply Meralco’s energy requirement, which was filed in March 2018.
In the application filed by both parties, it was said that the power supply agreement aims to ensure continuous and reliable electricity for Meralco’s customers. The offered price was P3.7742 per kilowatt-hour with a two-part tariff structure consisting of fixed and variable costs. As stated in the application, if the ERC final approval “is issued but not in a form and substance satisfactory to the seller,” any time within 12 months from the date the ERC application is filed, the seller may immediately terminate the agreement.
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