The Energy Regulatory Commission (ERC) has given final approval to two power supply agreements (PSAs) for Manila Electric Co. (Meralco), with rates based on a competitive selection process.
Speaking at a forum Thursday, ERC chairperson Francis Saturnino Juan said the approved contracts are Meralco’s agreements with ACEN Corp. subsidiary Gigasol3 Inc. and San Miguel Corp.-led San Roque Hydro Power Inc. (SRHI).
“These two PSAs are products of competitive selection process,” Juan said at the Economic Journalists Association of the Philippines forum on the State of Philippine Energy: Balancing the Energy Trilemma.
“So we took a look at the process undertaken by Meralco and its compliance to each and every requirement,” he said.
Juan said the new ERC leadership made the final decision on the PSAs, which had previously been given provisional authority. “We go by what we decided last Tuesday that we look at the CSP rates plus the benchmark. The difference now is we are acting with extreme urgency,” he said.
