The Energy Regulatory Commission approved the power supply agreement of Manila Electric Co. with Solar Philippines Tanauan Corp. with the buying rate pegged at P5.39 per kilowatt-hour subject to a 2-percent annual escalation.
Meralco disclosed to the Philippine Stock Exchange on Tuesday the ERC approved the deal executed with SPTANC on December 22, 2016.
”The dispositive portion of said decision provides that the ‘applicable rate shall be P5.39 per kWh, subject to two percent annual escalation as provided in the PSA.’ The PSA was executed in support of renewable energy and the rate approved by the ERC is significantly lower than the prevailing solar feed-in-tariff rates,” Meralco said.
SPTANC committed to supply 25 megawatts to Meralco from a solar power plant in Tanauan, Batangas and another 25 MW from Naic, Cavite.
