San Miguel Corp. (SMC) subsidiary San Miguel Global Power Holdings Corp. (SMCGP) looks to service the power requirements of the Manila Electric Co. (Meralco) with the near completion this year of its liquefied natural-gas (LNG) fired power plant.
SMCGP’s 2020 annual report submitted to the Philippine Dealing and Exchange Corp. indicated that the 1,313.1 megawatt (MW) power plant still in construction in Batangas by Excellent Energy Resources Inc. (EERI), a subsidiary, will bid to supply Meralco with 1,200 MW starting November 2024.
That process is facilitated by a so-called competitive selection process (CSP) where power companies outdo each other in terms of pricing and other terms.
EERI had a 20-year 1,200 MW power supply contract enforceable beginning November 26, 2024 which was terminated on April 1, 2023.
SMCGP has committed to construct LNG power plants to boost rural electrification and spend up to P60 billion for the construction, operation and maintenance of two combined cycle natural gas plants with a total capacity of 900 MW.
The regulatory filing indicated the company is assessing the feasibility of putting up the plants in Tabango, Leyte for a 600 MW facility worth P41.5 billion and another in San Carlos City, Negros Occidental for 300 MW worth P18.5 billion.
SMCGP said the plants will be equipped with mini regassification facilities of up to 150 million standard cubic feet per day and a small inland storage of up to 50,000 cubic meters.
The company said the facilities are to be contracted with distribution utilities and selected key industrial customers embedded in the local utility distribution network.
However, SMCGP conditioned the projects on “market conditions, the general state of the Philippine economy and demand, among others.”
Among the hydro power technology projects where the SMCGP is involved include the 345 MW San Roque plant in Pangasinan and the 218 MW Angat plant in Bulacan.
The coal-fired power projects SMCGP operates include the 1,000 MW Sual power plant in Pangasinan; the 600 MW Limay power plant in Bataan; the 300 MW Malita power plant in Davao Occidental; the 1,019 MW Masinloc power plant in Zambales; and the 600 MW Mariveles power plant in Bataan.
It also operates the 1,200 MW natural-gas fired Ilijan power plant in Batangas.
