Delays on the part of the Energy Regulatory Commission triggered the withdrawal by San Miguel Corp. of two power supply deals with Meralco to provide 1,800 megawatts of crucial supply by 2024 and 2025, the conglomerate said. | MegINQ /PDI
MANILA, Philippines – Delays on the part of the Energy Regulatory Commission triggered the withdrawal by San Miguel Corp. of two power supply deals with Manila Electric Co. to provide 1,800 megawatts of crucial supply by 2024 and 2025, the conglomerate said.
In a stock exchange disclosure, SMC said the ERC had failed to issue final approvals for the power supply agreements with Excellent Energy Resources Inc. and Masinloc Power Partners Co. Ltd. –both subsidiaries of SMC Global Power Holdings Corp.–within the respective “longstop dates” on Sept. 17, 2021 and Sept. 23, 2021.Longstop dates refer to the agreed time frame during which all the conditions precedent for a transaction should be completed.
ERC Chair Monalisa Dimalanta explained, however, that the commission had yet to review the motion for withdrawal filed by Meralco on Monday, adding that she was “hopeful” it would not take years for the agency to reach a decision.
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