Manila Electric Co. (Meralco) on Tuesday announced that San Miguel Corp. unit Sual Power Inc. (SPI) submitted the lowest offer for its 200-megawatt baseload supply requirement.
The utility firm declared SPI as the best bid after the company offered P4.2955 per kWh for the entire 200-megawatt requirement. It said of the 15 initial interested parties, six generation companies with a total capacity of 531 megawatts submitted compliant bids on Monday.
The bidding followed an inverted pyramid of offers, with San Miguel firm Mariveles Power Generation Corp. identified as a possible next best bid at P4.3805 per kWh for 200 megawatts.
Other potential runners-up included Bac-Man Geothermal Inc. at P4.5187 per kWh for 35 megawatts and San Manuel Solar Inc. at P4.5787 per kWh for 46 megawatts.
ACEN Corp. offered P5.2087 per kWh for 25 megawatts and First Gen Hydro Power Corp. offered P5.4906 per kWh for 25 megawatts to round out the list of possible next best bids.
“As in previous years, this CSP has successfully secured the required power supply for customers at the lowest possible cost, achieved through an open and transparent process,” Meralco bids and awards committee for power supply agreements chairman Lawrence Fernandez said.
The resulting four-year power supply agreement will cover Meralco’s 200-megawatt baseload requirement to comply with renewable portfolio standards. The agreement remains subject to approval by the Energy Regulatory Commission.
The utility’s bids and awards committee will conduct a post-qualification evaluation before issuing a notice of award and executing the contract.
Meralco officials said the process aligned with the annual power supply procurement plan approved by the Department of Energy.
The company is awaiting DOE’s approval for additional competitive selection processes. These include a 450-MW mid-merit capacity and 600-MW baseload capacity, both of which are pending a Philippine Competition Commission review.
Meralco also plans a separate 900-MW baseload auction targeted for delivery by Feb. 26, 2030, with a contract term of 15 years.
