SMCGP said the right to unilaterally terminate was allowed under the power supply agreement with Meralco as part of necessary mitigation measures under the long-term, fixed rate supply deal, particularly in the event of a “change in circumstances”. READ:
SMCGP said the right to unilaterally terminate was allowed under the power supply agreement with Meralco as part of necessary mitigation measures under the long-term, fixed rate supply deal, particularly in the event of a “change in circumstances”.
SMC president Ramon Ang said that from the beginning, the power firm did not want to terminate the power supply agreement and that was why it was seeking just a temporary, six-month relief. He said SPPC was forced to source capacity from the Wholesale Electricity Spot Market, which triggered even higher price spikes, further affecting the company’s costs to supply Meralco.
SMCGP said the filing of a petition for a rate increase was a mitigation measure under the PSA, but this was denied by the ERC’s new leadership. SMCGP assured there would be no impact on current level of system supply because the company would still continue to offer available and uncontracted capacity to qualified offtakers and to the spot market, despite the cessation of supply.
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