The Energy Regulatory Commission (ERC) recognized the Bank of the Philippine Islands (BPI) for its pioneering role in adopting the Retail Aggregation Program (RAP) in the financing industry.
ERC chairperson and chief executive Monalisa Dimalanta commended BPI for championing RAP in the banking sector by aggregating nearly 2 megawatts (MW) of power demand across its 70 branches in Metro Manila.
BPI also transitioned its corporate office in Manila to renewable energy (RE) through the Green Energy Option Program (GEOP).
“BPI’s participation in RAP sends a clear message to other banks and the entire financing sector: that the retail electricity market is viable and that it offers real opportunity for enhancing the bankability of energy projects,” Dimalanta said during the ceremonial unveiling of the ACEN Renewable Energy Solutions (RES)’ “Powered by Renewable Energy” Badge for the BPI at the ACEN jeadquarters in Makati City.
The RAP allows multiple electricity consumers to aggregate their energy demand to breach the 500-kilowatt threshold needed to be able to source power directly from their preferred supplier.