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Power retailer Manila Electric Co. and San Miguel Corp.’s power unit Limay Power Inc. are asking the Energy Regulatory Commission to provisionally approve their 400-megawatt power supply agreement that would redound to the benefit of consumers.
They said the contract price is even lower than the recent offers received by Meralco for an interim baseload supply. “Meralco notes that the delivered rate of P5.6150 per kWh is lower by about P2.3151 per kWh than the effective cost of P7.9301 per kWh, if the equivalent capacity under the Meralco-LPI PSA is to be sourced from the Wholesale Electricity Spot Market ,” the filing said.They said that by sourcing the capacity through the Meralco-LPI PSA, the power retailer’s average blended generation rate would be reduced by about P0.2220 per kWh, resulting in savings to consumers of about P8.1 billion.
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