Philippine Competition Commission Approves Joint Acquisition of Power Assets and LNG Terminal

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

The Philippine Competition Commission (PCC) has approved a joint acquisition of power facilities and an LNG terminal by Meralco PowerGen Corp. (MGen), Therma Natgas Power Inc. (Therma) and San Miguel Global Power Holdings (San Miguel Power). The deal, seen as crucial for bolstering the country's energy supply, is subject to conditions designed to ensure fair competition and transparency. MGen and Therma, through their joint venture Chromite Gas Holdings Inc.

(Chromite), will acquire a 67-percent equity interest in South Premiere Power Corp. (SPPC), Excellent Energy Resources Inc. (EERI), and Ilijan Primeline Industrial Estate Corp. Additionally, MGen and Therma, through Chromite, along with San Miguel Power, will jointly acquire 100 percent of Linseed Field Corp. (LFC), which operates the LNG terminal in Batangas City. This acquisition gives MGen and Therma, through their 60/40 ownership of Chromite, control of 67 percent of SPPC, EERI, and Ilijan Primeline, while San Miguel Power retains a 33-percent stake in these three entities and gains a corresponding interest in LFC. During the review process, the PCC identified potential competition concerns, including risks of coordination in the national power generation market and foreclosure in power supply deals with Distribution Utility Companies (DUs). In response, the ultimate parent companies—Pilipinas Enterprise Management Holdings Inc. (PEMHI), Aboitiz & Company Inc., and Top Frontier Investment Holdings Inc.—submitted voluntary commitments on October 18, 2024, to address these issues. These commitments were reviewed and validated by the PCC, with input from industry players, stakeholders, the Department of Energy (DOE), and the Energy Regulatory Commission (ERC)

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