June 5, 2020 | 12:04 am
THERMA Mobile, Inc. will disconnect
from the distribution system of Manila Electric Co. (Meralco) and will quit
trading at the wholesale electricity spot market starting mid-July, its parent
firm told the stock exchange on Thursday.
“[Therma Mobile’s] bunker-C fired
diesel power plants located in Navotas, Metro Manila will be on reserve
shutdown in the absence of a Power Supply Agreement duly approved by the Energy
Regulatory Commission (ERC),” Aboitiz Power Corp. said.
It said Meralco had been notified of
the move on June 3.
Therma Mobile is a wholly owned
subsidiary of AboitizPower through Therma Power Inc., its holding company for
its investments in thermal energy.
Notices have also been sent to
Philippine Electricity Market Corp., Independent Electricity Market Operator of
the Philippines Inc., Department of Energy, National Grid Corporation of the
Philippines, and ERC as called for by the notice requirements of Republic Act
9136 of the Electric Power Industry Reform Act of 2001, its implementing rules,
and other relevant rules and regulations.
On Feb. 5, 2019, Therma Mobile
physically disconnected from Meralco’s system and de-registered as a trading
participant at the spot market. It then signed a power supply agreement (PSA)
with Meralco on April 26, 2019 for a term of one year. The contract has not
been renewed and currently, the power generation company has no ERC-approved
PSA.
On Thursday, shares in AboitizPower
slipped by 20 centavos or 0.67% to P29.80 each.
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