Philippine Competition Commission Approves $3.3 Billion Power Deal

Business News

Philippine Competition Commission Approves $3.3 Billion Power Deal
EnergyMeralcoAboitizpower
  • 📰 TheManilaTimes
  • ⏱ Reading Time:
  • 22 sec. here
  • 7 min. at publisher
  • 📊 Quality Score:
  • News: 29%
  • Publisher: 92%

The Philippine Competition Commission (PCC) has approved a $3.3 billion deal involving the acquisition of power facilities and an LNG terminal by Meralco PowerGen Corp. (MGen), Aboitiz Power Corp.'s Therma Natgas Power Inc. (Therma), and San Miguel Global Power Holdings Corp. (San Miguel Global Power). The deal, which includes the acquisition of stakes in South Premiere Power Corp., Excellent Energy Resources Inc., Ilijan Primeline Industrial Estate Corp., and Linseed Field Corp., raised concerns about potential competition issues. To address these concerns, the companies submitted voluntary commitments to ensure a fair and competitive market.

A $3.3-BILLION deal involving the acquisition of power facilities and a liquefied natural gas terminal by Meralco PowerGen Corp. , Aboitiz Power Corp.'s Therma Natgas Power Inc. , and San Miguel Global Power Holdings Corp. has been approved, the Philippine Competition Commission announced.MGen and Therma, through their joint venture Chromite Gas Holdings Inc. , acquired a 67-percent equity interest in South Premiere Power Corp. , Excellent Energy Resources Inc.

Key safeguards include PCC oversight of the Competitive Selection Process to ensure power supply agreements are awarded through a transparent and competitive bidding process to prevent collusion or unfair practices.The PCC added that the acquired companies must also operate independently of their parent companies, with strict measures to separate IT systems, offices, and management to prevent coordination or undue influence.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

TheManilaTimes /  🏆 2. in PH

Energy Meralco Aboitizpower San Miguel Global Power Philippine Competition Commission

Philippines Latest News, Philippines Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Philippine Competition Commission Approves Joint Acquisition of Power Assets and LNG TerminalPhilippine Competition Commission Approves Joint Acquisition of Power Assets and LNG TerminalThe PCC greenlights a deal involving Meralco PowerGen, Therma Natgas Power, and San Miguel Global Power, aimed at strengthening the country's energy supply.
Read more »

Philippine Competition Commission Approves Joint Acquisition of Power Assets and LNG TerminalPhilippine Competition Commission Approves Joint Acquisition of Power Assets and LNG TerminalThe Philippine Competition Commission (PCC) has approved a joint acquisition of power generation facilities and an LNG terminal by major Philippine energy companies. The deal is seen as crucial for strengthening the country's energy security but raised concerns about potential market dominance.
Read more »

Philippine Shooter Teddy Javines Wins Men's Trap Gold in Pan-Pacific CompetitionPhilippine Shooter Teddy Javines Wins Men's Trap Gold in Pan-Pacific CompetitionEngineer Teddy Javines, a novice shooter who only started the sport two years ago, won the men's trap gold medal in the 25th Pan-Pacific Friendship Shooting Competition held in Taoyuan, Taipei. Javines beat seasoned competitors from South Korea and Taipei to achieve this remarkable victory.
Read more »

Students Celebrate Philippine Culture at 'Diwang' CompetitionStudents Celebrate Philippine Culture at 'Diwang' CompetitionThe National Commission for Culture and the Arts (NCCA) held the 'Diwang: Sagisag Kultura ng Filipinas' competition, culminating in a final stage at MICE Convention Center, Quezon City. Students from various levels competed in categories like Pagbigkas ng Tula, Balagtasan, Kundiman, and Spoken Word Poetry.
Read more »

Philippine President Expresses Concern Over Russian Submarine in West Philippine SeaPhilippine President Expresses Concern Over Russian Submarine in West Philippine SeaPresident Ferdinand Marcos Jr. has expressed worry over the detection of a Russian attack submarine in the West Philippine Sea (WPS). The submarine, UFA 490, was sighted 80 nautical miles west of Cape Calavite, with the Philippine Navy deploying assets to monitor and address the situation.
Read more »



Render Time: 2025-02-17 03:15:54