The Manila Electric Company (Meralco) has locked in the most competitive bids for its 600-megawatt power supply requirement under the government-mandated Competitive Selection Process (CSP), marking a key milestone in securing long-term, cost-effective electricity for its customers.
Six of nine interested bidders submitted complete qualification, technical, and pricing proposals by the deadline today. The Bids and Awards Committee for Power Supply Agreements (BAC-PSA) announced three firms submitted the lowest offers that will cover the full 600MW requirement: Mariveles Power Gen Corp (MPGC), Sual Power Inc (SPI), and GNPower Mariveles Energy Center (GMEC).
MPGC bid a levelized cost of electricity (LCOE) of ₱5.3573 per kilowatt-hour for 200MW, while SPI offered ₱5.4357/kWh, also for 200MW. GMEC initially proposed 600MW at ₱5.5789/kWh before adjusting its capacity to 200MW to complete the total requirement. All rates include VAT and capped line rental charges.
Other bidders posted slightly higher rates: Masinloc Power Co. Ltd at ₱5.6290/kWh for 200MW, and Therma Luzon Inc. at ₱5.6988/kWh for 194MW. All submissions except Energy Development Corp. came in below the CSP’s reserve price.
Every bid underwent a strict pass/fail completeness check and pre-qualification review. Proceedings were witnessed by consumer groups and Philippine Competition Commission representatives, and streamed live on Meralco’s YouTube channel.
“The process fully complied with all Department of Energy and Energy Regulatory Commission rules to ensure openness, transparency, and the lowest possible power cost,” said BAC-PSA chairman Lawrence S. Fernandez.
Post-qualification evaluations are now underway. Recommendations will be sent to Meralco’s Board for approval before Notices of Award are issued. The resulting 15-year power supply agreement still requires ERC review and approval. Targeted delivery dates are 300MW by February 26, 2028, and the remaining 300MW by February 26, 2029.
