GBPC, Century Peak ink power supply deal

MANILA, Philippines — Global Business Power Corp. (GBPC), a Visayas-based power company, has inked an agreement with Century Peak Corp. (CPC) for a power supply deal under the government’s retail competition and open access scheme. 

GBPC signed the deal through its official retail energy arm Global Energy Supply Corp. (GESC) to provide 57 megawatts of power to CPC over a five-year period.

The agreement falls under the Energy Regulatory Commission’s retail competition and open access (RCOA) scheme, a component of Republic Act 9136 or the Electric Power Industry Reform Act of 2001, the law that reformed the power industry by opening it to more players.

RCOA allows businesses to be able to decide for themselves which provider is in the best position to supply their needs.

Under the agreement, GBP will supply 57 MW of power over a five-year cooperation period to CPC, which has footprint in mining, cement, steel, and minerals development.  

GBP executive committee chairman Jose Lim said the company’s retail contract supply is the company’s  largest to date.

“This partnership underscores both GBP and CPC’s commitment to support the country’s infrastructure drive, as the government’s Build Build Build program goes into full swing,” Lim said.

GBP president Jaime Azurin said CPC is one of the country’s leaders in cement and steel manufacturing. 

Data from the Department of Budget and Management show that the government has earmarked P910 billion for infrastructure spending for 2019, equivalent to 4.7 percent of the country’s gross domestic product (GDP). 

 Infrastructure spending is further expected to break the P1 trillion mark in 2020, and peak to P1.81 trillion by 2022, equivalent to seven percent of the country’s GDP.