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ERC approves Meralco RE supply deals

Business

ERC approves Meralco RE supply deals

By Gabriell Christel Galang

The Energy Regulatory Commission (ERC) has granted provisional approval to two Power Supply Agreements (PSAs) between Manila Electric Company (Meralco) and the renewable energy units of ACEN and San Miguel Corporation.

Meralco and ACEN-led Gigasol 3, Inc. will soon implement their PSA following the ERC's approval. However, they must still submit a few documents and comply with other instructions before proceeding.

This approval follows Meralco's bidding earlier this year for a 500-megawatt (MW) renewable energy supply, where Gigasol 3 secured one of the top bids in July.

Subsequently, San Miguel-led San Roque Hydropower, Inc. (SRHI) also secured one of the top bids and will advance its PSA as directed by the ERC.

The commission added that the applicable rate for electricity under the two PSAs would remain at P5.1908 per kilowatt-hour (kWh) and would not be subject to any adjustments or increases.

Previously, Gigasol 3 submitted a bid price of P8.1819 per kWh for 139 MW of Meralco's requirement, while SRHI offered P7.10 per kWh for 340 MW.

Meanwhile, Santa Cruz Solar Energy Inc. (SCSEI) obtained the bid for the remaining 21 MW requirement at P8.1998 per kWh.

Conducted under a competitive selection process (CSP), the PSAs will help meet Meralco's supply requirement of 350 MW starting February 2025, increasing to 500 MW by February 2026.

Related Tags

Manila Electric Co. (Meralco) Energy Regulatory Commission (ERC)

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