Meralco signs emergency power deal after San Miguel fallout
MANILA, Philippines — Following the fallout with a San Miguel Corp. power subsidiary, Manila Electric Co. signed an emergency power supply agreement (EPSA) with GNPower Dinginin Ltd. on Thursday.
In a statement, the Pangilinan-led power distributor said that the EPSA will cover a supply of 300 megawatts baseload capacity starting today until January 25, 2023.
“Meralco exhausts all measures to continue supplying its customers with sufficient and reliable power, while mitigating the impact of the TRO to its customers,” it said in a statement.
Meralco indicated that the EPSA will mitigate the company’s exposure to the volatility of the spot market and protect consumers from higher generation costs.
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The EPSA has a rate of P5.96 per per kilowatt-hour.Meralco said this will cover some of the gaps left after the Court of Appeals slapped a TRO on its power supply agreement with San Miguel-backed South Premiere Power Corp.
Meralco is the country’s largest power distributor.
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