Power distributor Meralco on Monday bared receiving new offers totaling 670 megawatts (MW) gbut ood for only a year to replace that lost in the termination of power supply agreements (PSAs) with San Miguel Corp.’s (SMC) South Premiere Power Corp.
But Meralco is still looking for a replacement to the 1,800 MW worth of requirements for 2024 and 2025 after SMC also decided to terminate these PSAs as well.
Ronald Valles, Meralco first vice president and head of regulatory management office, at the sidelines of the Philippine Electric Power Industry Forum in Manila on Monday, said the 670 MW offer comprise of 370 MW from SMC and the remaining 300 MW from Aboitiz Power’s GN Power Dinginin coal plant.
“That is only for one year and we have a certificate of exemption (for competitive selection process) from the Department of Energy and we are now in the process of finalizing the agreements with the two generators,” Valles explained.
Valles said the offer price averages P7.80 per kilowatt hour but stressed this was not the final rate as the transactions have fuel pass-through conditions set to take effect by March 26.
On the other hand, for the 1,800 MW of electricity requirement for 2024 and 2025, Valles is confident of finding alternative PSAs as other power plants have yet to come on stream.
Meralco earlier considered requesting the Department of Energy to authorize another round of CSP to complete the other 1,800 MW power requirement.
