Meralco asks ERC to approve Aboitiz power deals
MANILA, Philippines - Manila Electric Company (Meralco) has asked the Energy Regulatory Commission to approve its power supply agreements (PSAs) with Aboitiz Power Corp. subsidiaries.
"The said PSAs had been submitted to the Energy Regulatory Commission for approval on January 2, 2013," Meralco said in a disclosure on Thursday.
"The power supply agreements were executed to cover the volume needed by Meralco during the six-month transition period before the start of the commercial operations of open access and retail competition," the firm continued.
Meralco executed PSAs with Aboitiz Power's Therma Luzon, Inc. and AP Renewables, Inc. Under the agreement, Meralco will acquire power from said companies until June 25, 2013, conditioned upon ERC approval.
Therma Luzon is the independent power producer administrator of the Pagbilao power plant in Quezon, while AP Renewables is the owner and operator of the Tiwi-Makban geothermal power facilities in Albay, Laguna and Batangas, Meralco said.