Published May 3, 2017, 10:00 PM By Myrna M. Velasco
The power retailing business segment of Global Business Power Corporation (GBP) has sealed a supply deal for the real estate ventures of the Ty group within the fiat of retail competition and open access (RCOA) policy of the restructured electricity sector.
In a statement to the media, GBP noted that its subsidiary Global Energy Supply Corporation (GESC) recently inked power supply agreement with Federal Land Inc. and Cathay International Resources Corporation.
In the supply pact, it was stipulated that the “GESC will supply the electric power requirements of GLI’s GT Tower International in Makati City, as well as that of Marco Polo Cebu.”
Executives involved in the signing of the retail electricity supply deal include Federal Land Director Alvin Ty, Global Power Executive Vice President Jaime Azurin; Global Power First Senior Vice President Elisa Dayao and Global Power Assistant Vice President for Sales Sherrie Anne Jimenez.
In essence, it had been the conglomerate of billionaire George Ty that primarily built up the power generation portfolio of Global Power, until its decision on equity sell-down that placed key ownership unto the lap of the Pangilinan group.
According to Global Power President Rolando T. Bacani, their partnership with Federal Land and Cathay International “demonstrates not only our shared commitment towards service excellence and customer satisfaction, but also our strengthened trust and confidence through the years.”
That, he said, is complementary to their mutual and “long-standing commitment to ensure reliable and uninterrupted power supply to its business partners,” noting that in this foray, they have been serving “diverse yet discerning clientele.”
Global Power is the biggest power producer in the Visayas grid to-date, having achieved such with the series of electricity generating projects it had undertaken over the years.
RCOA as a policy is instituted under the Electric Power Industry Reform Act. It was envisaged to start at 1.0-megawatt threshold for contestable customers to become eligible participants.
Relevant government agencies, such as the Department of Energy (DOE) and Energy Regulatory Commission (ERC), set it up for mandatory enforcement – but due to a restraining order issued by the Supreme Court, power retailing at 1.0MW threshold is still done on voluntary basis.
GT Tower is deemed as one of Makati’s premiere commercial buildings; while Marco Polo Hotel is regaled for luxury business accommodation.