San Miguel Corporation subsidiary San Miguel Global Power terminated its power supply agreement (PSA) with the Manila Electric Company (Meralco) due to losses caused by higher fuel costs.
MANILA, Philippines – San Miguel Corporation subsidiary San Miguel Global Power terminated its power supply agreement with the Manila Electric Company due to losses caused by higher fuel costs.
SMC, its subsidiaries, and Meralco earlier filed a joint petition before the Energy Regulatory Commission seeking a temporary power rate hike due to the “extraordinary” rise of coal and natural gas prices in the world market.the petition in October, noting that the PSA provided “no room” for price adjustments.
It also offered to make the entire 1,200 megawatts of its Ilijan Plant available to Meralco at a capital recovery fee of P1 per kilowatt hour.In a statement on Wednesday, December 7, Meralco said it is negotiating with other generation companies to secure 670 megawatts of supply and shield its customers against volatile and potentially higher prices in the Wholesale Electricity Spot Market .“Our priority is to ensure continuity of stable, reliable, and adequate supply for all our customers.
In a statement, consumer group Power 4 People Coalition said they expected SMC to terminate the deal with Meralco.
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