Consumers of power retailer Manila Electric Co. are expected to generate total savings of about P20.93 billion if the 20-year power supply agreements with two San Miguel Corp. companies are approved.
Meralco filed separate applications for approval of its PSA with Masinloc Power Partners Co. Ltd. and Excellent Energy Resources Inc. for the supply of a combined 1,800 megawatts of baseload capacity.
Meralco filed two separate applications with MPPCL and EERI after the Third Party Bids and Awards resolved to issue the notices of award to the two firms following the successful competitive selection process.
Under the PSA, MPPCL will construct a 600-megawatt coal-fired thermal power plant in Masinloc, Zambales that will start commercial operations not later than April 26, 2025.
EERI will construct three units of 425.7 MW units of combined cycle power plant in Ilijan, Batangas City capable of supply 1,200 MW to Meralco. The power plants will be in operation not later than Nov. 26, 2024.