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Friday, March 29, 2024

Meralco optimistic on 3rd PSA bidding

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Power retailer Manila Electric Co. is optimistic the revised terms of reference for the competitive selection process for 1,200-megawatt baseload power requirement starting 2024 will receive strong investor interest.

“We’re confident that with the way the TOR has developed, it will be looked at by potential bidders as a good terms of reference and should attract a good number of qualified, serious bidders,” Meralco president Ray Espinosa said.

Meralco is waiting for an approval from the third-party bids and awards committee before publishing the revised terms of reference which were already approved by the Energy Department.

This will be the third CSP of Meralco after successfully completing the CSP for 1,200-MW and 500-MW mid-merit capacities to cover power supply agreements which expired on Dec. 25, 2019.

“We want new capacities to come in, the sooner the better, and we must encourage investors to build new plants. That’s why it became important to work out a good terms of reference, so we’re able to attract more bidders,” Espinosa said. 

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